Canal Insurance CO Acquires 20,000 Shares of Tempus AI, Inc. $TEM

Key Points

• Canal Insurance CO doubled its Tempus AI stake in the first quarter, buying 20,000 additional shares to bring its total holdings to 40,000 shares worth about $1.81 million.
• Tempus AI shares fell 3.9% to open at $55.93, even as the company reported better-than-expected quarterly results with revenue up 36.1% year over year.
• Insider selling has been notable, including recent sales by EVP Andrew Polovin and CEO Eric Lefkofsky, with insiders selling 616,043 shares over the last 90 days.

Canal Insurance CO raised its stake in shares of Tempus AI, Inc. (NASDAQ:TEM - Free Report) by 100.0% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 40,000 shares of the company's stock after buying an additional 20,000 shares during the quarter. Canal Insurance CO's holdings in Tempus AI were worth $1,809,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Royal Bank of Canada boosted its position in shares of Tempus AI by 201.2% during the first quarter. Royal Bank of Canada now owns 25,988 shares of the company's stock worth $1,253,000 after acquiring an additional 17,359 shares during the last quarter. Rhumbline Advisers bought a new stake in Tempus AI in the 1st quarter valued at $116,000. Prudential Financial Inc. bought a new stake in Tempus AI in the 2nd quarter valued at $276,000. Russell Investments Group Ltd. lifted its stake in Tempus AI by 21.3% in the 2nd quarter. Russell Investments Group Ltd. now owns 6,527 shares of the company's stock worth $415,000 after purchasing an additional 1,146 shares in the last quarter. Finally, Invesco Ltd. lifted its stake in Tempus AI by 2,926.6% in the 2nd quarter. Invesco Ltd. now owns 211,621 shares of the company's stock worth $13,446,000 after purchasing an additional 204,629 shares in the last quarter. Institutional investors own 24.22% of the company's stock.

Tempus AI Stock Down 3.9%

Shares of TEM opened at $55.93 on Tuesday. The company has a quick ratio of 3.15, a current ratio of 3.31 and a debt-to-equity ratio of 2.96. The business has a fifty day moving average of $51.30 and a 200 day moving average of $54.21. The company has a market cap of $10.04 billion, a PE ratio of -32.52 and a beta of 3.46. Tempus AI, Inc. has a 52-week low of $41.73 and a 52-week high of $104.32.

Tempus AI (NASDAQ:TEM - Get Free Report) last posted its quarterly earnings data on Tuesday, May 5th. The company reported ($0.13) earnings per share for the quarter, beating analysts' consensus estimates of ($0.21) by $0.08. The business had revenue of $348.12 million for the quarter, compared to analysts' expectations of $345.44 million. Tempus AI had a negative net margin of 22.20% and a negative return on equity of 53.83%. The business's revenue was up 36.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.24) earnings per share. On average, sell-side analysts expect that Tempus AI, Inc. will post -1.35 EPS for the current year.

Insider Activity

In other Tempus AI news, EVP Andrew Polovin sold 8,703 shares of the firm's stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $44.07, for a total value of $383,541.21. Following the completion of the sale, the executive vice president owned 128,215 shares of the company's stock, valued at $5,650,435.05. This trade represents a 6.36% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Eric P. Lefkofsky sold 166,250 shares of the business's stock in a transaction that occurred on Wednesday, May 27th. The shares were sold at an average price of $46.70, for a total value of $7,763,875.00. Following the transaction, the chief executive officer owned 8,808,533 shares of the company's stock, valued at $411,358,491.10. This trade represents a 1.85% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 616,043 shares of company stock valued at $31,748,593. 24.26% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. TD Cowen raised their price objective on Tempus AI from $65.00 to $68.00 and gave the company a "buy" rating in a research report on Wednesday, May 6th. Jefferies Financial Group initiated coverage on Tempus AI in a research report on Monday, April 13th. They issued an "underperform" rating and a $35.00 target price on the stock. HC Wainwright dropped their price target on Tempus AI from $95.00 to $64.00 and set a "buy" rating for the company in a research note on Monday, May 11th. Needham & Company LLC restated a "buy" rating and set a $75.00 price target on shares of Tempus AI in a report on Monday, June 1st. Finally, Freedom Capital raised Tempus AI to a "hold" rating in a research note on Tuesday, June 30th. Nine research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, Tempus AI presently has an average rating of "Hold" and an average price target of $68.54.

Tempus AI Profile

Tempus is a technology-driven healthcare company that applies artificial intelligence and machine learning to clinical and molecular data in order to advance precision medicine. Its primary focus lies in oncology, where the company offers comprehensive genomic profiling, digital pathology services and data-driven insights to inform personalized cancer care. By integrating DNA and RNA sequencing with structured clinical information, Tempus enables clinicians and researchers to identify targeted treatment options for patients based on the genetic characteristics of their tumors.

The company's core offering centers on a scalable, cloud-based analytics platform that aggregates vast amounts of molecular and clinical data.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.