Hologic (NASDAQ:HOLX) Sees Large Volume Increase - Here's Why

Hologic, Inc. (NASDAQ:HOLX - Get Free Report) shares saw unusually-high trading volume on Tuesday . Approximately 5,262,719 shares were traded during trading, an increase of 143% from the previous session's volume of 2,169,088 shares.The stock last traded at $61.77 and had previously closed at $54.28.

Analysts Set New Price Targets

A number of research firms have recently commented on HOLX. Argus downgraded Hologic from a "buy" rating to a "hold" rating in a report on Monday, March 3rd. Leerink Partnrs cut Hologic from a "strong-buy" rating to a "hold" rating in a research report on Thursday, February 6th. Needham & Company LLC reissued a "hold" rating on shares of Hologic in a research note on Tuesday, May 27th. Royal Bank of Canada cut their target price on Hologic from $75.00 to $70.00 and set a "sector perform" rating for the company in a research note on Friday, May 2nd. Finally, Citigroup dropped their price target on Hologic from $80.00 to $70.00 and set a "neutral" rating for the company in a research report on Tuesday, March 4th. Twelve investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $77.42.

Hologic Stock Performance

The stock has a 50 day simple moving average of $58.14 and a 200 day simple moving average of $65.88. The company has a market cap of $13.84 billion, a price-to-earnings ratio of 19.59, a PEG ratio of 2.14 and a beta of 0.54. The company has a quick ratio of 2.78, a current ratio of 3.49 and a debt-to-equity ratio of 0.52.

Hologic (NASDAQ:HOLX - Get Free Report) last released its quarterly earnings results on Thursday, May 1st. The medical equipment provider reported $1.03 EPS for the quarter, topping the consensus estimate of $1.02 by $0.01. Hologic had a return on equity of 19.72% and a net margin of 18.42%. The business had revenue of $1.01 billion for the quarter, compared to analysts' expectations of $1 billion. During the same quarter in the previous year, the firm posted $1.03 earnings per share. The company's revenue was down 1.2% compared to the same quarter last year. As a group, analysts predict that Hologic, Inc. will post 4.28 EPS for the current year.

Insider Buying and Selling at Hologic

In related news, Director Martin D. Madaus bought 5,445 shares of the stock in a transaction dated Wednesday, May 7th. The stock was bought at an average cost of $55.24 per share, with a total value of $300,781.80. Following the completion of the acquisition, the director now owns 5,445 shares of the company's stock, valued at $300,781.80. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.88% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Hologic

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Venturi Wealth Management LLC lifted its position in Hologic by 156.3% in the fourth quarter. Venturi Wealth Management LLC now owns 428 shares of the medical equipment provider's stock worth $31,000 after purchasing an additional 261 shares during the period. Zions Bancorporation National Association UT purchased a new stake in shares of Hologic in the first quarter valued at $34,000. Allworth Financial LP increased its stake in shares of Hologic by 46.0% in the first quarter. Allworth Financial LP now owns 686 shares of the medical equipment provider's stock worth $40,000 after acquiring an additional 216 shares during the last quarter. EverSource Wealth Advisors LLC increased its stake in shares of Hologic by 79.8% in the fourth quarter. EverSource Wealth Advisors LLC now owns 586 shares of the medical equipment provider's stock worth $42,000 after acquiring an additional 260 shares during the last quarter. Finally, Bank Julius Baer & Co. Ltd Zurich acquired a new position in Hologic during the first quarter worth $42,000. 94.73% of the stock is owned by institutional investors.

About Hologic

Hologic, Inc develops, manufactures, and supplies diagnostics products, medical imaging systems, and surgical products for women's health through early detection and treatment. The company operates through four segments: Diagnostics, Breast Health, GYN Surgical, and Skeletal Health. It provides Aptima molecular diagnostic assays to detect the infectious microorganisms; Aptima viral load assays for Hepatitis B virus, Hepatitis C virus, human immunodeficiency virus, and human cytomegalo virus; Aptima bacterial vaginosis and candida vaginitis assays for the diagnosis of vaginitis; Aptima SARS-CoV-2 and Panther Fusion SARS-CoV-2 assays to detect SARS-CoV-2; ThinPrep System for cytology applications; and Rapid Fetal Fibronectin Test that assists physicians in assessing the risk of pre-term birth.