Bio-Rad Laboratories (NYSE:BIO) Shares Break Above 50 Day Moving Average - Here's Why

Key Points

• Bio-Rad shares rose above their 50-day moving average, reaching $384.62 and last trading at about $382, compared with the average of $373.71.
• The company beat quarterly expectations, reporting EPS of $2.65 versus $2.23 forecast and revenue of $656.4 million versus $649.94 million expected; revenue increased 0.5% year over year.
• Analyst sentiment remains cautious: the consensus rating is Hold, with a $366.67 average price target, although RBC raised its target to $440 and rated the stock Outperform.

Bio-Rad Laboratories, Inc. (NYSE:BIO - Get Free Report)'s share price passed above its 50-day moving average during trading on Friday. The stock has a 50-day moving average of $373.71 and traded as high as $384.62. Bio-Rad Laboratories shares last traded at $381.9980, with a volume of 273,157 shares changing hands.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on BIO shares. Citigroup boosted their price target on Bio-Rad Laboratories from $300.00 to $330.00 and gave the company a "hold" rating in a research note on Wednesday, August 5th. Weiss Ratings upgraded shares of Bio-Rad Laboratories from a "hold (c-)" rating to a "hold (c)" rating in a research report on Thursday, October 8th. Zacks Research upgraded Bio-Rad Laboratories from a "strong sell" rating to a "hold" rating in a report on Tuesday, August 11th. Wells Fargo & Company upped their price target on Bio-Rad Laboratories from $310.00 to $330.00 and gave the company an "equal weight" rating in a research report on Wednesday, August 5th. Finally, Royal Bank Of Canada raised their target price on Bio-Rad Laboratories from $390.00 to $440.00 and gave the stock an "outperform" rating in a report on Thursday. One research analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $366.67.

Bio-Rad Laboratories Price Performance

The stock has a market cap of $10.21 billion, a PE ratio of 10.06 and a beta of 1.06. The company's fifty day moving average is $373.71 and its 200 day moving average is $315.52. The company has a quick ratio of 2.33, a current ratio of 3.14 and a debt-to-equity ratio of 0.11.

Bio-Rad Laboratories (NYSE:BIO - Get Free Report) last announced its quarterly earnings data on Wednesday, November 4th. The medical research company reported $2.65 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.23 by $0.42. Bio-Rad Laboratories had a net margin of 8.59% and a return on equity of 3.54%. The business had revenue of $656.40 million for the quarter, compared to analysts' expectations of $649.94 million. During the same period last year, the firm posted $2.26 earnings per share. The firm's quarterly revenue was up .5% compared to the same quarter last year. As a group, sell-side analysts anticipate that Bio-Rad Laboratories, Inc. will post 9.71 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Bio-Rad Laboratories

Hedge funds and other institutional investors have recently bought and sold shares of the business. Integrated Wealth Concepts LLC bought a new position in shares of Bio-Rad Laboratories in the second quarter valued at approximately $27,000. Hollencrest Capital Management acquired a new stake in Bio-Rad Laboratories in the 1st quarter valued at about $28,000. Root Financial Partners LLC bought a new stake in Bio-Rad Laboratories in the third quarter valued at about $34,000. Nykredit A S purchased a new stake in shares of Bio-Rad Laboratories during the 2nd quarter worth about $118,000. Finally, Signaturefd LLC grew its position in shares of Bio-Rad Laboratories by 51.7% during the 3rd quarter. Signaturefd LLC now owns 437 shares of the medical research company's stock worth $165,000 after buying an additional 149 shares during the period. Institutional investors own 65.24% of the company's stock.

About Bio-Rad Laboratories

Bio-Rad Laboratories, Inc develops, manufactures and markets products and systems used in life science research and clinical diagnostics. Its life science portfolio includes laboratory instruments, reagents, software and consumables used in areas such as genomics, proteomics, cell biology, biopharmaceutical development and quality control.

The company's clinical diagnostics business provides systems, reagents and software for blood typing, infectious disease testing, diabetes monitoring, quality control and other diagnostic applications.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.