Electro Scientific Industries (ESIO) is Downgraded by Needham to Hold

Electro Scientific Industries (ESIO) was Downgraded by Needham to ” Hold”. Earlier the firm had a rating of “Buy ” on the company shares. Needham advised their investors in a research report released on Aug 3, 2016.

Many Wall Street Analysts have commented on Electro Scientific Industries. Company shares were Reiterated by Needham on May 11, 2016 to “Buy”, Firm has raised the Price Target to $ 9 from a previous price target of $8 .

On the company’s financial health, Electro Scientific Industries reported $0.09 EPS for the quarter, beating the analyst consensus estimate by $ 0.04 according to the earnings call on Aug 2, 2016. Analyst had a consensus of $0.05. The company had revenue of $47.70 million for the quarter, compared to analysts expectations of $50.75 million. The company’s revenue was up 10.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $-0.14 EPS.

Electro Scientific Industries closed down -0.13 points or -1.86% at $6.85 with 2,03,480 shares getting traded on Tusday. Post opening the session at $6.98, the shares hit an intraday low of $6.85 and an intraday high of $7.0338 and the price fluctuated in this range throughout the day.Shares ended Tusday session in Red.

In a different news, on May 16, 2016, Paul R Oldham (CFO, Sr. VP of Finance) sold 5,082 shares at $6.91 per share price. According to the SEC, on May 16, 2016, Bing-fai Wong (VP, Customer Operations) sold 10,000 shares at $7.11 per share price. On Mar 1, 2016, John K Medica (director) purchased 1,845 shares at $7.05 per share price, according to the Form-4 filing with the securities and exchange commission.

Electro Scientific Industries Inc. is a supplier of laser-based manufacturing solutions for the micro technology industry. The Company operates in two segments Component Processing and Micromachining. Its Component Processing segment includes interconnect products semiconductor products and component products. Interconnect semiconductor and component products are sold to manufacturers of electronic components and are used to drill cut trim ablate and test. The Company’s micromachining products are sold to manufacturers of end devices across multiple industries and are used to drill cut or mark features on a range of materials generally on the casing or external surface of the end device. The Company’s integrated solutions allow industrial designers and process engineers to control the power of laser light to transform materials.

Electro Scientific Industries

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