Camtek (NASDAQ:CAMT) Shares Gap Up After Better-Than-Expected Earnings

Camtek Ltd. (NASDAQ:CAMT)’s share price gapped up before the market opened on Tuesday following a better than expected earnings announcement. The stock had previously closed at $78.70, but opened at $85.19. Camtek shares last traded at $87.95, with a volume of 378,343 shares changing hands.

The semiconductor company reported $0.75 EPS for the quarter, topping analysts’ consensus estimates of $0.69 by $0.06. Camtek had a net margin of 26.53% and a return on equity of 24.84%. The firm had revenue of $112.30 million during the quarter, compared to analyst estimates of $108.51 million. During the same quarter last year, the business posted $0.46 EPS. The company’s revenue was up 39.5% on a year-over-year basis.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the company. B. Riley reduced their price objective on Camtek from $150.00 to $140.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. StockNews.com lowered shares of Camtek from a “hold” rating to a “sell” rating in a research report on Tuesday. Northland Capmk raised shares of Camtek from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 5th. Needham & Company LLC reiterated a “buy” rating and issued a $95.00 price objective on shares of Camtek in a research note on Wednesday. Finally, Northland Securities lifted their target price on shares of Camtek from $99.00 to $102.00 and gave the company an “outperform” rating in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $110.57.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Fred Alger Management LLC acquired a new position in Camtek during the second quarter worth $8,386,000. Meitav Investment House Ltd. increased its holdings in shares of Camtek by 14.1% during the 3rd quarter. Meitav Investment House Ltd. now owns 373,044 shares of the semiconductor company’s stock valued at $29,887,000 after acquiring an additional 46,016 shares during the last quarter. Sei Investments Co. raised its stake in shares of Camtek by 41.5% in the 1st quarter. Sei Investments Co. now owns 94,473 shares of the semiconductor company’s stock valued at $7,914,000 after acquiring an additional 27,707 shares in the last quarter. Squarepoint Ops LLC acquired a new stake in Camtek in the 2nd quarter worth approximately $1,423,000. Finally, Tidal Investments LLC acquired a new stake in Camtek in the 1st quarter worth approximately $1,716,000. Institutional investors own 41.93% of the company’s stock.

Camtek Stock Down 5.7 %

The company has a quick ratio of 4.29, a current ratio of 5.21 and a debt-to-equity ratio of 0.42. The business has a 50-day simple moving average of $79.43 and a 200-day simple moving average of $95.64. The stock has a market cap of $3.63 billion, a P/E ratio of 36.82, a PEG ratio of 1.70 and a beta of 1.38.

Camtek Company Profile

Camtek Ltd., together with its subsidiaries, develops, manufactures, and sells inspection and metrology equipment for semiconductor industry. The company provides Eagle-i, a system that delivers 2D inspection and metrology capabilities; Eagle-AP, which addresses the advanced packaging market using software and hardware technologies that deliver superior 2D and 3D inspection and metrology capabilities on the same platform; and Golden Eagle, a panel inspection and metrology system to address the challenges fanout wafer level packaging applications.