OraSure Technologies (NASDAQ:OSUR) Share Price Crosses Above 200-Day Moving Average - Here's What Happened

OraSure Technologies, Inc. (NASDAQ:OSUR - Get Free Report) shares passed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $3.26 and traded as high as $3.31. OraSure Technologies shares last traded at $3.28, with a volume of 702,770 shares.

Wall Street Analyst Weigh In

OSUR has been the subject of a number of recent research reports. Wall Street Zen upgraded shares of OraSure Technologies from a "sell" rating to a "hold" rating in a report on Saturday, May 17th. Evercore ISI reissued an "in-line" rating and set a $3.00 price objective on shares of OraSure Technologies in a research report on Monday, May 19th.

OraSure Technologies Stock Performance

The stock's 50-day moving average price is $2.87 and its two-hundred day moving average price is $3.26. The stock has a market capitalization of $239.36 million, a PE ratio of -7.62 and a beta of 0.45.

OraSure Technologies declared that its Board of Directors has authorized a stock buyback program on Monday, March 24th that allows the company to repurchase $40.00 million in outstanding shares. This repurchase authorization allows the medical instruments supplier to buy up to 15.6% of its stock through open market purchases. Stock repurchase programs are often a sign that the company's leadership believes its shares are undervalued.

Institutional Investors Weigh In On OraSure Technologies

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Significant Wealth Partners LLC grew its holdings in OraSure Technologies by 36.1% during the 2nd quarter. Significant Wealth Partners LLC now owns 36,837 shares of the medical instruments supplier's stock valued at $111,000 after buying an additional 9,770 shares in the last quarter. Bfsg LLC grew its holdings in shares of OraSure Technologies by 8.3% in the second quarter. Bfsg LLC now owns 45,680 shares of the medical instruments supplier's stock valued at $137,000 after purchasing an additional 3,490 shares in the last quarter. Farther Finance Advisors LLC purchased a new position in shares of OraSure Technologies in the second quarter valued at $26,000. Strs Ohio purchased a new position in shares of OraSure Technologies in the first quarter valued at $481,000. Finally, Empowered Funds LLC grew its holdings in shares of OraSure Technologies by 7.2% in the first quarter. Empowered Funds LLC now owns 405,216 shares of the medical instruments supplier's stock valued at $1,366,000 after purchasing an additional 27,310 shares in the last quarter. 93.50% of the stock is owned by hedge funds and other institutional investors.

OraSure Technologies Company Profile

OraSure Technologies, Inc, together with its subsidiaries, provides point-of-care and home diagnostic tests, specimen collection devices, and microbiome laboratory and analytical services in the United States, Europe, and internationally. The company's products include InteliSwab COVID-19 rapid test, InteliSwab COVID-19 rapid test pro, InteliSwab COVID-19 rapid test rx, OraQuick Rapid HIV test, OraQuick In-Home HIV test, OraQuick HIV self-test, OraQuick HCV rapid antibody test, OraQuick Ebola rapid antigen test, OraSure oral fluid collection device used in conjunction with screening and confirmatory tests for HIV-1 antibodies; Intercept drug testing systems; immunoassay tests and reagents; and Q.E.D.