Intevac, Inc. (NASDAQ:IVAC) Sees Significant Growth in Short Interest

Intevac, Inc. (NASDAQ:IVAC) was the target of a large growth in short interest in October. As of October 31st, there was short interest totalling 74,500 shares, a growth of 19.8% from the September 30th total of 62,200 shares. Based on an average daily volume of 31,000 shares, the short-interest ratio is presently 2.4 days. Approximately 0.3% of the company’s shares are short sold.

A number of institutional investors have recently added to or reduced their stakes in the stock. Northern Right Capital Management L.P. lifted its position in Intevac by 3.2% during the 2nd quarter. Northern Right Capital Management L.P. now owns 938,542 shares of the electronics maker’s stock worth $4,543,000 after acquiring an additional 28,882 shares in the last quarter. BlackRock Inc. lifted its position in Intevac by 1.0% during the 2nd quarter. BlackRock Inc. now owns 655,628 shares of the electronics maker’s stock worth $3,173,000 after acquiring an additional 6,281 shares in the last quarter. Renaissance Technologies LLC lifted its position in Intevac by 8.7% during the 2nd quarter. Renaissance Technologies LLC now owns 482,692 shares of the electronics maker’s stock worth $2,336,000 after acquiring an additional 38,684 shares in the last quarter. River & Mercantile Asset Management LLP acquired a new position in Intevac during the 2nd quarter worth approximately $1,772,000. Finally, Needham Investment Management LLC lifted its position in Intevac by 42.9% during the 2nd quarter. Needham Investment Management LLC now owns 200,000 shares of the electronics maker’s stock worth $968,000 after acquiring an additional 60,000 shares in the last quarter. 62.90% of the stock is currently owned by hedge funds and other institutional investors.

Shares of NASDAQ IVAC traded down $0.25 during midday trading on Thursday, hitting $5.80. The stock had a trading volume of 24,100 shares, compared to its average volume of 53,581. The company has a market capitalization of $144.97 million, a price-to-earnings ratio of -30.53 and a beta of 0.16. Intevac has a 1-year low of $4.35 and a 1-year high of $6.54. The company has a quick ratio of 2.23, a current ratio of 3.40 and a debt-to-equity ratio of 0.10. The company has a fifty day moving average price of $5.39 and a 200 day moving average price of $5.12.

Intevac (NASDAQ:IVAC) last released its quarterly earnings results on Monday, October 28th. The electronics maker reported ($0.02) EPS for the quarter, topping the consensus estimate of ($0.07) by $0.05. The firm had revenue of $26.30 million for the quarter, compared to analyst estimates of $25.00 million. Intevac had a negative return on equity of 2.38% and a net margin of 5.65%. On average, research analysts forecast that Intevac will post 0.03 EPS for the current year.

Several research firms have recently weighed in on IVAC. Zacks Investment Research lowered Intevac from a “buy” rating to a “hold” rating in a research note on Tuesday. B. Riley set a $7.00 price objective on Intevac and gave the company a “buy” rating in a research note on Monday, October 21st. Finally, ValuEngine lowered Intevac from a “hold” rating to a “sell” rating in a research note on Monday, October 7th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and two have assigned a buy rating to the stock. Intevac presently has an average rating of “Hold” and an average target price of $6.83.

About Intevac

Intevac, Inc provides vacuum deposition equipment for various thin-film applications, and digital night-vision technologies and products to the defense industry in the United States, Asia, Europe, and internationally. The company operates through two segments, Thin-Film Equipment and Photonics. The Thin-Film Equipment segment designs and develops thin-film processing systems that are applied in hard disk drive media, display cover panel, and solar photovoltaic markets.

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