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Citigroup initates Veeco Instruments Inc (VECO) rating to a Buy

In a filing, Veeco Instruments Inc revealed its CEO Miller William John unloaded Company’s shares for reported $0.85 million on Mar 21 ’24. In the deal valued at $35.30 per share,24,201 shares were sold. As a result of this transaction, Miller William John now holds 545,091 shares worth roughly $19.26 million.

Then, Devasahayam Adrian sold 5,000 shares, generating $170,500 in total proceeds. Upon selling the shares at $34.10, the SVP – PRODUCT LINE DEVELOPMENT now owns 67,278 shares.

Before that, Wilkerson Susan sold 2,519 shares. Veeco Instruments Inc shares valued at $87,006 were divested by the SVP, GLOBAL SALES & SERVICE at a price of $34.54 per share. As a result of the transaction, Wilkerson Susan now holds 41,557 shares, worth roughly $1.47 million.

Citigroup initiated its Veeco Instruments Inc [VECO] rating to a Buy in a research note published on September 13, 2023; the price target was $35. A number of analysts have revised their coverage, including Needham’s analysts, who began to cover the stock in early September with a ‘”a Buy”‘ rating. Barclays also remained covering VECO and has decreased its forecast on January 23, 2023 with a “an Equal weight” recommendation from previously “an Overweight” rating. Northland Capital maintained its rating on December 28, 2021. It rated VECO as “an Outperform”.

Price Performance Review of VECO

On Tuesday, Veeco Instruments Inc [NASDAQ:VECO] saw its stock fall -1.42% to $35.34. Over the last five days, the stock has gained 4.77%. Veeco Instruments Inc shares have risen nearly 13.89% since the year began. Nevertheless, the stocks have risen 91.86% over the past one year. While a 52-week high of $37.75 was reached on 03/01/24, a 52-week low of $17.70 was recorded on 01/10/24. SMA at 50 days reached $35.09, while 200 days put it at $30.35. A total of 0.9 million shares were traded, compared to the trading of 0.36 million shares in the previous session.

Levels Of Support And Resistance For VECO Stock

The 24-hour chart illustrates a support level at 35.06, which if violated will result in even more drops to 34.77. On the upside, there is a resistance level at 35.80. A further resistance level may holdings at 36.25. The Relative Strength Index (RSI) on the 14-day chart is 52.69, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 0.63, which suggests price will go down in the next trading period. Percent R suggests that price movement has been low at 41.19%. Stochastics %K at 60.39% indicates the stock is a holding.

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