JPMorgan Chase & Co. Initiates Coverage on Xometry (NASDAQ:XMTR)

Key Points

• JPMorgan initiated coverage of Xometry with an “overweight” rating and a $120 price target, implying roughly 42% upside from the prior close.
• Analyst sentiment is broadly positive: Xometry has a consensus “Moderate Buy” rating and an average price target of $108.33, though ratings range from “Strong Buy” to “Sell.”
• Xometry reported quarterly revenue of $229.28 million, up 41.1% year over year, and slightly exceeded EPS expectations; institutional investors own 97.31% of the company, while insiders sold shares during the latest quarter.

Research analysts at JPMorgan Chase & Co. began coverage on shares of Xometry (NASDAQ:XMTR - Get Free Report) in a research report issued on Monday. The brokerage set an "overweight" rating and a $120.00 price target on the stock. JPMorgan Chase & Co.'s target price suggests a potential upside of 42.13% from the company's previous close.

A number of other analysts have also commented on XMTR. Wedbush assumed coverage on shares of Xometry in a research report on Thursday, July 16th. They issued an "outperform" rating and a $126.00 price objective on the stock. UBS Group raised their target price on shares of Xometry from $88.00 to $95.00 and gave the company a "neutral" rating in a research report on Wednesday, August 5th. The Goldman Sachs Group lifted their price target on shares of Xometry from $78.00 to $104.00 and gave the company a "neutral" rating in a research note on Wednesday, August 5th. Weiss Ratings reissued a "sell (d-)" rating on shares of Xometry in a research report on Friday, May 29th. Finally, Rosenblatt Securities started coverage on shares of Xometry in a research note on Thursday. They set a "buy" rating and a $110.00 price objective for the company. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $108.33.

Xometry Stock Up 1.0%

Shares of XMTR stock traded up $0.84 on Monday, hitting $84.43. 12,252 shares of the stock were exchanged, compared to its average volume of 906,289. The company has a current ratio of 3.21, a quick ratio of 3.20 and a debt-to-equity ratio of 0.41. The firm has a market capitalization of $4.38 billion, a P/E ratio of -140.90 and a beta of 1.30. Xometry has a fifty-two week low of $35.86 and a fifty-two week high of $106.08. The business has a 50-day moving average of $91.50 and a 200 day moving average of $70.37.

Xometry (NASDAQ:XMTR - Get Free Report) last released its earnings results on Tuesday, August 4th. The company reported $0.16 EPS for the quarter, beating the consensus estimate of $0.15 by $0.01. Xometry had a negative return on equity of 2.88% and a negative net margin of 3.82%.The firm had revenue of $229.28 million for the quarter, compared to analysts' expectations of $215.22 million. During the same quarter in the previous year, the business posted $0.09 EPS. The business's quarterly revenue was up 41.1% compared to the same quarter last year. Equities analysts anticipate that Xometry will post -0.02 EPS for the current year.

Insider Buying and Selling

In other Xometry news, CEO Sanjeev Singh Sahni sold 1,500 shares of the company's stock in a transaction on Monday, August 17th. The shares were sold at an average price of $90.19, for a total transaction of $135,285.00. Following the sale, the chief executive officer directly owned 182,403 shares of the company's stock, valued at approximately $16,450,926.57. This represents a 0.82% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Subir Dutt sold 1,073 shares of the stock in a transaction on Thursday, July 2nd. The shares were sold at an average price of $93.39, for a total transaction of $100,207.47. Following the completion of the sale, the insider owned 93,716 shares of the company's stock, valued at approximately $8,752,137.24. This represents a 1.13% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 34,553 shares of company stock worth $3,159,518 in the last quarter. 9.10% of the stock is owned by company insiders.

Institutional Investors Weigh In On Xometry

Institutional investors and hedge funds have recently modified their holdings of the company. California State Teachers Retirement System boosted its position in Xometry by 9,368.5% during the second quarter. California State Teachers Retirement System now owns 4,901,865 shares of the company's stock worth $473,128,000 after purchasing an additional 4,850,095 shares during the period. Fuller & Thaler Asset Management Inc. acquired a new stake in shares of Xometry during the 4th quarter worth about $76,393,000. Ameriprise Financial Inc. lifted its stake in shares of Xometry by 54.2% during the 3rd quarter. Ameriprise Financial Inc. now owns 1,964,909 shares of the company's stock worth $107,029,000 after buying an additional 690,558 shares during the last quarter. Durable Capital Partners LP bought a new stake in shares of Xometry during the 3rd quarter worth about $36,455,000. Finally, Allspring Global Investments Holdings LLC boosted its holdings in shares of Xometry by 243.6% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 694,390 shares of the company's stock worth $29,015,000 after buying an additional 492,285 shares during the period. 97.31% of the stock is owned by institutional investors.

Xometry Company Profile

Xometry, Inc NASDAQ: XMTR operates a technology-driven marketplace that connects businesses with on-demand manufacturing capacity across a wide array of processes. Through its proprietary Instant Quoting Engine and Xometry Platform, the company streamlines sourcing for CNC machining, 3D printing, sheet metal fabrication, injection molding, urethane casting and other custom manufacturing services. By aggregating a network of thousands of vetted suppliers, Xometry offers rapid lead times, transparent pricing and real-time order tracking to customers in sectors ranging from automotive and aerospace to medical devices and industrial equipment.

Since its founding in 2013 and headquarters in Rockville, Maryland, Xometry has expanded its geographic reach to serve customers in North America, Europe and beyond.

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