Haemonetics (NYSE:HAE) Stock Price Down 22.1% Following Analyst Downgrade

Key Points

• Haemonetics stock price fell by 22.1% after Needham & Company LLC downgraded their price target from $84.00 to $68.00 while maintaining a buy rating.
• Several analysts have provided mixed ratings with a consensus of "Moderate Buy" and a price target averaging $95.70, indicating potential for recovery.
• The company reported earnings of $1.10 per share, exceeding analysts' expectations, but experienced a revenue decrease of 4.4% year-over-year.

Shares of Haemonetics Corporation (NYSE:HAE - Get Free Report) dropped 22.1% during mid-day trading on Thursday after Needham & Company LLC lowered their price target on the stock from $84.00 to $68.00. Needham & Company LLC currently has a buy rating on the stock. Haemonetics traded as low as $61.01 and last traded at $59.00. Approximately 718,409 shares traded hands during trading, a decline of 3% from the average daily volume of 738,561 shares. The stock had previously closed at $75.77.

Several other equities analysts have also recently issued reports on the company. Raymond James Financial reaffirmed a "strong-buy" rating and issued a $105.00 price objective (down from $115.00) on shares of Haemonetics in a research report on Friday, May 9th. Barrington Research reissued an "outperform" rating and set a $95.00 price target on shares of Haemonetics in a report on Friday, July 11th. Robert W. Baird started coverage on Haemonetics in a report on Thursday, June 26th. They set an "outperform" rating and a $87.00 price target on the stock. Wall Street Zen cut Haemonetics from a "buy" rating to a "hold" rating in a report on Tuesday, May 13th. Finally, Citigroup raised Haemonetics from a "neutral" rating to a "buy" rating and set a $90.00 price target on the stock in a report on Wednesday, July 9th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, eight have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, Haemonetics currently has a consensus rating of "Moderate Buy" and a consensus price target of $95.70.

Institutional Trading of Haemonetics

Several large investors have recently bought and sold shares of HAE. Pictet Asset Management Holding SA grew its position in shares of Haemonetics by 16.4% in the 4th quarter. Pictet Asset Management Holding SA now owns 6,963 shares of the medical instruments supplier's stock valued at $544,000 after buying an additional 979 shares during the last quarter. Envestnet Asset Management Inc. boosted its holdings in shares of Haemonetics by 9.6% in the 4th quarter. Envestnet Asset Management Inc. now owns 48,068 shares of the medical instruments supplier's stock valued at $3,753,000 after purchasing an additional 4,217 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Haemonetics during the 4th quarter valued at $19,002,000. Covestor Ltd lifted its holdings in shares of Haemonetics by 146.8% during the 4th quarter. Covestor Ltd now owns 738 shares of the medical instruments supplier's stock valued at $58,000 after acquiring an additional 439 shares in the last quarter. Finally, Marshall Wace LLP lifted its holdings in Haemonetics by 25.6% in the 4th quarter. Marshall Wace LLP now owns 279,997 shares of the medical instruments supplier's stock worth $21,862,000 after buying an additional 57,116 shares in the last quarter. Hedge funds and other institutional investors own 99.67% of the company's stock.

Haemonetics Trading Down 26.3%

The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.99 and a current ratio of 1.62. The business's 50 day moving average price is $73.41 and its 200-day moving average price is $67.71. The firm has a market cap of $2.68 billion, a price-to-earnings ratio of 16.80, a price-to-earnings-growth ratio of 1.23 and a beta of 0.40.

Haemonetics (NYSE:HAE - Get Free Report) last issued its earnings results on Thursday, August 7th. The medical instruments supplier reported $1.10 earnings per share for the quarter, topping analysts' consensus estimates of $1.02 by $0.08. Haemonetics had a net margin of 12.32% and a return on equity of 26.37%. During the same quarter in the previous year, the business earned $1.02 earnings per share. The firm's revenue was down 4.4% on a year-over-year basis. Equities analysts expect that Haemonetics Corporation will post 4.55 EPS for the current year.

About Haemonetics

Haemonetics Corporation, a healthcare company, provides suite of medical products and solutions in the United States and internationally. The company offers automated plasma collection systems, donor management software, and supporting software solutions including NexSys PCS and PCS2 plasmapheresis equipment and related disposables and solutions, as well as integrated information technology platforms for plasma customers to manage their donors, operations, and supply chain; and NexLynk DMS donor management system and Donor360 app.

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