Short Interest in Intevac, Inc. (NASDAQ:IVAC) Drops By 28.6%

Intevac, Inc. (NASDAQ:IVAC - Get Free Report) experienced a significant decline in short interest during November. By November 30, the total short interest fell to 96,100 shares, reflecting a 28.6% decrease from 134,600 shares reported on November 15. Given the average daily trading volume of 73,500 shares, the current days-to-cover ratio is 1.3 days.

Wall Street Analyst Opinions

Recently, various research analysts have shared their insights on Intevac's stock. On December 8, StockNews.com began covering Intevac, assigning a "hold" rating to the company's shares. Earlier, on November 12, Benchmark reiterated a "hold" rating.

Performance of Intevac’s Stock

During trading on Friday, Intevac’s stock price decreased by 0.6%, dropping $0.02 to reach $3.45. A total of 156,878 shares were traded, which is above the average volume of 87,321 shares. The company's 50-day simple moving average stands at $3.09, while the 200-day average is $3.49. Intevac has recorded a 52-week low of $2.46 and a high of $4.57. The market capitalization of Intevac is currently $93.05 million, with a negative PE ratio of -10.45 and a beta of 0.74.

Financial Results

Intevac (NASDAQ:IVAC - Get Free Report) released its latest earnings results on November 11. The company reported an earnings per share (EPS) of ($0.08), exceeding the consensus estimate of ($0.15) by $0.07. For the quarter, Intevac’s revenue reached $28.51 million. The company reported a negative net margin of 13.55% and a negative return on equity of 8.82%.

Institutional Ownership Trends

Institutional investors have been active in trading Intevac shares. In the third quarter, Royce & Associates LP increased its position in the company by 1.2%, bringing their total to 3,545,897 shares valued at approximately $12,056,000 after acquiring an additional 43,052 shares. In the first quarter, Vanguard Group Inc. raised its holdings by 6.6%, now owning 1,360,066 shares valued at $5,223,000 after purchasing an additional 83,958 shares. Additionally, Renaissance Technologies LLC increased its stake by 7.1%, owning 550,177 shares valued at $2,124,000 after adding 36,600 shares. Geode Capital Management LLC also raised its position by 2.9% in the third quarter, now holding 287,163 shares worth $977,000 due to an additional purchase of 8,063 shares. Furthermore, Acuitas Investments LLC significantly increased its stake by 55.1%, bringing its total to 285,260 shares valued at $1,101,000 after buying 101,344 shares. Overall, hedge funds and institutional investors control 60.27% of Intevac’s stock.

Company Overview

Intevac, Inc., including its subsidiaries, is involved in designing, developing, and manufacturing thin-film processing systems in the United States, Europe, and Asia. The company creates vacuum process equipment solutions specifically for producing small substrates with accurate thin-film properties, serving sectors such as hard disk drives, advanced coatings, and other related thin-film markets.

Stock, Investment, ShortInterest