Wall Street Zen Upgrades AngioDynamics (NASDAQ:ANGO) to "Buy"

Key Points

• AngioDynamics (NASDAQ: ANGO) has been upgraded from a "hold" to a "buy" rating by Wall Street Zen, indicating a more favorable view on the stock's potential performance.
• The company reported a revenue of $80.16 million for the last quarter, surpassing analysts' expectations of $74.26 million, and is projected to post an EPS of -0.37 for the current year.
• Institutional investors have significantly increased their stakes in AngioDynamics, with Divisadero Street Capital Management increasing its share by 253.7% in the second quarter, reflecting growing confidence in the company's prospects.

AngioDynamics (NASDAQ:ANGO - Get Free Report) was upgraded by equities researchers at Wall Street Zen from a "hold" rating to a "buy" rating in a note issued to investors on Saturday.

Other equities research analysts have also issued reports about the company. HC Wainwright restated a "buy" rating and issued a $16.00 price target on shares of AngioDynamics in a research report on Wednesday, July 16th. Canaccord Genuity Group lifted their price target on AngioDynamics from $15.00 to $17.00 and gave the stock a "buy" rating in a report on Wednesday, July 16th. Finally, Lake Street Capital assumed coverage on AngioDynamics in a research report on Wednesday, July 16th. They set a "buy" rating and a $24.00 target price on the stock.

AngioDynamics Price Performance

Shares of ANGO traded up $0.04 during mid-day trading on Friday, reaching $8.77. 268,966 shares of the company's stock traded hands, compared to its average volume of 476,324. The stock has a market cap of $356.33 million, a P/E ratio of -10.57 and a beta of 0.67. The stock's 50-day moving average is $9.44 and its two-hundred day moving average is $9.65. AngioDynamics has a 12 month low of $5.83 and a 12 month high of $13.50.

AngioDynamics (NASDAQ:ANGO - Get Free Report) last posted its quarterly earnings data on Tuesday, July 15th. The medical instruments supplier reported ($0.03) earnings per share for the quarter, topping analysts' consensus estimates of ($0.12) by $0.09. AngioDynamics had a negative return on equity of 3.20% and a negative net margin of 11.62%. The firm had revenue of $80.16 million during the quarter, compared to analysts' expectations of $74.26 million. During the same quarter last year, the firm earned ($0.06) EPS. The business's quarterly revenue was up 13.0% on a year-over-year basis. Research analysts predict that AngioDynamics will post -0.37 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Tower Research Capital LLC TRC boosted its holdings in AngioDynamics by 359.0% during the second quarter. Tower Research Capital LLC TRC now owns 5,457 shares of the medical instruments supplier's stock worth $54,000 after buying an additional 4,268 shares in the last quarter. Manatuck Hill Partners LLC grew its position in AngioDynamics by 7.7% during the 2nd quarter. Manatuck Hill Partners LLC now owns 350,000 shares of the medical instruments supplier's stock worth $3,472,000 after purchasing an additional 25,000 shares in the last quarter. Massar Capital Management LP purchased a new position in AngioDynamics during the 2nd quarter worth approximately $278,000. Engineers Gate Manager LP purchased a new position in AngioDynamics during the 2nd quarter worth approximately $392,000. Finally, Bank of America Corp DE boosted its stake in shares of AngioDynamics by 729.4% during the 2nd quarter. Bank of America Corp DE now owns 286,208 shares of the medical instruments supplier's stock valued at $2,839,000 after buying an additional 251,702 shares during the period. Institutional investors and hedge funds own 89.43% of the company's stock.

AngioDynamics Company Profile

AngioDynamics, Inc, a medical technology company, engages in the design, manufacture, and sale of medical, surgical, and diagnostic devices for the use in treating peripheral vascular disease, and oncology and surgical settings in the United States and internationally. The company offers Auryon Atherectomy system that is designed to deliver an optimized wavelength, pulse width, and amplitude to remove lesions while preserving vessel wall endothelium.