Azenta (NASDAQ:AZTA) Shares Gap Down - Here's Why

Key Points

• Azenta shares opened sharply lower, falling from a prior close of $37.40 to $33.32 and last trading near $33.33.
• Analyst sentiment remains mixed: Weiss Ratings downgraded the stock, while Needham raised its price target to $37 and maintained a Buy rating. Overall, analysts rate Azenta “Hold,” with an average price target of $41.20.
• Azenta exceeded quarterly expectations, reporting EPS of $0.16 versus the $0.11 consensus and revenue of $161.18 million versus estimates of $149.31 million. Institutional investors own approximately 99.08% of the company.

Shares of Azenta, Inc. (NASDAQ:AZTA - Get Free Report) gapped down prior to trading on Monday . The stock had previously closed at $37.40, but opened at $33.32. Azenta shares last traded at $33.33, with a volume of 205,369 shares.

Analyst Upgrades and Downgrades

AZTA has been the topic of several research analyst reports. Weiss Ratings downgraded Azenta from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Tuesday, August 11th. Needham & Company LLC increased their target price on Azenta from $33.00 to $37.00 and gave the stock a "buy" rating in a research report on Wednesday, August 5th. Four research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $41.20.

Azenta Stock Performance

The firm's fifty day simple moving average is $27.92 and its 200 day simple moving average is $25.06. The firm has a market cap of $1.49 billion, a P/E ratio of -12.28 and a beta of 1.36.

Azenta (NASDAQ:AZTA - Get Free Report) last issued its earnings results on Tuesday, August 4th. The company reported $0.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.11 by $0.05. Azenta had a positive return on equity of 1.18% and a negative net margin of 20.63%.The firm had revenue of $161.18 million for the quarter, compared to analysts' expectations of $149.31 million.

Hedge Funds Weigh In On Azenta

Institutional investors have recently added to or reduced their stakes in the company. Integrated Wealth Concepts LLC bought a new position in shares of Azenta during the 1st quarter valued at approximately $435,000. Millennium Management LLC raised its stake in Azenta by 214.8% during the first quarter. Millennium Management LLC now owns 340,580 shares of the company's stock valued at $11,798,000 after purchasing an additional 232,405 shares in the last quarter. Empowered Funds LLC raised its stake in Azenta by 10.5% during the first quarter. Empowered Funds LLC now owns 6,482 shares of the company's stock valued at $225,000 after purchasing an additional 618 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in Azenta by 17.8% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 201,337 shares of the company's stock valued at $6,974,000 after purchasing an additional 30,492 shares during the last quarter. Finally, Creative Planning bought a new position in Azenta during the second quarter valued at $270,000. Hedge funds and other institutional investors own 99.08% of the company's stock.

Azenta Company Profile

Azenta, Inc NASDAQ: AZTA is a life sciences technology company specializing in sample management, cryogenic storage and genomic services for research and clinical applications. Formerly the Life Sciences division of Brooks Automation, Azenta provides integrated solutions that enable customers to store, track and analyze biological samples with high levels of automation, data integrity and efficiency. Its offerings span automated storage systems, biorepository management software and end‐to‐end sample tracking workflows.

In addition to hardware and informatics platforms for sample storage, Azenta's Genomics business delivers next‐generation sequencing (NGS), DNA synthesis, and molecular biology services.

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