Revere Asset Management Inc Buys Shares of 26,620 Guardant Health, Inc. $GH

Key Points

• Revere Asset Management initiated a Guardant Health position by purchasing 26,620 shares valued at approximately $3.99 million. Institutional investors collectively own 92.6% of the company, with several other funds also increasing their holdings.
• Guardant Health reported quarterly revenue of $334.98 million, up 44.3% year over year, and an adjusted loss of $0.42 per share—better than analysts’ expected loss of $0.76. Shares recently traded at $167.84, near their 52-week high.
• Analysts remain broadly bullish, with a consensus “Moderate Buy” rating and an average price target of $188.12. However, insiders sold 427,024 shares worth approximately $67.1 million over the past three months.

Revere Asset Management Inc purchased a new position in shares of Guardant Health, Inc. (NASDAQ:GH - Free Report) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 26,620 shares of the company's stock, valued at approximately $3,994,000. Guardant Health accounts for about 1.5% of Revere Asset Management Inc's investment portfolio, making the stock its 11th largest holding.

Other hedge funds have also made changes to their positions in the company. Sequoia Financial Advisors LLC purchased a new stake in Guardant Health during the 2nd quarter worth approximately $216,000. First Light Asset Management LLC boosted its position in Guardant Health by 57.5% in the 2nd quarter. First Light Asset Management LLC now owns 441,586 shares of the company's stock valued at $66,251,000 after buying an additional 161,287 shares during the period. Tidal Investments LLC boosted its position in Guardant Health by 43.7% in the 2nd quarter. Tidal Investments LLC now owns 24,593 shares of the company's stock valued at $3,690,000 after buying an additional 7,473 shares during the period. MCF Advisors LLC grew its stake in shares of Guardant Health by 755.0% in the second quarter. MCF Advisors LLC now owns 171 shares of the company's stock worth $26,000 after acquiring an additional 151 shares in the last quarter. Finally, WINTON GROUP Ltd acquired a new position in shares of Guardant Health in the second quarter worth $2,570,000. Institutional investors and hedge funds own 92.60% of the company's stock.

Guardant Health Stock Performance

Shares of NASDAQ:GH traded up $10.46 during trading hours on Monday, reaching $167.84. The stock had a trading volume of 1,493,089 shares, compared to its average volume of 2,255,241. Guardant Health, Inc. has a 1 year low of $53.40 and a 1 year high of $176.58. The firm's 50 day moving average is $159.72 and its 200-day moving average is $124.86. The stock has a market capitalization of $22.52 billion, a price-to-earnings ratio of -48.09 and a beta of 1.57.

Guardant Health (NASDAQ:GH - Get Free Report) last released its quarterly earnings data on Thursday, July 30th. The company reported ($0.42) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.76) by $0.34. The firm had revenue of $334.98 million for the quarter, compared to analysts' expectations of $314.23 million. Guardant Health's revenue for the quarter was up 44.3% on a year-over-year basis. During the same period last year, the firm posted ($0.44) earnings per share. Analysts forecast that Guardant Health, Inc. will post -2.98 EPS for the current year.

Insider Activity at Guardant Health

In other news, insider Chris Freeman sold 63,605 shares of the firm's stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $169.58, for a total transaction of $10,786,135.90. Following the sale, the insider owned 65,374 shares of the company's stock, valued at approximately $11,086,122.92. This trade represents a 49.31% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Terilyn J. Monroe sold 46,300 shares of the firm's stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $165.12, for a total value of $7,645,056.00. Following the sale, the insider directly owned 22,979 shares in the company, valued at $3,794,292.48. This trade represents a 66.83% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 427,024 shares of company stock worth $67,113,285 over the last three months. Company insiders own 5.60% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on GH shares. JPMorgan Chase & Co. upped their price objective on Guardant Health from $185.00 to $195.00 and gave the stock an "overweight" rating in a research report on Friday, July 31st. Canaccord Genuity Group lifted their target price on Guardant Health from $135.00 to $205.00 and gave the company a "buy" rating in a report on Tuesday, July 14th. The Goldman Sachs Group reissued a "buy" rating and set a $210.00 target price on shares of Guardant Health in a research note on Friday, July 31st. Bank of America upped their price target on Guardant Health from $135.00 to $190.00 and gave the stock a "buy" rating in a report on Monday, July 6th. Finally, Royal Bank Of Canada increased their price target on Guardant Health from $185.00 to $200.00 and gave the company an "outperform" rating in a research report on Friday, July 31st. One research analyst has rated the stock with a Strong Buy rating, twenty-four have given a Buy rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $188.12.

About Guardant Health

Guardant Health, Inc NASDAQ: GH is a precision oncology company that develops blood-based diagnostic tests designed to help detect cancer, guide treatment decisions and monitor patients over time. Its liquid biopsy technologies analyze tumor-related signals in blood, reducing the need for tissue biopsies in certain clinical and research settings.

The company's products include Guardant360 tests, which profile advanced cancers and can help identify potentially actionable genomic alterations; Guardant Reveal, which is used to assess residual disease and recurrence risk; and Guardant Shield, a blood-based screening test for colorectal cancer.

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