IDEXX Laboratories, Inc. (NASDAQ:IDXX) Short Interest Down 26.2% in August

Key Points

• IDEXX Laboratories experienced a significant reduction in short interest, decreasing by 26.2% to 1,830,000 shares in August.
• Several analysts have raised their target prices for IDEXX Laboratories, with Morgan Stanley increasing it from $722 to $765 and BTIG Research setting a new target at $785.
• In a recent series of trades, key executives sold a total of 54,057 shares, indicating a notable decrease in their stock positions.

IDEXX Laboratories, Inc. (NASDAQ:IDXX - Get Free Report) was the target of a significant decline in short interest in the month of August. As of August 15th, there was short interest totaling 1,830,000 shares, adeclineof26.2% from the July 31st total of 2,480,000 shares. Based on an average trading volume of 583,800 shares, the days-to-cover ratio is presently 3.1 days. Approximately2.3% of the shares of the company are short sold. Approximately2.3% of the shares of the company are short sold. Based on an average trading volume of 583,800 shares, the days-to-cover ratio is presently 3.1 days.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Morgan Stanley increased their target price on IDEXX Laboratories from $722.00 to $765.00 and gave the stock an "overweight" rating in a research note on Friday, August 15th. Leerink Partners increased their target price on IDEXX Laboratories from $580.00 to $600.00 and gave the stock an "outperform" rating in a research note on Thursday, July 17th. Stifel Nicolaus set a $640.00 target price on IDEXX Laboratories in a research note on Monday, August 4th. BTIG Research increased their target price on IDEXX Laboratories from $545.00 to $785.00 and gave the stock a "buy" rating in a research note on Tuesday, August 5th. Finally, Jefferies Financial Group assumed coverage on IDEXX Laboratories in a research note on Tuesday, July 1st. They set a "buy" rating and a $625.00 target price for the company. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $649.44.

Insider Buying and Selling at IDEXX Laboratories

In other IDEXX Laboratories news, EVP Nimrata Hunt sold 7,143 shares of the business's stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $630.43, for a total value of $4,503,161.49. Following the sale, the executive vice president owned 18,007 shares of the company's stock, valued at $11,352,153.01. The trade was a 28.40% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Jonathan Jay Mazelsky sold 29,260 shares of the business's stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $631.98, for a total transaction of $18,491,734.80. Following the completion of the sale, the chief executive officer directly owned 83,311 shares in the company, valued at $52,650,885.78. This trade represents a 25.99% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 54,057 shares of company stock valued at $34,293,468 in the last three months. 0.98% of the stock is owned by insiders.

Institutional Investors Weigh In On IDEXX Laboratories

Several hedge funds have recently added to or reduced their stakes in the business. MorganRosel Wealth Management LLC acquired a new stake in shares of IDEXX Laboratories during the first quarter worth $26,000. Opal Wealth Advisors LLC bought a new position in shares of IDEXX Laboratories in the second quarter worth $29,000. WealthCollab LLC bought a new position in IDEXX Laboratories in the second quarter valued at about $30,000. Migdal Insurance & Financial Holdings Ltd. grew its position in IDEXX Laboratories by 55.6% in the first quarter. Migdal Insurance & Financial Holdings Ltd. now owns 84 shares of the company's stock valued at $35,000 after acquiring an additional 30 shares during the last quarter. Finally, Ameritas Advisory Services LLC bought a new position in IDEXX Laboratories in the second quarter valued at about $36,000. Institutional investors and hedge funds own 87.84% of the company's stock.

IDEXX Laboratories Stock Up 1.5%

Shares of NASDAQ IDXX traded up $9.84 during trading hours on Monday, hitting $652.83. The company had a trading volume of 460,575 shares, compared to its average volume of 403,319. The stock has a market capitalization of $52.23 billion, a P/E ratio of 54.36, a price-to-earnings-growth ratio of 4.16 and a beta of 1.56. The company has a quick ratio of 0.79, a current ratio of 1.11 and a debt-to-equity ratio of 0.31. IDEXX Laboratories has a 1-year low of $356.14 and a 1-year high of $688.12. The firm's 50 day moving average is $593.22 and its 200-day moving average is $507.49.

IDEXX Laboratories (NASDAQ:IDXX - Get Free Report) last announced its quarterly earnings results on Monday, August 4th. The company reported $3.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.28 by $0.35. IDEXX Laboratories had a return on equity of 64.42% and a net margin of 24.41%.The business had revenue of $1.11 billion during the quarter, compared to the consensus estimate of $1.06 billion. During the same quarter last year, the firm posted $2.44 EPS. The company's quarterly revenue was up 10.6% on a year-over-year basis. IDEXX Laboratories has set its FY 2025 guidance at 12.400-12.760 EPS. On average, analysts expect that IDEXX Laboratories will post 11.93 earnings per share for the current fiscal year.

IDEXX Laboratories Company Profile

IDEXX Laboratories, Inc develops, manufactures, and distributes products primarily for the companion animal veterinary, livestock and poultry, dairy, and water testing markets in Africa, the Asia Pacific, Canada, Europe, Latin America, and internationally. The company operates through three segments: Companion Animal Group; Water Quality Products; and Livestock, Poultry and Dairy.

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