Guardant Health (NASDAQ:GH) Sets New 1-Year High - Here's What Happened

Key Points

• Guardant Health shares hit a new 52-week high at $63.48, indicating strong market performance with significant trading volume of over 1.5 million shares.
• Numerous analysts have raised their price targets for Guardant Health, with a consensus rating of "Buy" and an average price target of $57.50.
• In its latest quarterly earnings report, Guardant Health surpassed analysts' expectations by reporting revenues of $232.09 million, reflecting a 31% increase year-over-year.

Guardant Health, Inc. (NASDAQ:GH - Get Free Report) hit a new 52-week high on Wednesday . The stock traded as high as $63.48 and last traded at $63.43, with a volume of 1525810 shares. The stock had previously closed at $61.88.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on GH shares. Mizuho boosted their price objective on Guardant Health from $60.00 to $65.00 and gave the company an "outperform" rating in a report on Friday, June 13th. Piper Sandler reissued an "overweight" rating and set a $60.00 target price (up from $50.00) on shares of Guardant Health in a research note on Tuesday, May 6th. Scotiabank upped their price target on shares of Guardant Health from $57.00 to $60.00 and gave the stock a "sector outperform" rating in a report on Thursday, July 31st. Evercore ISI upgraded shares of Guardant Health to a "strong-buy" rating in a report on Monday, July 14th. Finally, Raymond James Financial upped their target price on shares of Guardant Health from $59.00 to $61.00 and gave the stock an "outperform" rating in a research note on Thursday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating and sixteen have given a Buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Buy" and an average target price of $57.50.

Guardant Health Trading Up 4.6%

The firm has a market cap of $8.41 billion, a PE ratio of -20.13 and a beta of 1.45. The business's 50-day simple moving average is $51.69 and its 200 day simple moving average is $46.63.

Guardant Health (NASDAQ:GH - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The company reported ($0.44) EPS for the quarter, topping analysts' consensus estimates of ($0.52) by $0.08. The business had revenue of $232.09 million during the quarter, compared to the consensus estimate of $211.19 million. The business's quarterly revenue was up 31.0% on a year-over-year basis. During the same period last year, the firm earned ($0.84) EPS. Guardant Health has set its FY 2025 guidance at EPS. Analysts expect that Guardant Health, Inc. will post -2.9 earnings per share for the current year.

Insider Buying and Selling

In other Guardant Health news, Director Musa Tariq sold 3,213 shares of the stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $49.47, for a total transaction of $158,947.11. Following the completion of the sale, the director directly owned 7,190 shares of the company's stock, valued at approximately $355,689.30. This represents a 30.89% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Myrtle S. Potter sold 2,626 shares of Guardant Health stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $49.70, for a total transaction of $130,512.20. Following the completion of the transaction, the director directly owned 18,180 shares in the company, valued at approximately $903,546. The trade was a 12.62% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 235,442 shares of company stock valued at $11,848,325 over the last three months. Corporate insiders own 6.10% of the company's stock.

Institutional Investors Weigh In On Guardant Health

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. NewEdge Advisors LLC grew its stake in shares of Guardant Health by 13.5% during the fourth quarter. NewEdge Advisors LLC now owns 1,929 shares of the company's stock worth $59,000 after acquiring an additional 230 shares during the last quarter. Stifel Financial Corp grew its position in Guardant Health by 25.1% during the 4th quarter. Stifel Financial Corp now owns 49,927 shares of the company's stock worth $1,525,000 after purchasing an additional 10,006 shares during the last quarter. Hsbc Holdings PLC grew its position in Guardant Health by 25.5% during the 4th quarter. Hsbc Holdings PLC now owns 19,011 shares of the company's stock worth $582,000 after purchasing an additional 3,863 shares during the last quarter. Schonfeld Strategic Advisors LLC acquired a new position in Guardant Health during the 4th quarter valued at approximately $863,000. Finally, Mercer Global Advisors Inc. ADV acquired a new stake in shares of Guardant Health during the fourth quarter worth $210,000. 92.60% of the stock is currently owned by hedge funds and other institutional investors.

About Guardant Health

Guardant Health, Inc, a precision oncology company, provides blood and tissue tests, data sets, and analytics in the United States and internationally. The company provides Guardant360; Guardant360 LDT; Guardant360 CDx Test; Guardant360 Response Test; Guardant360 TissueNext Test; GuardantINFINITY Test; GuardantConnect, an integrated software-based solution designed for clinical and biopharmaceutical customers to connect patients tested with assays with actionable alterations with potentially relevant clinical studies; GuardantOMNI Test for advanced stage cancer; and GuardantINFORM, an in-silico research platform for tumor evolution and treatment resistance across various biomarker-driven cancers.