Quanterix (NASDAQ:QTRX) Stock Price Down 7.7%

Quanterix Co. (NASDAQ:QTRX - Get Free Report)'s share price was down 7.7% on Tuesday . The stock traded as low as $21.93 and last traded at $21.94. Approximately 173,338 shares changed hands during mid-day trading, a decline of 48% from the average daily volume of 333,721 shares. The stock had previously closed at $23.78.

Wall Street Analysts Forecast Growth

Separately, Scotiabank upped their price target on shares of Quanterix from $30.00 to $32.00 and gave the company a "sector outperform" rating in a report on Monday, March 4th. Five analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Buy" and an average target price of $32.00.

Quanterix Stock Down 8.3 %

The company's fifty day moving average is $24.81 and its 200 day moving average is $24.31. The firm has a market cap of $830.09 million, a price-to-earnings ratio of -25.36 and a beta of 1.30.

Quanterix (NASDAQ:QTRX - Get Free Report) last posted its quarterly earnings results on Thursday, February 29th. The company reported ($0.33) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.28) by ($0.05). Quanterix had a negative return on equity of 9.15% and a negative net margin of 26.42%. The firm had revenue of $31.55 million for the quarter, compared to the consensus estimate of $27.92 million. On average, equities research analysts forecast that Quanterix Co. will post -1.04 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Laurie J. Olson sold 1,500 shares of the stock in a transaction dated Wednesday, February 14th. The shares were sold at an average price of $24.35, for a total value of $36,525.00. Following the transaction, the director now directly owns 15,238 shares of the company's stock, valued at $371,045.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 8.20% of the company's stock.

Hedge Funds Weigh In On Quanterix

Several large investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its stake in shares of Quanterix by 2.9% in the fourth quarter. Vanguard Group Inc. now owns 2,055,033 shares of the company's stock valued at $56,185,000 after acquiring an additional 57,738 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in shares of Quanterix by 99.2% in the fourth quarter. Goldman Sachs Group Inc. now owns 291,090 shares of the company's stock valued at $7,958,000 after acquiring an additional 144,963 shares in the last quarter. GSA Capital Partners LLP acquired a new position in shares of Quanterix in the fourth quarter valued at about $244,000. Ashford Capital Management Inc. grew its stake in shares of Quanterix by 4.2% in the fourth quarter. Ashford Capital Management Inc. now owns 831,885 shares of the company's stock valued at $22,744,000 after acquiring an additional 33,860 shares in the last quarter. Finally, Empire Financial Management Company LLC acquired a new position in shares of Quanterix in the fourth quarter valued at about $492,000. 86.48% of the stock is owned by institutional investors.

About Quanterix

Quanterix Corporation, a life sciences company, engages in development and marketing of digital immunoassay platforms that advances precision health for life sciences research and diagnostics in North America, Europe, the Middle East, Africa, and the Asia Pacific regions. The company offers HD-X instrument, a protein detection platform; and SR-X instrument that enables researchers to apply Simoa detection in an expanded range of applications.