Haemonetics (NYSE:HAE) Shares Down 22.1% on 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.

Haemonetics Corporation (NYSE:HAE - Get Free Report)'s share price fell 22.1% during trading on Thursday after Mizuho lowered their price target on the stock from $90.00 to $70.00. Mizuho currently has an outperform rating on the stock. Haemonetics traded as low as $61.01 and last traded at $59.00. 718,409 shares were traded during trading, a decline of 3% from the average session volume of 738,561 shares. The stock had previously closed at $75.77.

Other equities research analysts also recently issued reports about the company. JMP Securities restated a "market outperform" rating and set a $100.00 price objective on shares of Haemonetics in a report on Tuesday, May 20th. Baird R W upgraded Haemonetics to a "strong-buy" rating in a report on Wednesday, June 25th. Citigroup raised Haemonetics from a "neutral" rating to a "buy" rating and set a $90.00 target price for the company in a report on Wednesday, July 9th. Barrington Research reduced their price objective on Haemonetics from $95.00 to $86.00 and set an "outperform" rating for the company in a research note on Friday. Finally, Wall Street Zen lowered Haemonetics from a "buy" rating to a "hold" rating in a report on Tuesday, May 13th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $85.18.

Institutional Trading of Haemonetics

A number of hedge funds have recently modified their holdings of the company. Geode Capital Management LLC lifted its position in shares of Haemonetics by 1.9% in the 2nd quarter. Geode Capital Management LLC now owns 1,244,624 shares of the medical instruments supplier's stock worth $92,873,000 after acquiring an additional 23,257 shares during the period. Royce & Associates LP lifted its position in shares of Haemonetics by 0.7% during the 1st quarter. Royce & Associates LP now owns 1,161,296 shares of the medical instruments supplier's stock worth $73,800,000 after buying an additional 8,028 shares during the period. Boston Trust Walden Corp lifted its position in shares of Haemonetics by 22.1% during the 1st quarter. Boston Trust Walden Corp now owns 1,118,331 shares of the medical instruments supplier's stock worth $71,070,000 after buying an additional 202,609 shares during the period. Royal Bank of Canada increased its holdings in Haemonetics by 2.3% during the 1st quarter. Royal Bank of Canada now owns 1,075,604 shares of the medical instruments supplier's stock valued at $68,355,000 after purchasing an additional 24,650 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in Haemonetics by 1.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 992,229 shares of the medical instruments supplier's stock valued at $77,470,000 after purchasing an additional 10,990 shares in the last quarter. Institutional investors own 99.67% of the company's stock.

Haemonetics Price Performance

The stock has a fifty day moving average of $72.56 and a two-hundred day moving average of $67.23. The stock has a market capitalization of $2.53 billion, a price-to-earnings ratio of 16.07, a PEG ratio of 0.88 and a beta of 0.40. The company has a current ratio of 1.72, a quick ratio of 1.04 and a debt-to-equity ratio of 1.04.

Haemonetics (NYSE:HAE - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The medical instruments supplier reported $1.10 EPS for the quarter, topping analysts' consensus estimates of $1.01 by $0.09. The business had revenue of $321.39 million during the quarter, compared to analysts' expectations of $305.12 million. Haemonetics had a return on equity of 26.64% and a net margin of 12.14%. The firm's quarterly revenue was down 4.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.02 earnings per share. As a group, equities research analysts forecast that Haemonetics Corporation will post 4.55 earnings per share 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.