Quanterix (NASDAQ:QTRX) Shares Cross Above Fifty Day Moving Average - Should You Sell?

Key Points

• Quanterix shares rose 8%, trading at $3.12 and moving above the 50-day average of $2.99, though they remain below the 200-day average of $3.95.
• Analyst sentiment remains cautious: the consensus rating is “Reduce” with a $3.25 target price; Canaccord cut its target to $3.00, while TD Cowen raised its target to $3.50.
• The company reported weaker-than-expected quarterly results, including a $1.04 per-share loss versus a projected $0.41 loss and revenue of $32.91 million versus the $37.48 million consensus estimate.

Shares of Quanterix Corporation (NASDAQ:QTRX - Get Free Report) crossed above its 50-day moving average during trading on Wednesday. The stock has a 50-day moving average of $2.99 and traded as high as $3.12. Quanterix shares last traded at $3.12, with a volume of 658,077 shares changing hands.

Analysts Set New Price Targets

Several research analysts recently weighed in on the company. Weiss Ratings reiterated a "sell (e+)" rating on shares of Quanterix in a research report on Friday, August 7th. Canaccord Genuity Group decreased their price target on shares of Quanterix from $4.00 to $3.00 and set a "hold" rating for the company in a research report on Monday, August 17th. Wall Street Zen raised Quanterix from a "sell" rating to a "hold" rating in a research report on Saturday, September 19th. Finally, TD Cowen increased their target price on Quanterix from $3.00 to $3.50 and gave the company a "hold" rating in a report on Tuesday, October 13th. Two equities research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company has an average rating of "Reduce" and a consensus target price of $3.25.

Quanterix Trading Up 8.0%

The company has a market capitalization of $147.54 million, a price-to-earnings ratio of -1.19 and a beta of 1.02. The firm's 50 day simple moving average is $2.99 and its 200-day simple moving average is $3.95.

Quanterix (NASDAQ:QTRX - Get Free Report) last announced its quarterly earnings data on Monday, August 10th. The company reported ($1.04) EPS for the quarter, missing analysts' consensus estimates of ($0.41) by ($0.63). Quanterix had a negative net margin of 80.25% and a negative return on equity of 26.09%. The firm had revenue of $32.91 million during the quarter, compared to analyst estimates of $37.48 million.

Institutional Trading of Quanterix

Several hedge funds have recently modified their holdings of QTRX. Bank of America Corp DE boosted its position in shares of Quanterix by 16.5% during the 1st quarter. Bank of America Corp DE now owns 49,552 shares of the company's stock worth $174,000 after purchasing an additional 7,005 shares in the last quarter. Integrated Wealth Concepts LLC purchased a new position in shares of Quanterix in the 2nd quarter valued at about $31,000. Pinnacle Wealth Planning Services Inc. increased its holdings in shares of Quanterix by 461.4% in the 3rd quarter. Pinnacle Wealth Planning Services Inc. now owns 10,099 shares of the company's stock valued at $37,000 after purchasing an additional 8,300 shares in the last quarter. HighTower Advisors LLC purchased a new position in shares of Quanterix in the 2nd quarter valued at about $59,000. Finally, The Manufacturers Life Insurance Company acquired a new stake in shares of Quanterix in the second quarter valued at about $60,000. 86.48% of the stock is owned by institutional investors and hedge funds.

About Quanterix

Quanterix Corporation NASDAQ: QTRX is a life sciences company that develops ultra-sensitive digital immunoassay technologies for detecting and measuring biomarkers in blood and other biological samples. Its platform is designed to identify proteins and other molecules at very low concentrations, supporting research into disease biology, diagnosis, treatment response and drug development.

The company's principal technology, Simoa, uses digital detection methods to improve the sensitivity of immunoassays.

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