Kestra Medical Technologies (NASDAQ:KMTS) Shares Gap Up - Here's What Happened

Key Points

• KMTS shares jumped at the open, rising from a previous close of $27.14 to $28.48 before last trading at $28.2890.
• Analyst sentiment remains mixed: the stock has a consensus “Hold” rating and a $28.38 target price, with ratings ranging from Buy to Sell.
• Kestra reported a quarterly loss of $0.75 per share, missing estimates by $0.14, while insiders sold approximately $5.9 million of stock over the past 90 days.

Kestra Medical Technologies, Ltd. (NASDAQ:KMTS - Get Free Report) shares gapped up before the market opened on Tuesday. The stock had previously closed at $27.14, but opened at $28.48. Kestra Medical Technologies shares last traded at $28.2890, with a volume of 17,180 shares traded.

Analyst Ratings Changes

KMTS has been the topic of several research analyst reports. Oppenheimer assumed coverage on Kestra Medical Technologies in a report on Tuesday, July 21st. They issued a "market perform" rating on the stock. BTIG Research restated a "buy" rating and issued a $32.00 target price on shares of Kestra Medical Technologies in a research report on Tuesday, September 15th. Wall Street Zen lowered Kestra Medical Technologies from a "hold" rating to a "sell" rating in a research note on Saturday, September 12th. Royal Bank Of Canada set a $30.00 price objective on Kestra Medical Technologies in a research note on Tuesday, September 15th. Finally, Wolfe Research set a $30.00 price objective on Kestra Medical Technologies in a report on Wednesday, July 15th. 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 company. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $28.38.

Kestra Medical Technologies Trading Up 0.6%

The company has a current ratio of 4.69, a quick ratio of 4.69 and a debt-to-equity ratio of 0.33. The company has a fifty day moving average price of $25.32 and a two-hundred day moving average price of $22.82. The firm has a market capitalization of $1.69 billion, a price-to-earnings ratio of -10.59 and a beta of 0.62.

Kestra Medical Technologies (NASDAQ:KMTS - Get Free Report) last released its quarterly earnings data on Monday, September 14th. The company reported ($0.75) earnings per share for the quarter, missing analysts' consensus estimates of ($0.61) by ($0.14). The company had revenue of $30.97 million for the quarter. Kestra Medical Technologies had a negative return on equity of 63.83% and a negative net margin of 140.43%. As a group, research analysts forecast that Kestra Medical Technologies, Ltd. will post -2.45 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Alfred Ford, Jr. sold 13,015 shares of the company's stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $23.90, for a total value of $311,058.50. Following the completion of the sale, the insider owned 105,839 shares of the company's stock, valued at approximately $2,529,552.10. This represents a 10.95% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Vaseem Mahboob sold 26,287 shares of Kestra Medical Technologies stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $25.88, for a total transaction of $680,307.56. Following the transaction, the chief financial officer directly owned 60,609 shares in the company, valued at $1,568,560.92. This trade represents a 30.25% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 243,598 shares of company stock worth $5,899,971. Insiders own 5.30% of the company's stock.

Institutional Trading of Kestra Medical Technologies

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Quantinno Capital Management LP purchased a new position in Kestra Medical Technologies during the 1st quarter valued at about $431,000. California State Teachers Retirement System increased its holdings in Kestra Medical Technologies by 39.2% during the 1st quarter. California State Teachers Retirement System now owns 27,835 shares of the company's stock worth $555,000 after purchasing an additional 7,844 shares during the period. Spartan Wealth Advisory Services LLC purchased a new stake in Kestra Medical Technologies during the 1st quarter worth about $603,000. Bank of New York Mellon Corp raised its position in Kestra Medical Technologies by 47.2% in the 1st quarter. Bank of New York Mellon Corp now owns 70,113 shares of the company's stock valued at $1,397,000 after purchasing an additional 22,471 shares in the last quarter. Finally, Corient Private Wealth LP boosted its stake in shares of Kestra Medical Technologies by 284.2% in the 2nd quarter. Corient Private Wealth LP now owns 60,614 shares of the company's stock valued at $1,542,000 after buying an additional 44,839 shares during the period.

About Kestra Medical Technologies

Kestra Medical Technologies, Inc is a medical device company focused on developing and commercializing technologies for patients at risk of sudden cardiac arrest. The company's primary product is the ASSURE wearable cardioverter defibrillator, a wearable system designed to continuously monitor a patient's heart rhythm and deliver an electrical shock when a life-threatening arrhythmia is detected.

The ASSURE system is intended to provide temporary protection for patients who may be at elevated risk of sudden cardiac death but are not yet candidates for, or are awaiting, an implantable cardioverter-defibrillator.

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