Ultra Clean (NASDAQ:UCTT) Shares Gap Up on Earnings Beat

Ultra Clean Holdings, Inc. (NASDAQ:UCTT)’s stock price gapped up prior to trading on Tuesday after the company announced better than expected quarterly earnings. The stock had previously closed at $35.05, but opened at $36.38. Ultra Clean shares last traded at $33.94, with a volume of 177,399 shares.

The semiconductor company reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.33 by $0.02. The company had revenue of $540.40 million for the quarter, compared to analyst estimates of $515.88 million. Ultra Clean had a positive return on equity of 2.59% and a negative net margin of 0.46%. Ultra Clean’s revenue for the quarter was up 24.2% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.03) EPS.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Oppenheimer began coverage on shares of Ultra Clean in a report on Wednesday, September 25th. They set an “outperform” rating and a $70.00 price objective for the company. Craig Hallum raised their price target on shares of Ultra Clean from $52.00 to $60.00 and gave the stock a “buy” rating in a research note on Friday, July 26th. TD Cowen lowered their price objective on Ultra Clean from $60.00 to $57.00 and set a “buy” rating on the stock in a research note on Tuesday. Finally, Needham & Company LLC cut their target price on Ultra Clean from $50.00 to $44.00 and set a “buy” rating for the company in a research report on Tuesday. Four research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $57.75.

Hedge Funds Weigh In On Ultra Clean

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. GAMMA Investing LLC increased its holdings in shares of Ultra Clean by 52.1% during the second quarter. GAMMA Investing LLC now owns 622 shares of the semiconductor company’s stock worth $30,000 after buying an additional 213 shares in the last quarter. Signaturefd LLC grew its position in Ultra Clean by 465.5% during the 3rd quarter. Signaturefd LLC now owns 803 shares of the semiconductor company’s stock worth $32,000 after acquiring an additional 661 shares during the last quarter. CWM LLC increased its holdings in Ultra Clean by 46.3% during the 2nd quarter. CWM LLC now owns 800 shares of the semiconductor company’s stock valued at $39,000 after purchasing an additional 253 shares in the last quarter. Innealta Capital LLC acquired a new stake in Ultra Clean during the 2nd quarter valued at $41,000. Finally, nVerses Capital LLC bought a new position in Ultra Clean in the 2nd quarter valued at $64,000. 96.06% of the stock is currently owned by institutional investors and hedge funds.

Ultra Clean Trading Up 2.2 %

The company has a market cap of $1.60 billion, a price-to-earnings ratio of -43.76 and a beta of 2.08. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.73 and a quick ratio of 1.60. The business has a 50 day simple moving average of $36.60 and a 200 day simple moving average of $42.03.

Ultra Clean Company Profile

Ultra Clean Holdings, Inc develops and supplies critical subsystems, components and parts, and ultra-high purity cleaning and analytical services for the semiconductor industry in the United States and internationally. The company provides ultra-clean valves, high purity connectors, industrial process connectors and valves, pneumatic actuators, manifolds and safety solutions, hoses, pressure gauges, and gas line and component heaters; chemical delivery modules that deliver gases and reactive chemicals in a liquid or gaseous form from a centralized subsystem to the reaction chamber; and gas delivery systems, such as weldments, filters, mass flow controllers, regulators, pressure transducers and valves, component heaters, and an integrated electronic and/or pneumatic control system.