Kestra Medical Technologies, Ltd.'s Lock-Up Period To End on September 2nd (NASDAQ:KMTS)

Key Points

• Kestra Medical Technologies' lock-up period will expire on September 2nd, allowing insiders to sell their shares after its IPO which raised approximately $202 million.
• Wells Fargo has lowered its price target for Kestra's shares from $28.00 to $27.00, while maintaining an "overweight" rating, indicating a generally favorable outlook despite the revision.
• Large investors have significantly increased their stakes in Kestra Medical Technologies, with notable acquisitions during the first and second quarters totaling over $56 million from notable funds.

Kestra Medical Technologies' (NASDAQ:KMTS - Get Free Report) lock-up period is set to expire on Tuesday, September 2nd. Kestra Medical Technologies had issued 11,882,352 shares in its IPO on March 6th. The total size of the offering was $201,999,984 based on an initial share price of $17.00. Shares of the company owned by company insiders and major shareholders will be eligible for trade following the end of the lock-up period.

Analyst Upgrades and Downgrades

Separately, Wells Fargo & Company decreased their target price on shares of Kestra Medical Technologies from $28.00 to $27.00 and set an "overweight" rating for the company in a research report on Thursday, July 17th. Five research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, Kestra Medical Technologies presently has an average rating of "Moderate Buy" and a consensus price target of $27.33.

Kestra Medical Technologies Price Performance

KMTS traded down $1.57 during trading on Friday, reaching $16.14. 296,072 shares of the stock were exchanged, compared to its average volume of 202,564. Kestra Medical Technologies has a twelve month low of $13.25 and a twelve month high of $26.15. The business's 50 day moving average price is $16.23. The company has a current ratio of 6.72, a quick ratio of 6.72 and a debt-to-equity ratio of 0.20.

Hedge Funds Weigh In On Kestra Medical Technologies

A number of institutional investors have recently added to or reduced their stakes in the company. Eventide Asset Management LLC increased its holdings in Kestra Medical Technologies by 285.7% during the second quarter. Eventide Asset Management LLC now owns 1,060,557 shares of the company's stock worth $17,584,000 after buying an additional 785,557 shares during the last quarter. Alliancebernstein L.P. increased its holdings in Kestra Medical Technologies by 10.8% during the second quarter. Alliancebernstein L.P. now owns 1,312,085 shares of the company's stock worth $21,754,000 after buying an additional 128,312 shares during the last quarter. Armistice Capital LLC increased its holdings in Kestra Medical Technologies by 82.7% during the second quarter. Armistice Capital LLC now owns 22,834 shares of the company's stock worth $379,000 after buying an additional 10,334 shares during the last quarter. The Manufacturers Life Insurance Company increased its holdings in shares of Kestra Medical Technologies by 46.8% in the second quarter. The Manufacturers Life Insurance Company now owns 42,653 shares of the company's stock valued at $707,000 after purchasing an additional 13,599 shares during the last quarter. Finally, Sei Investments Co. acquired a new position in shares of Kestra Medical Technologies in the second quarter valued at $513,000.

Kestra Medical Technologies Company Profile

We are a commercial-stage, wearable medical device and digital healthcare company focused on transforming patient outcomes in cardiovascular disease using monitoring and therapeutic intervention technologies that are intuitive, intelligent, and connected. We have developed and are commercializing our Cardiac Recovery System platform, a comprehensive and advanced system that integrates monitoring, therapeutic treatment, digital health, and patient support services into a single, unified solution.