Envestnet Asset Management Inc. Acquires 26,132 Shares of Arxis, Inc. $ARXS

Key Points

• Envestnet Asset Management acquired 26,132 Arxis shares worth approximately $1.21 million in the second quarter. Several other institutional investors also initiated positions, including BlueCrest Capital Management with an investment valued at about $7.39 million.
• Arxis reported quarterly earnings of $0.28 per share, beating the consensus estimate of a $0.07-per-share loss, while revenue rose 25% year over year to $500.73 million.
• Analysts remain broadly positive, with 11 Buy ratings, one Hold and one Sell; the stock has a “Moderate Buy” consensus rating and an average price target of $54.64.

Envestnet Asset Management Inc. bought a new position in Arxis, Inc. (NASDAQ:ARXS - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 26,132 shares of the company's stock, valued at approximately $1,206,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. The Manufacturers Life Insurance Company acquired a new position in shares of Arxis during the second quarter worth about $207,000. Amundi bought a new stake in Arxis in the 2nd quarter valued at approximately $358,000. IMC Chicago LLC acquired a new position in Arxis during the 2nd quarter worth approximately $1,146,000. Grandeur Peak Global Advisors LLC bought a new position in shares of Arxis during the 2nd quarter worth approximately $2,740,000. Finally, BlueCrest Capital Management Ltd bought a new position in shares of Arxis during the 2nd quarter worth approximately $7,389,000.

Arxis Stock Performance

Shares of NASDAQ:ARXS opened at $47.05 on Thursday. Arxis, Inc. has a 52-week low of $33.15 and a 52-week high of $61.50. The company has a debt-to-equity ratio of 0.38, a current ratio of 5.21 and a quick ratio of 3.79. The firm has a market cap of $19.64 billion and a P/E ratio of 588.12. The firm has a 50-day moving average price of $52.90.

Arxis (NASDAQ:ARXS - Get Free Report) last announced its quarterly earnings results on Wednesday, July 29th. The company reported $0.28 earnings per share for the quarter, topping analysts' consensus estimates of ($0.07) by $0.35. The business had revenue of $500.73 million for the quarter. The business's quarterly revenue was up 25.0% on a year-over-year basis. As a group, equities analysts forecast that Arxis, Inc. will post 0.57 earnings per share for the current year.

Analyst Ratings Changes

A number of analysts have recently commented on ARXS shares. Citigroup boosted their price objective on shares of Arxis from $61.00 to $67.00 and gave the stock a "buy" rating in a research report on Thursday, August 13th. Morgan Stanley reaffirmed an "overweight" rating and issued a $62.00 target price on shares of Arxis in a research report on Monday, August 3rd. Royal Bank Of Canada upgraded shares of Arxis from a "sector perform" rating to an "outperform" rating and lifted their price target for the company from $50.00 to $60.00 in a research note on Friday, October 2nd. Jefferies Financial Group reissued a "buy" rating and set a $60.00 price target on shares of Arxis in a research report on Sunday, August 2nd. Finally, Weiss Ratings began coverage on shares of Arxis in a research note on Monday, August 3rd. They set a "sell (d+)" rating for the company. Eleven investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Arxis presently has an average rating of "Moderate Buy" and an average target price of $54.64.

Arxis Profile

We are a leading designer and manufacturer of proprietary, mission-critical electronic and mechanical components engineered for cutting-edge performance in extreme environments. Leveraging significant intellectual property (“IP”) and world-class engineering capabilities, we design and deliver innovative solutions that address some of our customers' most complex performance needs. Arxis is the result of a deliberate and disciplined strategy executed by our sponsor, Arcline, and the Arxis management team to create a purpose-built, cohesive business through targeted acquisitions with similar product and end market characteristics.

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