Mirion Technologies (NYSE:MIR) Stock Price Down 6.8% After Insider Selling

Key Points

• The stock price of Mirion Technologies fell by 6.8% after CEO Thomas D. Logan sold 325,000 shares at an average price of $21.31, resulting in a significant decline in trading volume.
• Analysts maintain a consensus buy rating for Mirion Technologies, with target prices ranging from $22.00 to $24.00, indicating investor confidence despite recent insider selling.
• The company's recent earnings report showed a 7.6% year-over-year revenue increase, along with earnings per share surpassing consensus estimates, highlighting its financial performance amid stock price fluctuations.

Mirion Technologies, Inc. (NYSE:MIR - Get Free Report)'s stock price dropped 6.8% on Thursday after an insider sold shares in the company. The stock traded as low as $20.75 and last traded at $20.62. Approximately 1,305,568 shares changed hands during mid-day trading, a decline of 48% from the average daily volume of 2,534,381 shares. The stock had previously closed at $22.13.

Specifically, CEO Thomas D. Logan sold 325,000 shares of Mirion Technologies stock in a transaction dated Monday, August 11th. The stock was sold at an average price of $21.31, for a total transaction of $6,925,750.00. Following the completion of the sale, the chief executive officer owned 3,742,305 shares of the company's stock, valued at $79,748,519.55. The trade was a 7.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the company. B. Riley reaffirmed a "buy" rating and set a $22.00 price target (up previously from $17.00) on shares of Mirion Technologies in a research note on Wednesday, July 23rd. Robert W. Baird boosted their target price on Mirion Technologies from $20.00 to $22.00 and gave the company an "outperform" rating in a research note on Wednesday, July 9th. Wall Street Zen lowered Mirion Technologies from a "buy" rating to a "hold" rating in a research note on Saturday, August 9th. Finally, Citigroup boosted their target price on Mirion Technologies from $23.00 to $24.00 and gave the company a "buy" rating in a research note on Monday, July 14th. One analyst has rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average target price of $22.25.

Mirion Technologies Stock Performance

The company has a market cap of $4.85 billion, a PE ratio of 691.67 and a beta of 0.83. The company has a current ratio of 2.54, a quick ratio of 2.01 and a debt-to-equity ratio of 0.55. The business has a fifty day moving average of $20.94 and a 200-day moving average of $17.48.

Mirion Technologies (NYSE:MIR - Get Free Report) last posted its earnings results on Thursday, July 31st. The company reported $0.11 earnings per share for the quarter, topping analysts' consensus estimates of $0.10 by $0.01. Mirion Technologies had a return on equity of 6.57% and a net margin of 1.12%. The firm had revenue of $222.90 million for the quarter, compared to the consensus estimate of $216.78 million. During the same quarter in the prior year, the business earned $0.10 EPS. The business's revenue for the quarter was up 7.6% on a year-over-year basis. Equities research analysts anticipate that Mirion Technologies, Inc. will post 0.39 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Sei Investments Co. increased its position in Mirion Technologies by 127.2% during the 2nd quarter. Sei Investments Co. now owns 351,039 shares of the company's stock valued at $7,558,000 after buying an additional 196,503 shares in the last quarter. Ardsley Advisory Partners LP increased its position in Mirion Technologies by 164.7% during the 2nd quarter. Ardsley Advisory Partners LP now owns 463,220 shares of the company's stock valued at $9,973,000 after buying an additional 288,220 shares in the last quarter. Daiwa Securities Group Inc. bought a new position in Mirion Technologies during the 2nd quarter valued at approximately $1,629,000. Hood River Capital Management LLC bought a new position in Mirion Technologies during the 2nd quarter valued at approximately $31,655,000. Finally, Cerity Partners LLC bought a new position in Mirion Technologies during the 2nd quarter valued at approximately $253,000. Hedge funds and other institutional investors own 78.51% of the company's stock.

Mirion Technologies Company Profile

Mirion Technologies, Inc provides radiation detection, measurement, analysis, and monitoring products and services in the United States, Canada, the United Kingdom, France, Germany, Finland, China, Belgium, Netherlands, Estonia, South Korea, and Japan. It operates through two segments, Medical and Technologies.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.