Marco Investment Management LLC Has $2.29 Million Stock Holdings in Exact Sciences Corporation (NASDAQ:EXAS)

Key Points

• Marco Investment Management LLC reduced its stake in Exact Sciences Corporation by 22.8% in Q1, holding 52,993 shares worth approximately $2.29 million after selling 15,667 shares.
• The company reported a quarterly revenue of $706.79 million, exceeding analysts' expectations of $688.58 million, and topped earnings estimates with a loss of ($0.21) EPS.
• Analyst ratings are generally positive, with a consensus of "Moderate Buy" and a price target averaging $70.50 for Exact Sciences shares.

Marco Investment Management LLC reduced its position in Exact Sciences Corporation (NASDAQ:EXAS - Free Report) by 22.8% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 52,993 shares of the medical research company's stock after selling 15,667 shares during the period. Marco Investment Management LLC's holdings in Exact Sciences were worth $2,294,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Larson Financial Group LLC boosted its position in Exact Sciences by 2,804.8% during the first quarter. Larson Financial Group LLC now owns 610 shares of the medical research company's stock worth $26,000 after purchasing an additional 589 shares during the period. Mirae Asset Global Investments Co. Ltd. bought a new stake in Exact Sciences during the 1st quarter valued at approximately $34,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in Exact Sciences during the 4th quarter valued at approximately $45,000. Ostrum Asset Management lifted its position in shares of Exact Sciences by 28.4% in the 4th quarter. Ostrum Asset Management now owns 2,382 shares of the medical research company's stock worth $134,000 after acquiring an additional 527 shares during the period. Finally, Raiffeisen Bank International AG bought a new stake in shares of Exact Sciences in the 4th quarter worth approximately $149,000. 88.82% of the stock is owned by institutional investors.

Exact Sciences Stock Up 1.5%

Shares of EXAS traded up $0.70 during midday trading on Friday, hitting $47.65. The stock had a trading volume of 1,068,061 shares, compared to its average volume of 2,600,798. The company has a 50 day simple moving average of $52.94 and a two-hundred day simple moving average of $50.36. Exact Sciences Corporation has a twelve month low of $39.97 and a twelve month high of $72.83. The firm has a market cap of $8.99 billion, a price-to-earnings ratio of -8.65, a price-to-earnings-growth ratio of 9.99 and a beta of 0.95. The company has a debt-to-equity ratio of 0.97, a current ratio of 2.73 and a quick ratio of 2.38.

Exact Sciences (NASDAQ:EXAS - Get Free Report) last released its earnings results on Thursday, May 1st. The medical research company reported ($0.21) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.37) by $0.16. The business had revenue of $706.79 million for the quarter, compared to the consensus estimate of $688.58 million. Exact Sciences had a negative return on equity of 3.75% and a negative net margin of 36.06%. Exact Sciences's quarterly revenue was up 10.9% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.60) earnings per share. On average, analysts anticipate that Exact Sciences Corporation will post -0.58 EPS for the current year.

Wall Street Analyst Weigh In

A number of analysts have commented on the company. Robert W. Baird raised their price objective on Exact Sciences from $69.00 to $72.00 and gave the stock an "outperform" rating in a research report on Friday, May 2nd. Barclays reduced their price objective on Exact Sciences from $75.00 to $65.00 and set an "overweight" rating for the company in a research report on Tuesday, June 24th. Evercore ISI increased their target price on Exact Sciences from $66.00 to $68.00 and gave the stock an "outperform" rating in a report on Tuesday, July 8th. Royal Bank Of Canada increased their target price on Exact Sciences from $52.00 to $54.00 and gave the stock a "sector perform" rating in a report on Friday, May 2nd. Finally, Guggenheim reissued a "buy" rating and issued a $60.00 target price on shares of Exact Sciences in a report on Friday, April 11th. Two analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $70.50.

Insider Activity at Exact Sciences

In related news, Director Katherine S. Zanotti sold 3,207 shares of the business's stock in a transaction that occurred on Friday, June 13th. The stock was sold at an average price of $53.20, for a total value of $170,612.40. Following the completion of the sale, the director directly owned 72,759 shares in the company, valued at approximately $3,870,778.80. The trade was a 4.22% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 1.20% of the company's stock.

About Exact Sciences

Exact Sciences Corporation provides cancer screening and diagnostic test products in the United States and internationally. The company offers Cologuard, a non-invasive stool-based DNA screening test to detect DNA and hemoglobin biomarkers associated with colorectal cancer and pre-cancer. It also provides Oncotype DX Breast Recurrence Score Test; Oncotype DX Breast DCIS Score Test; Oncotype DX Colon Recurrence Score Test; OncoExTra Test for tumor profiling for patients with advanced, metastatic, refractory, relapsed, or recurrent cancer; and Covid-19 testing services.