Astrana Health (NASDAQ:ASTH) Stock Breaks Below 50 Day Moving Average - Here's Why

Key Points

• Astrana Health shares fell below their 50-day moving average of $36.98, reaching a low of $31.46 before last trading at $34.50.
• Third-quarter revenue rose 7.1% year over year to $1.02 billion, in line with estimates, while EPS of $0.71 beat the $0.46 consensus. However, weaker-than-expected revenue guidance may have weighed on the stock.
• Analyst sentiment remained broadly positive: Needham raised its price target to $45 and reiterated a Buy rating, while the overall analyst consensus was Moderate Buy with an average target of $50.38.

Astrana Health, Inc. (NASDAQ:ASTH - Get Free Report) shares passed below its 50-day moving average during trading on Friday. The stock has a 50-day moving average of $36.98 and traded as low as $31.46. Astrana Health shares last traded at $34.50, with a volume of 1,064,102 shares.

More Astrana Health News

Here are the key news stories impacting Astrana Health this week:

• Positive Sentiment: Needham raised its price target from $41 to $45 and reiterated a Buy rating, implying about 31% upside from the cited $34.38 share price. Needham rating information
• Positive Sentiment: Third-quarter revenue reached $1.02 billion, matching estimates and increasing 7.1% year over year; the company also reported a substantial improvement in earnings compared with the prior-year quarter. Astrana Health third-quarter results
• Negative Sentiment: Reports said Astrana’s quarterly revenue guidance fell short of expectations. That weaker forward outlook may have outweighed the revenue growth and profit improvement in the reported quarter, pressuring the shares. Report on results and guidance

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Barclays raised their price target on shares of Astrana Health from $50.00 to $53.00 and gave the company an "overweight" rating in a report on Friday, August 7th. Truist Financial lifted their price objective on shares of Astrana Health from $47.00 to $55.00 and gave the stock a "buy" rating in a research note on Monday, August 10th. TD Cowen raised their price target on Astrana Health from $45.00 to $50.00 and gave the company a "buy" rating in a report on Tuesday, July 14th. Oppenheimer began coverage on Astrana Health in a report on Tuesday, September 15th. They issued an "outperform" rating and a $53.00 price objective on the stock. Finally, Wall Street Zen lowered Astrana Health from a "buy" rating to a "hold" rating in a report on Sunday, August 16th. Eight investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $50.38.

Astrana Health Stock Performance

The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 1.05. The company has a market cap of $1.92 billion, a price-to-earnings ratio of 32.24 and a beta of 1.18. The stock's fifty day simple moving average is $36.98 and its 200 day simple moving average is $34.02.

Astrana Health (NASDAQ:ASTH - Get Free Report) last announced its quarterly earnings results on Thursday, November 5th. The company reported $0.71 EPS for the quarter, topping the consensus estimate of $0.46 by $0.25. Astrana Health had a net margin of 1.05% and a return on equity of 10.30%. The firm had revenue of $1.02 billion for the quarter, compared to analyst estimates of $1.02 billion. During the same period last year, the business earned $0.01 EPS. Astrana Health's revenue for the quarter was up 7.1% compared to the same quarter last year. As a group, analysts anticipate that Astrana Health, Inc. will post 1.36 earnings per share for the current year.

Institutional Trading of Astrana Health

Several hedge funds have recently added to or reduced their stakes in ASTH. Maryland State Retirement & Pension System boosted its position in Astrana Health by 50.7% during the third quarter. Maryland State Retirement & Pension System now owns 9,303 shares of the company's stock valued at $331,000 after acquiring an additional 3,129 shares during the last quarter. Penn Capital Management Company LLC lifted its position in Astrana Health by 13.9% during the third quarter. Penn Capital Management Company LLC now owns 19,565 shares of the company's stock valued at $696,000 after purchasing an additional 2,388 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al boosted its stake in Astrana Health by 19.3% in the 3rd quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 13,600 shares of the company's stock worth $484,000 after purchasing an additional 2,200 shares during the period. Simplicity Wealth LLC purchased a new stake in shares of Astrana Health in the third quarter valued at $296,000. Finally, Sterling Capital Management LLC raised its holdings in Astrana Health by 17.2% in the third quarter. Sterling Capital Management LLC now owns 9,269 shares of the company's stock worth $330,000 after purchasing an additional 1,359 shares in the last quarter. 52.77% of the stock is owned by institutional investors and hedge funds.

About Astrana Health

Astrana Health, Inc NASDAQ: ASTH, formerly known as Apollo Medical Holdings, is a healthcare enablement company focused on helping providers and health plans deliver coordinated, value-based care. The company combines physician networks, care-management capabilities, technology and data analytics to support improved clinical outcomes and more efficient healthcare delivery.

Astrana Health's services include population health management, physician practice support, utilization management, care coordination and clinical analytics.

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