Azenta (NASDAQ:AZTA) Stock Price Up 20.3% - Here's Why

Key Points

• Azenta shares surged 20.3% to $41.485 during Friday trading, substantially above the prior close of $34.48, though trading volume was 56% below average.
• Analysts maintain a mixed outlook: four rate the stock a Buy, two a Hold, and one a Sell. The consensus rating is Hold, with an average price target of $41.20.
• Azenta’s latest quarterly results exceeded expectations, with EPS of $0.16 versus the $0.11 estimate and revenue of $161.18 million versus $149.31 million expected; institutional investors own 99.08% of the company.

Azenta, Inc. (NASDAQ:AZTA - Get Free Report)'s stock price shot up 20.3% during trading on Friday. The company traded as high as $37.57 and last traded at $41.4850. 393,766 shares changed hands during mid-day trading, a decline of 56% from the average session volume of 902,694 shares. The stock had previously closed at $34.48.

Analyst Ratings Changes

Several research firms have issued reports on AZTA. Needham & Company LLC reiterated a "buy" rating and set a $37.00 price objective on shares of Azenta in a research note on Monday, September 14th. Weiss Ratings upgraded Azenta from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Wednesday, August 26th. Four research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $41.20.

Azenta Trading Up 11.4%

The stock has a fifty day simple moving average of $32.37 and a 200-day simple moving average of $26.20. The stock has a market cap of $1.68 billion, a price-to-earnings ratio of -14.20 and a beta of 1.52.

Azenta (NASDAQ:AZTA - Get Free Report) last issued its quarterly earnings data on Tuesday, August 4th. The company reported $0.16 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.11 by $0.05. Azenta had a positive return on equity of 1.18% and a negative net margin of 20.63%.The company had revenue of $161.18 million during the quarter, compared to analysts' expectations of $149.31 million.

Institutional Investors Weigh In On Azenta

Institutional investors have recently bought and sold shares of the company. Integrated Wealth Concepts LLC bought a new stake in shares of Azenta in the 2nd quarter valued at about $39,000. Corient Private Wealth LP acquired a new position in Azenta during the 2nd quarter worth approximately $508,000. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in shares of Azenta in the second quarter valued at approximately $697,000. Kerrisdale Advisers LLC increased its stake in shares of Azenta by 1,419.5% in the second quarter. Kerrisdale Advisers LLC now owns 290,682 shares of the company's stock valued at $7,418,000 after buying an additional 271,552 shares during the period. Finally, Moore Capital Management LP acquired a new position in Azenta in the second quarter valued at $1,569,000. Institutional investors own 99.08% of the company's stock.

About Azenta

Azenta, Inc NASDAQ: AZTA 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 and biotechnology companies, academic and government research institutions, clinical research organizations, and other laboratories.

The company's products include automated sample storage systems, laboratory automation equipment, sample-management software, consumables, and cold-storage solutions designed to preserve and track biological materials.

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