Axcelis Technologies (NASDAQ:ACLS) Posts Quarterly Earnings Results, Beats Expectations By $0.18 EPS

Axcelis Technologies (NASDAQ:ACLS) released its quarterly earnings results on Wednesday. The semiconductor company reported $1.55 earnings per share for the quarter, beating the consensus estimate of $1.37 by $0.18, Briefing.com reports. Axcelis Technologies had a return on equity of 30.22% and a net margin of 22.16%. The company had revenue of $256.51 million for the quarter, compared to analyst estimates of $250.06 million. During the same period in the previous year, the company posted $1.86 earnings per share. The firm’s revenue was down 6.4% on a year-over-year basis. Axcelis Technologies updated its Q3 2024 guidance to 1.430-1.430 EPS.

Axcelis Technologies Trading Down 11.3 %

ACLS traded down $14.25 during trading hours on Thursday, reaching $112.10. 1,381,058 shares of the company’s stock traded hands, compared to its average volume of 632,371. The firm has a 50-day moving average price of $132.06 and a 200 day moving average price of $120.37. Axcelis Technologies has a 52-week low of $93.77 and a 52-week high of $196.03. The company has a quick ratio of 2.87, a current ratio of 4.00 and a debt-to-equity ratio of 0.05. The firm has a market capitalization of $3.65 billion, a PE ratio of 15.30, a PEG ratio of 1.69 and a beta of 1.60.

Analysts Set New Price Targets

Several equities research analysts have commented on ACLS shares. Needham & Company LLC reissued a “hold” rating on shares of Axcelis Technologies in a report on Friday, July 12th. B. Riley boosted their target price on Axcelis Technologies from $175.00 to $190.00 and gave the stock a “buy” rating in a report on Friday, July 12th. DA Davidson boosted their target price on Axcelis Technologies from $150.00 to $175.00 and gave the stock a “buy” rating in a report on Monday, July 15th. Craig Hallum upped their price target on Axcelis Technologies from $130.00 to $174.00 and gave the stock a “buy” rating in a research report on Friday, July 12th. Finally, Bank of America upped their price target on Axcelis Technologies from $125.00 to $150.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 10th. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $172.33.

Insider Activity at Axcelis Technologies

In other news, Director John T. Kurtzweil sold 1,200 shares of the business’s stock in a transaction on Monday, May 20th. The stock was sold at an average price of $114.42, for a total value of $137,304.00. Following the completion of the transaction, the director now directly owns 33,146 shares of the company’s stock, valued at approximately $3,792,565.32. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 1.43% of the stock is owned by company insiders.

About Axcelis Technologies

Axcelis Technologies, Inc designs, manufactures, and services ion implantation and other processing equipment used in the fabrication of semiconductor chips in the United States, Europe, and Asia Pacific. The company offers high energy, high current, and medium current implanters for various application requirements.