Quanterix (NASDAQ:QTRX) Stock Breaks Above 50-Day Moving Average After Earnings Miss

Key Points

• Quanterix shares rose above their 50-day moving average, reaching $3.44 and last trading at $3.38, versus a 50-day average of $3.01.
• Quarterly revenue of $34.97 million beat estimates of $33.85 million, but loss per share of $0.46 was wider than the expected $0.42 loss.
• Analyst sentiment remains cautious: MarketBeat reports a consensus “Reduce” rating and an average price target of $3.25, with ratings ranging from Hold to Sell.

Shares of Quanterix Corporation (NASDAQ:QTRX - Get Free Report) crossed above its fifty day moving average during trading on Monday following a better than expected earnings announcement. The stock has a fifty day moving average of $3.01 and traded as high as $3.44. Quanterix shares last traded at $3.38, with a volume of 1,175,402 shares traded.

The company reported ($0.46) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.42) by ($0.04). The firm had revenue of $34.97 million for the quarter, compared to analyst estimates of $33.85 million. Quanterix had a negative return on equity of 26.09% and a negative net margin of 80.25%.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on QTRX shares. TD Cowen upped their target price on shares of Quanterix from $3.00 to $3.50 and gave the stock a "hold" rating in a research note on Tuesday, October 13th. Weiss Ratings reissued a "sell (e+)" rating on shares of Quanterix in a research report on Wednesday, November 4th. 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. Finally, Wall Street Zen downgraded shares of Quanterix from a "hold" rating to a "sell" rating in a research note on Saturday. Two investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Reduce" and an average target price of $3.25.

Hedge Funds Weigh In On Quanterix

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Russell Investments Group Ltd. lifted its stake in Quanterix by 33.9% in the third quarter. Russell Investments Group Ltd. now owns 50,514 shares of the company's stock worth $187,000 after acquiring an additional 12,792 shares during the last quarter. Pinnacle Wealth Planning Services Inc. increased its position 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 during the last quarter. Integrated Wealth Concepts LLC acquired a new stake in shares of Quanterix in the 2nd quarter valued at $31,000. HighTower Advisors LLC acquired a new stake in shares of Quanterix in the 2nd quarter valued at $59,000. Finally, Susquehanna Fundamental Investments LLC purchased a new stake in shares of Quanterix during the 2nd quarter worth $168,000. Hedge funds and other institutional investors own 86.48% of the company's stock.

Quanterix Stock Performance

The firm has a market capitalization of $159.84 million, a PE ratio of -1.29 and a beta of 1.06. The company's 50-day moving average price is $3.01 and its 200-day moving average price is $3.78.

Quanterix Company Profile

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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