Essex Investment Management Co. LLC Invests $1.68 Million in AngioDynamics, Inc. (NASDAQ:ANGO)

Key Points

• Essex Investment Management Co. LLC acquired a new position in AngioDynamics, purchasing 179,190 shares valued at approximately $1.68 million, representing about 0.44% ownership of the company.
• Analysts have issued positive ratings on AngioDynamics, with Lake Street Capital setting a "buy" rating and a price target of $24.00, while HC Wainwright and Canaccord Genuity also issued "buy" ratings with price targets of $16.00 and $17.00, respectively.
• AngioDynamics reported a quarterly earnings of ($0.03) per share, beating the consensus estimate, and its revenue grew 13.0% year-over-year, totaling $80.16 million for the quarter.

Essex Investment Management Co. LLC acquired a new position in shares of AngioDynamics, Inc. (NASDAQ:ANGO - Free Report) in the first quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 179,190 shares of the medical instruments supplier's stock, valued at approximately $1,683,000. Essex Investment Management Co. LLC owned 0.44% of AngioDynamics as of its most recent filing with the SEC.

A number of other hedge funds have also recently made changes to their positions in the stock. American Century Companies Inc. boosted its position in AngioDynamics by 22.1% in the 4th quarter. American Century Companies Inc. now owns 67,942 shares of the medical instruments supplier's stock valued at $622,000 after buying an additional 12,306 shares during the period. JPMorgan Chase & Co. boosted its position in AngioDynamics by 46.0% in the 4th quarter. JPMorgan Chase & Co. now owns 807,483 shares of the medical instruments supplier's stock valued at $7,397,000 after buying an additional 254,322 shares during the period. Orion Portfolio Solutions LLC boosted its position in AngioDynamics by 7.4% in the 4th quarter. Orion Portfolio Solutions LLC now owns 179,897 shares of the medical instruments supplier's stock valued at $1,648,000 after buying an additional 12,383 shares during the period. Arrowstreet Capital Limited Partnership boosted its position in AngioDynamics by 293.9% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 352,544 shares of the medical instruments supplier's stock valued at $3,229,000 after buying an additional 263,034 shares during the period. Finally, StoneX Group Inc. purchased a new position in AngioDynamics in the 4th quarter valued at approximately $981,000. Hedge funds and other institutional investors own 89.43% of the company's stock.

AngioDynamics Price Performance

Shares of AngioDynamics stock traded down $0.30 during trading on Friday, hitting $8.56. 371,116 shares of the stock were exchanged, compared to its average volume of 828,072. The stock has a market cap of $347.83 million, a price-to-earnings ratio of -10.31 and a beta of 0.60. The firm's 50-day moving average price is $9.77 and its 200 day moving average price is $9.94. AngioDynamics, Inc. has a 12-month low of $5.83 and a 12-month high of $13.50.

AngioDynamics (NASDAQ:ANGO - Get Free Report) last announced its quarterly earnings results on Tuesday, July 15th. The medical instruments supplier reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.12) by $0.09. AngioDynamics had a negative net margin of 11.62% and a negative return on equity of 3.20%. The firm had revenue of $80.16 million for the quarter, compared to analyst estimates of $74.26 million. During the same period last year, the business earned ($0.06) EPS. AngioDynamics's revenue for the quarter was up 13.0% compared to the same quarter last year. As a group, research analysts forecast that AngioDynamics, Inc. will post -0.37 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Canaccord Genuity Group raised their price target on shares of AngioDynamics from $15.00 to $17.00 and gave the company a "buy" rating in a research report on Wednesday, July 16th. HC Wainwright reaffirmed a "buy" rating and set a $16.00 price objective on shares of AngioDynamics in a research report on Wednesday, July 16th. Finally, Lake Street Capital assumed coverage on shares of AngioDynamics in a research report on Wednesday, July 16th. They set a "buy" rating and a $24.00 price objective for the company.

AngioDynamics Company Profile

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.