Azenta (NASDAQ:AZTA) Shares Gap Down on Analyst Downgrade

Key Points

• Azenta's stock price gapped down after Evercore ISI downgraded their price target from $35.00 to $33.00, resulting in an opening price of $30.38.
• The company experienced a 15.8% decline in stock value, with recent trading at $29.57 and a market capitalization of $1.25 billion.
• Institutional investors hold 99.08% of Azenta's stock, indicating strong interests from hedge funds and other entities despite the recent downgrade.

Azenta, Inc. (NASDAQ:AZTA - Get Free Report)'s stock price gapped down before the market opened on Tuesday after Evercore ISI lowered their price target on the stock from $35.00 to $33.00. The stock had previously closed at $32.41, but opened at $30.38. Evercore ISI currently has an in-line rating on the stock. Azenta shares last traded at $29.57, with a volume of 75,899 shares traded.

A number of other equities analysts have also recently issued reports on AZTA. Needham & Company LLC cut their target price on shares of Azenta from $59.00 to $40.00 and set a "buy" rating for the company in a research report on Wednesday, May 7th. Stephens initiated coverage on shares of Azenta in a research report on Tuesday, July 22nd. They set an "equal weight" rating and a $35.00 target price for the company.

Institutional Investors Weigh In On Azenta

A number of hedge funds and other institutional investors have recently modified their holdings of AZTA. Headlands Technologies LLC purchased a new stake in Azenta in the fourth quarter valued at approximately $40,000. Mechanics Financial Corp grew its holdings in Azenta by 77.6% in the second quarter. Mechanics Financial Corp now owns 870 shares of the company's stock valued at $27,000 after purchasing an additional 380 shares during the period. Farther Finance Advisors LLC grew its holdings in Azenta by 788.1% in the first quarter. Farther Finance Advisors LLC now owns 968 shares of the company's stock valued at $33,000 after purchasing an additional 859 shares during the period. CWM LLC grew its holdings in Azenta by 113.5% in the second quarter. CWM LLC now owns 1,898 shares of the company's stock valued at $58,000 after purchasing an additional 1,009 shares during the period. Finally, Covestor Ltd grew its holdings in Azenta by 64.2% in the fourth quarter. Covestor Ltd now owns 2,043 shares of the company's stock valued at $102,000 after purchasing an additional 799 shares during the period. 99.08% of the stock is currently owned by hedge funds and other institutional investors.

Azenta Stock Down 15.8%

The business's fifty day moving average is $31.03 and its 200-day moving average is $34.91. The stock has a market capitalization of $1.25 billion, a PE ratio of -19.66 and a beta of 1.59.

Azenta (NASDAQ:AZTA - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The company reported $0.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.13 by $0.06. Azenta had a negative net margin of 10.31% and a positive return on equity of 1.30%. During the same quarter in the prior year, the company earned $0.14 earnings per share. The company's revenue was up .0% compared to the same quarter last year. As a group, sell-side analysts anticipate that Azenta, Inc. will post 0.53 EPS for the current fiscal year.

Azenta Company Profile

Azenta, Inc provides biological and chemical compound sample exploration and management solutions for the life sciences market in North America, Africa, China, the United Kingdom, rest of Europe, the Asia Pacific, and internationally. The company operates in two reportable segments, Life Sciences Products and Life Sciences Services.

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