Standard BioTools (NASDAQ:LAB) Shares Break Above Fifty Day Moving Average - Here's Why

Key Points

• Shares moved above the 50-day moving average of $0.68, reaching $0.7179 during Monday’s trading before last trading at $0.6942.
• Standard BioTools reported quarterly EPS of $0.03, beating the consensus estimate of a $0.02 loss, while revenue of $19.39 million also topped expectations.
• Director Thomas D. Carey bought 75,000 shares at an average price of $0.63. Despite the insider purchase, analysts’ average rating remains “Reduce.”

Standard BioTools Inc. (NASDAQ:LAB - Get Free Report) passed above its 50 day moving average during trading on Monday. The stock has a 50 day moving average of $0.68 and traded as high as $0.7179. Standard BioTools shares last traded at $0.6942, with a volume of 730,105 shares.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reaffirmed a "sell (d)" rating on shares of Standard BioTools in a report on Wednesday, November 4th. One investment analyst has rated the stock with a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Reduce".

Standard BioTools Trading Up 9.2%

The business's 50 day simple moving average is $0.68 and its 200 day simple moving average is $0.89. The company has a market cap of $274.06 million, a P/E ratio of 3.16 and a beta of 1.52.

Standard BioTools (NASDAQ:LAB - Get Free Report) last issued its earnings results on Tuesday, November 3rd. The company reported $0.03 earnings per share for the quarter, topping the consensus estimate of ($0.02) by $0.05. Standard BioTools had a net margin of 157.62% and a negative return on equity of 5.61%. The company had revenue of $19.39 million during the quarter, compared to the consensus estimate of $18.80 million.

Insider Buying and Selling

In other news, Director Thomas D. Carey purchased 75,000 shares of the company's stock in a transaction that occurred on Thursday, November 5th. The stock was bought at an average cost of $0.63 per share, with a total value of $47,250.00. Following the completion of the purchase, the director owned 419,456 shares in the company, valued at approximately $264,257.28. This represents a 21.77% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 26.81% of the company's stock.

Hedge Funds Weigh In On Standard BioTools

Institutional investors and hedge funds have recently modified their holdings of the stock. Rangeley Capital LLC bought a new position in Standard BioTools during the 1st quarter valued at about $46,000. Public Employees Retirement System of Ohio bought a new position in Standard BioTools during the 2nd quarter worth about $42,000. Engineers Gate Manager LP purchased a new position in Standard BioTools during the second quarter valued at approximately $56,000. State of Wyoming purchased a new position in shares of Standard BioTools in the 2nd quarter valued at $62,000. Finally, Bank of New York Mellon Corp purchased a new position in Standard BioTools in the second quarter valued at about $74,000. Hedge funds and other institutional investors own 53.74% of the company's stock.

Standard BioTools Company Profile

Standard BioTools Inc NASDAQ: LAB develops and supplies technologies, instruments and consumables used by researchers and biopharmaceutical companies to analyze biological systems. Its portfolio supports applications in proteomics, genomics, single-cell analysis, mass cytometry and spatial biology.

The company's offerings include the SomaScan protein profiling platform, which measures large numbers of proteins from biological samples, as well as CyTOF mass cytometry systems for high-dimensional single-cell analysis.

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