Bastion Asset Management Inc. Makes New $6.60 Million Investment in AngioDynamics, Inc. (NASDAQ:ANGO)

Key Points

• Bastion Asset Management Inc. has acquired a significant stake of 654,826 shares in AngioDynamics, valued at approximately $6.6 million, making it the fund's fourth largest position.
• AngioDynamics reported a 13% year-over-year increase in revenue, totaling $80.16 million, and exceeded EPS expectations for the last quarter.
• Institutional investors collectively own about 89.43% of AngioDynamics stock, indicating strong institutional interest in the company.

Bastion Asset Management Inc. purchased a new stake in AngioDynamics, Inc. (NASDAQ:ANGO - Free Report) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 654,826 shares of the medical instruments supplier's stock, valued at approximately $6,601,000. AngioDynamics makes up 3.6% of Bastion Asset Management Inc.'s investment portfolio, making the stock its 4th largest holding. Bastion Asset Management Inc. owned approximately 1.61% of AngioDynamics as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. Divisadero Street Capital Management LP purchased a new position in shares of AngioDynamics during the fourth quarter worth $4,714,000. AIGH Capital Management LLC acquired a new stake in shares of AngioDynamics in the first quarter valued at $4,455,000. Marshall Wace LLP raised its stake in shares of AngioDynamics by 1,335.1% in the fourth quarter. Marshall Wace LLP now owns 476,824 shares of the medical instruments supplier's stock valued at $4,368,000 after acquiring an additional 443,598 shares in the last quarter. Paradigm Capital Management Inc. NY acquired a new stake in shares of AngioDynamics in the fourth quarter valued at $3,701,000. Finally, Nuveen Asset Management LLC raised its stake in AngioDynamics by 37.4% in the fourth quarter. Nuveen Asset Management LLC now owns 1,296,366 shares of the medical instruments supplier's stock valued at $11,875,000 after buying an additional 353,070 shares in the last quarter. 89.43% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

ANGO has been the topic of a number of analyst reports. HC Wainwright restated a "buy" rating and issued a $16.00 price target on shares of AngioDynamics in a research note on Wednesday, July 16th. Canaccord Genuity Group set a $17.00 price objective on AngioDynamics and gave the stock a "buy" rating in a report on Wednesday, July 16th. Finally, Lake Street Capital initiated coverage on AngioDynamics in a report on Wednesday, July 16th. They set a "buy" rating and a $24.00 price objective on the stock.

AngioDynamics Stock Down 0.7%

Shares of NASDAQ ANGO traded down $0.06 during trading on Wednesday, hitting $9.06. 160,964 shares of the company traded hands, compared to its average volume of 656,325. AngioDynamics, Inc. has a 1 year low of $5.83 and a 1 year high of $13.50. The company has a 50-day moving average price of $9.82 and a 200-day moving average price of $9.99. The firm has a market capitalization of $368.14 million, a P/E ratio of -10.94 and a beta of 0.60.

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, beating analysts' consensus estimates of ($0.12) by $0.09. The company had revenue of $80.16 million during the quarter, compared to analysts' expectations of $74.26 million. AngioDynamics had a negative net margin of 11.62% and a negative return on equity of 3.20%. The firm's revenue for the quarter was up 13.0% on a year-over-year basis. During the same period in the prior year, the company posted ($0.06) EPS. Research analysts predict that AngioDynamics, Inc. will post -0.37 EPS for the current fiscal year.

About AngioDynamics

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.