Bio-Rad Laboratories (NYSE:BIO) Shares Pass Above 200-Day Moving Average - What's Next?

Key Points

• Bio-Rad shares moved above their 200-day moving average, reaching $383.25 and last trading at $380.32 versus the $308.34 long-term average.
• Analysts remain cautious, with one Buy and four Hold ratings; the average price target is $343.33, below the current share price.
• The company exceeded quarterly expectations, reporting EPS of $2.62 versus $1.75 expected and revenue of $651 million, although revenue declined slightly year over year.

Bio-Rad Laboratories, Inc. (NYSE:BIO - Get Free Report) shares crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $308.34 and traded as high as $383.25. Bio-Rad Laboratories shares last traded at $380.32, with a volume of 374,681 shares trading hands.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on BIO. Weiss Ratings upgraded shares of Bio-Rad Laboratories from a "sell (d)" rating to a "hold (c-)" rating in a research note on Monday, August 17th. Wells Fargo & Company increased their price objective on shares of 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. Royal Bank Of Canada raised their target price on shares of Bio-Rad Laboratories from $320.00 to $370.00 and gave the stock an "outperform" rating in a report on Wednesday, August 5th. Zacks Research upgraded shares of Bio-Rad Laboratories from a "strong sell" rating to a "hold" rating in a research note on Tuesday, August 11th. Finally, Citigroup boosted their target price on shares of Bio-Rad Laboratories from $300.00 to $330.00 and gave the company a "hold" rating in a research note on Wednesday, August 5th. 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 MarketBeat, the company has an average rating of "Hold" and an average price target of $343.33.

Bio-Rad Laboratories Trading Up 0.8%

The firm has a market capitalization of $10.17 billion, a P/E ratio of 46.10 and a beta of 1.07. The company has a current ratio of 3.14, a quick ratio of 2.33 and a debt-to-equity ratio of 0.11. The stock has a 50 day simple moving average of $355.97 and a 200-day simple moving average of $308.34.

Bio-Rad Laboratories (NYSE:BIO - Get Free Report) last posted its quarterly earnings data on Tuesday, August 4th. The medical research company reported $2.62 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.75 by $0.87. Bio-Rad Laboratories had a net margin of 8.59% and a return on equity of 3.54%. The company had revenue of $651.00 million for the quarter, compared to the consensus estimate of $623.99 million. During the same quarter last year, the firm posted $2.61 earnings per share. The firm's revenue was down .1% compared to the same quarter last year. On average, equities research analysts forecast that Bio-Rad Laboratories, Inc. will post 9.28 EPS for the current fiscal year.

Institutional Investors Weigh In On Bio-Rad Laboratories

A number of hedge funds have recently modified their holdings of the business. Integrated Wealth Concepts LLC purchased a new stake in shares of Bio-Rad Laboratories in the 2nd quarter worth $27,000. Squarepoint Ops LLC purchased a new position in Bio-Rad Laboratories during the second quarter valued at $2,472,000. Nykredit A S bought a new stake in Bio-Rad Laboratories during the second quarter valued at about $118,000. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in Bio-Rad Laboratories during the second quarter valued at about $1,964,000. Finally, AlphaGrep UK Ltd purchased a new stake in Bio-Rad Laboratories in the second quarter worth about $249,000. Institutional investors own 65.24% of the company's stock.

Bio-Rad Laboratories Company Profile

Bio-Rad Laboratories, Inc is a life science research and clinical diagnostics company headquartered in Hercules, California. Founded in 1952 by David and Alice Schwartz, the company develops, manufactures and markets products used by academic, pharmaceutical, biotechnology, healthcare and government customers.

Its Life Science segment provides instruments, reagents, consumables and software for applications including genomics, digital PCR, gene expression analysis, protein purification, cell biology and biopharmaceutical quality control.

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