Ichor (NASDAQ:ICHR) Shares Gap Up Following Earnings Beat

Ichor Holdings, Ltd. (NASDAQ:ICHR)’s share price gapped up prior to trading on Tuesday following a better than expected earnings announcement. The stock had previously closed at $27.14, but opened at $31.50. Ichor shares last traded at $30.86, with a volume of 106,046 shares traded.

The technology company reported $0.12 earnings per share for the quarter, topping the consensus estimate of $0.11 by $0.01. Ichor had a negative net margin of 4.53% and a negative return on equity of 2.56%. The business had revenue of $211.14 million for the quarter, compared to analyst estimates of $203.24 million. During the same period in the prior year, the firm posted ($0.09) EPS. The company’s revenue was up 7.3% on a year-over-year basis.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on ICHR. TD Cowen raised their price objective on shares of Ichor from $35.00 to $40.00 and gave the stock a “buy” rating in a report on Tuesday. Needham & Company LLC cut their target price on Ichor from $44.00 to $40.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. Oppenheimer initiated coverage on shares of Ichor in a report on Wednesday, September 25th. They set a “market perform” rating and a $35.00 price target on the stock. DA Davidson initiated coverage on Ichor in a report on Thursday, September 26th. They issued a “buy” rating and a $50.00 target price on the stock. Finally, StockNews.com upgraded Ichor from a “sell” rating to a “hold” rating in a report on Wednesday, August 14th. Two research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $44.00.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Swedbank AB acquired a new position in shares of Ichor during the first quarter valued at $67,106,000. Hood River Capital Management LLC bought a new position in shares of Ichor in the 1st quarter valued at about $36,971,000. Westfield Capital Management Co. LP grew its position in shares of Ichor by 162.9% during the 1st quarter. Westfield Capital Management Co. LP now owns 335,867 shares of the technology company’s stock worth $12,971,000 after buying an additional 208,117 shares during the period. Vanguard Group Inc. raised its stake in shares of Ichor by 6.6% during the first quarter. Vanguard Group Inc. now owns 2,841,622 shares of the technology company’s stock worth $109,743,000 after buying an additional 176,970 shares during the last quarter. Finally, Millennium Management LLC acquired a new position in Ichor in the second quarter valued at approximately $6,382,000. Institutional investors and hedge funds own 94.81% of the company’s stock.

Ichor Trading Up 15.1 %

The business’s 50 day simple moving average is $28.88 and its 200-day simple moving average is $33.79. The stock has a market capitalization of $1.05 billion, a P/E ratio of -26.30 and a beta of 1.91. The company has a debt-to-equity ratio of 0.18, a current ratio of 4.27 and a quick ratio of 1.91.

About Ichor

Ichor Holdings, Ltd. engages in the design, engineering, and manufacture of fluid delivery subsystems and components for semiconductor capital equipment in the United States and internationally. It primarily offers gas and chemical delivery systems and subsystems that are used in the manufacturing of semiconductor devices.