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

Camtek Ltd. (NASDAQ:CAMT) shares gapped up prior to trading 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. The business had revenue of $112.30 million for the quarter, compared to analyst estimates of $108.51 million. Camtek had a return on equity of 24.84% and a net margin of 26.53%. The firm’s revenue for the quarter was up 39.5% on a year-over-year basis. During the same period in the previous year, the company posted $0.46 earnings per share.

Wall Street Analyst Weigh In

CAMT has been the subject of a number of research reports. 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 report on Friday, August 2nd. Northland Capmk raised shares of Camtek from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 5th. Northland Securities raised their price target on shares of Camtek from $99.00 to $102.00 and gave the stock an “outperform” rating in a research note on Wednesday. StockNews.com cut Camtek from a “hold” rating to a “sell” rating in a report on Tuesday. Finally, Needham & Company LLC reissued a “buy” rating and issued a $95.00 target price on shares of Camtek in a report on Wednesday. One analyst has rated the stock with a sell rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $110.57.

Institutional Trading of Camtek

Several institutional investors and hedge funds have recently added to or reduced their stakes in CAMT. Blue Trust Inc. raised its stake in shares of Camtek by 4.1% during the second quarter. Blue Trust Inc. now owns 2,721 shares of the semiconductor company’s stock worth $341,000 after buying an additional 108 shares during the last quarter. Petra Financial Advisors Inc. raised its position in shares of Camtek by 1.5% during the 2nd quarter. Petra Financial Advisors Inc. now owns 8,290 shares of the semiconductor company’s stock valued at $1,038,000 after acquiring an additional 120 shares during the last quarter. Advisors Asset Management Inc. raised its position in shares of Camtek by 78.8% during the 3rd quarter. Advisors Asset Management Inc. now owns 329 shares of the semiconductor company’s stock valued at $26,000 after acquiring an additional 145 shares during the last quarter. Van ECK Associates Corp lifted its stake in shares of Camtek by 1.6% in the 3rd quarter. Van ECK Associates Corp now owns 9,561 shares of the semiconductor company’s stock valued at $755,000 after purchasing an additional 148 shares during the period. Finally, Ellsworth Advisors LLC boosted its position in shares of Camtek by 3.4% in the 2nd quarter. Ellsworth Advisors LLC now owns 7,393 shares of the semiconductor company’s stock worth $926,000 after purchasing an additional 245 shares during the last quarter. 41.93% of the stock is owned by institutional investors.

Camtek Price Performance

The company has a 50-day moving average price of $79.43 and a 200-day moving average price of $95.64. The company has a debt-to-equity ratio of 0.42, a quick ratio of 4.29 and a current ratio of 5.21. The firm has a market capitalization of $3.63 billion, a P/E ratio of 36.82, a price-to-earnings-growth 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.