ICU Medical (NASDAQ:ICUI) Shares Gap Up Following Insider Buying Activity

Key Points

• ICU Medical's shares experienced a significant gap up from $111.90 to $119.00 following a notable insider purchase by CEO Vivek Jain of 21,929 shares at an average price of $112.84.
• Analysts have revised ICU Medical's stock ratings, with Wall Street Zen downgrading it to a "hold," while Piper Sandler initiated coverage with an "overweight" rating and a target price of $145.00.
• The company's latest earnings report showed an EPS of $2.10, exceeding expectations by $0.66, although revenue dropped 8% year-over-year to $543.57 million.

ICU Medical, Inc. (NASDAQ:ICUI - Get Free Report)'s stock price gapped up prior to trading on Friday following insider buying activity. The stock had previously closed at $111.90, but opened at $119.00. ICU Medical shares last traded at $118.60, with a volume of 116,225 shares traded.

Specifically, CEO Vivek Jain purchased 21,929 shares of ICU Medical stock in a transaction dated Thursday, August 14th. The stock was acquired at an average cost of $112.84 per share, with a total value of $2,474,468.36. Following the acquisition, the chief executive officer directly owned 130,149 shares of the company's stock, valued at $14,686,013.16. This represents a 20.26% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Analyst Upgrades and Downgrades

ICUI has been the topic of a number of recent analyst reports. Raymond James Financial dropped their price objective on ICU Medical from $187.00 to $180.00 and set a "strong-buy" rating on the stock in a report on Friday, August 8th. Piper Sandler assumed coverage on shares of ICU Medical in a research report on Friday. They set an "overweight" rating and a $145.00 target price on the stock. Wall Street Zen cut shares of ICU Medical from a "buy" rating to a "hold" rating in a research note on Saturday, August 9th. Finally, KeyCorp reduced their price objective on shares of ICU Medical from $209.00 to $191.00 and set an "overweight" rating for the company in a research note on Monday, April 21st. Two equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $179.00.

ICU Medical Stock Up 1.7%

The firm has a 50 day moving average of $127.94 and a two-hundred day moving average of $137.73. The stock has a market capitalization of $3.04 billion, a PE ratio of -80.89 and a beta of 0.88. The company has a current ratio of 2.44, a quick ratio of 1.17 and a debt-to-equity ratio of 0.63.

ICU Medical (NASDAQ:ICUI - Get Free Report) last posted its earnings results on Thursday, August 7th. The medical instruments supplier reported $2.10 earnings per share for the quarter, beating the consensus estimate of $1.44 by $0.66. The company had revenue of $543.57 million for the quarter, compared to analyst estimates of $543.33 million. ICU Medical had a positive return on equity of 7.24% and a negative net margin of 1.56%. ICU Medical's revenue was down 8.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.56 earnings per share. Equities research analysts anticipate that ICU Medical, Inc. will post 4.11 earnings per share for the current year.

Hedge Funds Weigh In On ICU Medical

Several hedge funds have recently added to or reduced their stakes in ICUI. GAMMA Investing LLC grew its position in shares of ICU Medical by 27.2% in the first quarter. GAMMA Investing LLC now owns 716 shares of the medical instruments supplier's stock valued at $99,000 after purchasing an additional 153 shares during the last quarter. SG Americas Securities LLC purchased a new stake in ICU Medical in the 1st quarter valued at approximately $859,000. Vontobel Holding Ltd. purchased a new stake in ICU Medical in the 1st quarter valued at approximately $235,000. Invesco Ltd. grew its holdings in ICU Medical by 12.4% during the 4th quarter. Invesco Ltd. now owns 113,153 shares of the medical instruments supplier's stock valued at $17,558,000 after buying an additional 12,489 shares during the last quarter. Finally, Russell Investments Group Ltd. increased its position in ICU Medical by 88.8% during the fourth quarter. Russell Investments Group Ltd. now owns 638 shares of the medical instruments supplier's stock worth $99,000 after buying an additional 300 shares in the last quarter. 96.10% of the stock is currently owned by hedge funds and other institutional investors.

About ICU Medical

ICU Medical, Inc, together with its subsidiaries, develops, manufactures, and sells medical devices used in infusion therapy, vascular access, and vital care applications worldwide. Its infusion therapy products include needlefree products under the MicroClave, MicroClave Clear, and NanoClave brands; Neutron catheter patency devices; ChemoClave and ChemoLock closed system transfer devices, which are used to limit the escape of hazardous drugs or vapor concentrations, block the transfer of environmental contaminants into the system, and eliminates the risk of needlestick injury; Tego needle free connectors; Deltec GRIPPER non-coring needles for portal access; and ClearGuard, SwabCap, and SwabTip disinfection caps.