NEW YORK (

TheStreet

) --

Veeco Instruments Inc

(Nasdaq:

VECO

) hit a new 52-week low Wednesday as it is currently trading at $23.03, below its previous 52-week low of $23.05 with 76,756 shares traded as of 9:44 a.m. ET. Average volume has been 1.8 million shares over the past 30 days.

Veeco Instruments has a market cap of $919.5 million and is part of the

technology

sector and

electronics

industry. Shares are down 45.8% year to date as of the close of trading on Tuesday.

Veeco Instruments Inc. designs, manufactures, and markets equipment to make high brightness light emitting diodes (HB LEDs), solar panels, hard-disk drives, and other devices. The company has a P/E ratio of four, above the average electronics industry P/E ratio of 3.3 and below the S&P 500 P/E ratio of 17.7.

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TheStreet Ratings rates Veeco Instruments as a

hold

. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, notable return on equity and attractive valuation levels. However, as a counter to these strengths, we also find weaknesses including unimpressive growth in net income, weak operating cash flow and a generally disappointing performance in the stock itself. You can view the full

Veeco Instruments Ratings Report

.

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