Eli Lilly and Company (NYSE:LLY) Shares Gap Down on Disappointing Earnings

Eli Lilly and Company (NYSE:LLY - Get Free Report)'s share price gapped down before the market opened on Thursday following a dissappointing earnings announcement. The stock had previously closed at $898.95, but opened at $844.00. Eli Lilly and Company shares last traded at $826.61, with a volume of 1,497,102 shares trading hands.

The company reported $3.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.64 by ($1.30). The company had revenue of $12.73 billion for the quarter, compared to the consensus estimate of $12.77 billion. Eli Lilly and Company had a net margin of 23.51% and a return on equity of 85.24%. The firm's revenue was up 45.2% compared to the same quarter last year. During the same period last year, the business posted $2.58 EPS.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on LLY. Leerink Partners set a $950.00 price target on shares of Eli Lilly and Company in a report on Friday, January 17th. Wells Fargo & Company restated an "overweight" rating on shares of Eli Lilly and Company in a research note on Thursday. Hsbc Global Res lowered shares of Eli Lilly and Company from a "strong-buy" rating to a "moderate sell" rating in a report on Monday, April 28th. Guggenheim reiterated a "buy" rating on shares of Eli Lilly and Company in a report on Thursday. Finally, UBS Group dropped their target price on Eli Lilly and Company from $1,100.00 to $1,050.00 and set a "buy" rating on the stock in a research note on Friday. One research analyst has rated the stock with a sell rating, two have given a hold rating and nineteen have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $1,002.80.

Insider Activity at Eli Lilly and Company

In other news, CAO Donald A. Zakrowski sold 1,000 shares of the firm's stock in a transaction that occurred on Thursday, March 13th. The shares were sold at an average price of $818.24, for a total transaction of $818,240.00. Following the sale, the chief accounting officer now owns 5,840 shares of the company's stock, valued at $4,778,521.60. This trade represents a 14.62 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.13% of the stock is currently owned by insiders.

Institutional Trading of Eli Lilly and Company

Several hedge funds and other institutional investors have recently added to or reduced their stakes in LLY. WestEnd Advisors LLC grew its holdings in Eli Lilly and Company by 210.0% in the first quarter. WestEnd Advisors LLC now owns 31 shares of the company's stock valued at $26,000 after purchasing an additional 21 shares during the period. Highline Wealth Partners LLC raised its stake in shares of Eli Lilly and Company by 80.0% during the 4th quarter. Highline Wealth Partners LLC now owns 45 shares of the company's stock worth $35,000 after buying an additional 20 shares during the period. Citizens National Bank Trust Department lifted its position in shares of Eli Lilly and Company by 180.0% during the 1st quarter. Citizens National Bank Trust Department now owns 42 shares of the company's stock valued at $35,000 after buying an additional 27 shares in the last quarter. Financial Gravity Asset Management Inc. acquired a new stake in Eli Lilly and Company in the 1st quarter valued at $40,000. Finally, Mascagni Wealth Management Inc. purchased a new stake in Eli Lilly and Company in the 4th quarter worth $43,000. Institutional investors and hedge funds own 82.53% of the company's stock.

Eli Lilly and Company Price Performance

The company has a quick ratio of 0.97, a current ratio of 1.15 and a debt-to-equity ratio of 2.00. The company has a market capitalization of $782.34 billion, a price-to-earnings ratio of 70.46, a PEG ratio of 1.40 and a beta of 0.51. The stock's 50-day simple moving average is $825.36 and its two-hundred day simple moving average is $816.37.

About Eli Lilly and Company

Eli Lilly and Company discovers, develops, and markets human pharmaceuticals worldwide. The company offers Basaglar, Humalog, Humalog Mix 75/25, Humalog U-100, Humalog U-200, Humalog Mix 50/50, insulin lispro, insulin lispro protamine, insulin lispro mix 75/25, Humulin, Humulin 70/30, Humulin N, Humulin R, and Humulin U-500 for diabetes; Jardiance, Mounjaro, and Trulicity for type 2 diabetes; and Zepbound for obesity.