Here’s What Happened with Intevac (IVAC)

180 Degree Capital Corp., an investment management firm, recently released its second quarter 2023 investor letter. A copy of the same can be downloaded here. The quarter was rough for the portfolio, which lost 5.8% compared to a 5.3% increase for the Russell Microcap Index. In addition, please check the fund’s top five holdings to know its best picks in 2023.

180 Degree Capital highlighted stocks like Intevac, Inc. (NASDAQ:IVAC) in the second quarter 2023 investor letter. Headquartered in Santa Clara, California, Intevac, Inc. (NASDAQ:IVAC) develops thin-film processing systems. On August 17, 2023, Intevac, Inc. (NASDAQ:IVAC) stock closed at $3.4500 per share. One-month return of Intevac, Inc. (NASDAQ:IVAC) was -3.36%, and its shares lost 29.16% of their value over the last 52 weeks. Intevac, Inc. (NASDAQ:IVAC) has a market capitalization of $89.439 million.

180 Degree Capital made the following comment about Intevac, Inc. (NASDAQ:IVAC) in its second quarter 2023 investor letter:

Intevac, Inc. (NASDAQ:IVAC): IVAC noted in its Q1 2023 earnings call that its program with Corning was delayed at least a quarter due to Corning’s customer pushing out adoption of the new glass IVAC’s tool was expected to enable. IVAC had used cash to build inventory for delivery of its tools with the expectation that the ramp would be faster than is now expected. Following that announcement, IVAC noted that Seagate cancelled over $50 million of tool orders that were expected to ship beginning in 2024. On June 13, 2023, IVAC announced its Board had retained Houlihan Lokey to explore strategic alternatives for the business. 180 sold 11% of its position at an average sale price of $7.06 per share. For the quarter, IVAC decreased NAV $0.25, or $2.5 million.”

Intevac, Inc. (NASDAQ:IVAC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 11 hedge fund portfolios held Intevac, Inc. (NASDAQ:IVAC) at the end of second quarter which was 12 in the previous quarter.

We discussed Intevac, Inc. (NASDAQ:IVAC) in another article and shared 180 Degree Capital Corp.’s views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q2 2023 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.