Needham Downgrades Electro Scientific Industries to Hold

Brokerage firm Needham Downgrades its rating on Electro Scientific Industries(NASDAQ:ESIO). The shares have been rated Hold. Previously, the analysts had a Buy rating on the shares. The rating by Needham was issued on Aug 3, 2016.

Electro Scientific Industries (ESIO) made into the market gainers list on Fridays trading session with the shares advancing 0.58% or 0.03 points. Due to strong positive momentum, the stock ended at $5.16, which is also near the day’s high of $5.25. The stock began the session at $5.12 and the volume stood at 2,56,148 shares. The 52-week high of the shares is $7.5575 and the 52 week low is $4.09. The company has a current market capitalization of $164 M and it has 3,16,87,175 shares in outstanding.

Electro Scientific Industries(ESIO) last announced its earnings results on Aug 2, 2016 for Fiscal Year 2017 and Q1.Company reported revenue of $47.67M. Analysts had an estimated revenue of $50.75M. Earnings per share were $0.09. Analysts had estimated an EPS of $0.05.

Several Insider Transactions has been reported to the SEC. On May 16, 2016, Paul R Oldham (CFO, Sr. VP of Finance) sold 5,082 shares at $6.91 per share price.Also, 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.

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