ARK Investment Management LLC Lowers Stock Holdings in Guardant Health, Inc. (NASDAQ:GH)

Key Points

• ARK Investment Management LLC reduced its stake in Guardant Health by 2.1% in the first quarter, now owning about 1.14% of the company valued at approximately $60 million.
• Multiple analysts raised their price targets for Guardant Health, with Piper Sandler setting the new target at $60, indicating strong confidence in the stock's potential for growth.
• Guardant Health's CEO, Amirali Talasaz, recently sold 106,784 shares at an average price of $49.01, representing a 4.62% decrease in his ownership after the transaction.

ARK Investment Management LLC trimmed its stake in Guardant Health, Inc. (NASDAQ:GH - Free Report) by 2.1% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,409,116 shares of the company's stock after selling 30,736 shares during the period. ARK Investment Management LLC owned about 1.14% of Guardant Health worth $60,028,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently added to or reduced their stakes in the company. TD Asset Management Inc bought a new stake in shares of Guardant Health in the 1st quarter valued at about $1,862,000. Skandinaviska Enskilda Banken AB publ bought a new position in shares of Guardant Health during the 1st quarter worth approximately $1,035,000. Cetera Investment Advisers bought a new position in shares of Guardant Health during the 1st quarter worth approximately $211,000. Legato Capital Management LLC bought a new position in shares of Guardant Health during the 1st quarter worth approximately $1,523,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new position in shares of Guardant Health during the 1st quarter worth approximately $6,652,000. 92.60% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on GH shares. Piper Sandler reiterated an "overweight" rating and set a $60.00 price objective (up previously from $50.00) on shares of Guardant Health in a research note on Tuesday, May 6th. Barclays boosted their price objective on shares of Guardant Health from $55.00 to $60.00 and gave the stock an "overweight" rating in a research note on Thursday, May 1st. UBS Group boosted their price objective on shares of Guardant Health from $65.00 to $70.00 and gave the stock a "buy" rating in a research note on Thursday, May 1st. Mizuho boosted their price objective on shares of Guardant Health from $60.00 to $65.00 and gave the stock an "outperform" rating in a research note on Friday, June 13th. Finally, Canaccord Genuity Group boosted their price objective on shares of Guardant Health from $60.00 to $65.00 and gave the stock a "buy" rating in a research note on Thursday, May 1st. Twenty analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of "Buy" and a consensus target price of $54.45.

Insider Activity at Guardant Health

In other news, CEO Amirali Talasaz sold 106,784 shares of the company's stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $49.01, for a total transaction of $5,233,483.84. Following the completion of the transaction, the chief executive officer owned 2,202,672 shares of the company's stock, valued at $107,952,954.72. This represents a 4.62% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Musa Tariq sold 3,213 shares of the company's stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $49.47, for a total transaction of $158,947.11. Following the transaction, the director directly owned 7,190 shares of the company's stock, valued at approximately $355,689.30. This represents a 30.89% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 342,300 shares of company stock worth $17,082,238. Corporate insiders own 6.10% of the company's stock.

Guardant Health Stock Performance

Shares of NASDAQ GH opened at $44.42 on Friday. The firm has a market capitalization of $5.50 billion, a P/E ratio of -13.10 and a beta of 1.44. Guardant Health, Inc. has a one year low of $20.14 and a one year high of $53.42. The company's fifty day moving average is $46.75 and its two-hundred day moving average is $44.69.

Guardant Health (NASDAQ:GH - Get Free Report) last released its quarterly earnings data on Wednesday, April 30th. The company reported ($0.49) EPS for the quarter, topping the consensus estimate of ($0.57) by $0.08. The business had revenue of $203.47 million during the quarter, compared to analysts' expectations of $189.91 million. During the same quarter in the prior year, the firm earned ($0.46) earnings per share. Guardant Health's quarterly revenue was up 20.8% on a year-over-year basis. On average, sell-side analysts forecast that Guardant Health, Inc. will post -2.9 earnings per share for the current fiscal year.

Guardant Health Profile

Guardant Health, Inc, a precision oncology company, provides blood and tissue tests, data sets, and analytics in the United States and internationally. The company provides Guardant360; Guardant360 LDT; Guardant360 CDx Test; Guardant360 Response Test; Guardant360 TissueNext Test; GuardantINFINITY Test; GuardantConnect, an integrated software-based solution designed for clinical and biopharmaceutical customers to connect patients tested with assays with actionable alterations with potentially relevant clinical studies; GuardantOMNI Test for advanced stage cancer; and GuardantINFORM, an in-silico research platform for tumor evolution and treatment resistance across various biomarker-driven cancers.

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