59,848 Shares in Guardant Health, Inc. $GH Bought by Empowered Funds LLC

Key Points

• Empowered Funds LLC acquired 59,848 Guardant Health shares valued at approximately $8.98 million, while institutional investors collectively own 92.6% of the company.
• Analysts maintain a broadly positive outlook, with 23 Buy ratings and one Strong Buy versus one Sell; the consensus rating is “Moderate Buy” with an average price target of $183.78.
• Guardant Health reported quarterly revenue of $334.98 million, up 44.3% year over year, and an adjusted loss of $0.42 per share that beat expectations. However, insiders sold roughly $82.5 million of stock over the past three months.

Empowered Funds LLC acquired a new position in Guardant Health, Inc. (NASDAQ:GH - Free Report) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 59,848 shares of the company's stock, valued at approximately $8,979,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of GH. Orbimed Advisors LLC bought a new position in Guardant Health in the 1st quarter worth about $40,199,000. World Investment Advisors bought a new stake in Guardant Health during the 4th quarter valued at about $1,664,000. GSA Capital Partners LLP purchased a new position in Guardant Health in the second quarter worth about $1,772,000. Ninepoint Partners LP bought a new position in shares of Guardant Health in the second quarter worth approximately $2,853,000. Finally, SWS Partners purchased a new stake in shares of Guardant Health during the second quarter valued at approximately $11,190,000. 92.60% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

GH has been the subject of several analyst reports. Mizuho raised their price target on shares of Guardant Health from $175.00 to $200.00 and gave the company an "outperform" rating in a research report on Friday, July 31st. JPMorgan Chase & Co. increased their target price on Guardant Health from $185.00 to $195.00 and gave the company an "overweight" rating in a research note on Friday, July 31st. Bank of America lifted their target price on Guardant Health from $135.00 to $190.00 and gave the stock a "buy" rating in a report on Monday, July 6th. Weiss Ratings restated a "sell (d-)" rating on shares of Guardant Health in a research note on Friday, July 17th. Finally, TD Cowen reaffirmed a "buy" rating on shares of Guardant Health in a research report on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, Guardant Health currently has a consensus rating of "Moderate Buy" and an average price target of $183.78.

Guardant Health Stock Performance

Guardant Health stock opened at $161.50 on Friday. The stock has a market cap of $21.67 billion, a PE ratio of -46.27 and a beta of 1.60. Guardant Health, Inc. has a one year low of $53.40 and a one year high of $176.58. The stock has a fifty day moving average of $157.49 and a 200 day moving average of $120.75.

Guardant Health (NASDAQ:GH - Get Free Report) last announced its earnings results on Thursday, July 30th. The company reported ($0.42) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.76) by $0.34. The firm had revenue of $334.98 million during the quarter, compared to analysts' expectations of $314.23 million. During the same period in the previous year, the business posted ($0.44) earnings per share. The company's revenue for the quarter was up 44.3% on a year-over-year basis. As a group, sell-side analysts predict that Guardant Health, Inc. will post -2.98 EPS for the current fiscal year.

Insider Activity at Guardant Health

In other Guardant Health news, insider Chris Freeman sold 63,605 shares of the company's stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $169.58, for a total transaction of $10,786,135.90. Following the completion of the sale, the insider directly owned 65,374 shares of the company's stock, valued at approximately $11,086,122.92. This represents a 49.31% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Ian T. Clark sold 14,180 shares of the company's stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $158.92, for a total value of $2,253,485.60. Following the completion of the sale, the director owned 2,975 shares of the company's stock, valued at $472,787. This trade represents a 82.66% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 548,318 shares of company stock valued at $82,501,873 in the last three months. Corporate insiders own 5.60% of the company's stock.

Guardant Health Profile

Guardant Health, Inc is a precision oncology company specializing in blood-based cancer diagnostics. Founded in 2012 and headquartered in Redwood City, California, the company develops non-invasive tests that use circulating tumor DNA (ctDNA) to profile genomic alterations in patients with solid tumors. Guardant Health's mission is to advance cancer care by providing actionable data to clinicians, pharmaceutical partners and researchers worldwide.

The company's flagship product, Guardant360, is a next-generation sequencing (NGS) assay designed to detect mutations, copy number variations and select fusions in more than 70 cancer-related genes.

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