Camtek (NASDAQ:CAMT) Shares Gap Up Following Earnings Beat

Camtek Ltd. (NASDAQ:CAMT) shares gapped up before the market opened on Tuesday following a stronger than expected earnings report. 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 traded.

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

Analysts Set New Price Targets

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

Institutional Investors Weigh In On Camtek

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Lord Abbett & CO. LLC bought a new stake in shares of Camtek during the 1st quarter valued at $55,026,000. Y.D. More Investments Ltd boosted its stake in Camtek by 723.7% in the 2nd quarter. Y.D. More Investments Ltd now owns 626,973 shares of the semiconductor company’s stock worth $78,709,000 after purchasing an additional 550,854 shares in the last quarter. The Manufacturers Life Insurance Company grew its position in Camtek by 3,005.3% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 330,716 shares of the semiconductor company’s stock valued at $26,408,000 after purchasing an additional 320,066 shares during the last quarter. Clal Insurance Enterprises Holdings Ltd increased its stake in Camtek by 21.5% during the 3rd quarter. Clal Insurance Enterprises Holdings Ltd now owns 1,515,452 shares of the semiconductor company’s stock valued at $121,734,000 after purchasing an additional 268,258 shares in the last quarter. Finally, abrdn plc purchased a new position in Camtek in the third quarter worth about $11,387,000. 41.93% of the stock is owned by hedge funds and other institutional investors.

Camtek Trading Down 5.7 %

The firm’s 50 day moving average price is $79.43 and its 200-day moving average price is $95.64. The company has a debt-to-equity ratio of 0.42, a current ratio of 5.21 and a quick ratio of 4.29. The stock has a market cap of $3.63 billion, a P/E ratio of 36.82, a P/E/G ratio of 1.70 and a beta of 1.38.

About Camtek

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.