Azenta (NASDAQ:AZTA) Shares Up 4.4% - Time to Buy?

Key Points

• Azenta shares rose 4.4% to $40.81, though trading volume was 92% below the stock’s average daily volume.
• Analysts have a mixed view: four rate the stock Buy, two Hold, and one Sell, resulting in a consensus Hold rating and a $41.20 price target.
• The company exceeded quarterly expectations, reporting $0.16 in EPS versus the $0.11 estimate and revenue of $161.18 million versus the $149.31 million forecast; institutional investors own 99.08% of shares.

Azenta, Inc. (NASDAQ:AZTA - Get Free Report) rose 4.4% during mid-day trading on Wednesday. The company traded as high as $41.26 and last traded at $40.81. Approximately 71,231 shares changed hands during trading, a decline of 92% from the average daily volume of 937,520 shares. The stock had previously closed at $39.08.

Wall Street Analysts Forecast Growth

AZTA has been the subject of a number of research reports. Needham & Company LLC reissued a "buy" rating and set a $37.00 target price on shares of Azenta in a research note on Monday, September 14th. Wall Street Zen cut Azenta from a "buy" rating to a "hold" rating in a report on Sunday, October 18th. Finally, Weiss Ratings raised shares of Azenta from a "sell (e+)" rating to a "sell (d-)" rating in a report on Wednesday, August 26th. Four investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Azenta has an average rating of "Hold" and a consensus price target of $41.20.

Azenta Stock Performance

The business has a fifty day simple moving average of $34.65 and a 200 day simple moving average of $28.47. The stock has a market cap of $1.78 billion, a price-to-earnings ratio of -14.73 and a beta of 1.52.

Azenta (NASDAQ:AZTA - Get Free Report) last released its quarterly earnings data on Tuesday, August 4th. The company reported $0.16 EPS for the quarter, topping analysts' consensus estimates of $0.11 by $0.05. The firm had revenue of $161.18 million for the quarter, compared to analyst estimates of $149.31 million.

Hedge Funds Weigh In On Azenta

Several institutional investors have recently made changes to their positions in AZTA. Legal & General Group Plc acquired a new position in Azenta during the second quarter worth about $2,453,000. Hsbc Holdings PLC bought a new position in Azenta in the 2nd quarter worth approximately $1,108,000. Jupiter Topco LLC acquired a new position in Azenta in the 2nd quarter valued at approximately $435,000. Meros Investment Management LP bought a new stake in Azenta in the second quarter valued at about $5,625,399. Finally, Man Group plc bought a new stake in shares of Azenta in the 2nd quarter worth about $9,402,000. 99.08% of the stock is owned by institutional investors.

About Azenta

Azenta, Inc is a life sciences company that provides products and services for the management, storage, and analysis of biological and chemical samples. Its offerings support pharmaceutical, biotechnology, academic, and clinical research organizations throughout the sample lifecycle, from collection and processing to long-term storage and retrieval.

The company's portfolio includes automated and ultra-low-temperature sample storage systems, laboratory automation equipment, consumables, and software for sample tracking and management.

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