Quanterix's (QTRX) "Hold" Rating Reiterated at Canaccord Genuity Group

Key Points

• Quanterix's stock rating was reiterated as a "hold" by Canaccord Genuity Group, with a revised price target of $5.00, down from $12.00, indicating a potential upside of 5.26%.
• The company reported a net loss of ($0.47) earnings per share for the quarter, below analyst estimates, and revenues of $24.48 million, missing expectations of $29.73 million.
• Recent insider buying included significant purchases by directors, increasing their ownership by over 7.11% and 202.50%, signaling confidence in the company's future prospects.

Quanterix (NASDAQ:QTRX - Get Free Report)'s stock had its "hold" rating reissued by analysts at Canaccord Genuity Group in a note issued to investors on Monday,Benzinga reports. They presently have a $5.00 price objective on the stock, down from their prior price objective of $12.00. Canaccord Genuity Group's price objective suggests a potential upside of 5.26% from the company's current price.

A number of other brokerages have also issued reports on QTRX. Wall Street Zen lowered shares of Quanterix from a "hold" rating to a "sell" rating in a research note on Thursday, May 22nd. Leerink Partnrs downgraded shares of Quanterix from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, April 30th. Finally, Leerink Partners reissued a "market perform" rating and issued a $8.00 target price (down from $12.00) on shares of Quanterix in a research report on Wednesday, April 30th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $11.75.

Quanterix Stock Down 13.8%

Quanterix stock opened at $4.75 on Monday. Quanterix has a 52-week low of $4.05 and a 52-week high of $15.85. The firm has a market capitalization of $220.73 million, a price-to-earnings ratio of -2.61 and a beta of 1.07. The firm has a 50-day moving average price of $5.98 and a two-hundred day moving average price of $6.37.

Quanterix (NASDAQ:QTRX - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The company reported ($0.47) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.41) by ($0.06). Quanterix had a negative net margin of 56.04% and a negative return on equity of 17.90%. The firm had revenue of $24.48 million for the quarter, compared to analyst estimates of $29.73 million. Research analysts expect that Quanterix will post -0.98 earnings per share for the current year.

Insider Buying and Selling at Quanterix

In related news, Director David R. Walt bought 123,990 shares of the business's stock in a transaction that occurred on Friday, June 13th. The stock was purchased at an average cost of $6.14 per share, for a total transaction of $761,298.60. Following the purchase, the director directly owned 1,866,933 shares in the company, valued at $11,462,968.62. This trade represents a 7.11% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director William P. Donnelly bought 93,113 shares of the business's stock in a transaction that occurred on Friday, June 6th. The shares were bought at an average price of $5.44 per share, with a total value of $506,534.72. Following the completion of the purchase, the director owned 139,094 shares in the company, valued at approximately $756,671.36. The trade was a 202.50% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders have purchased 463,113 shares of company stock valued at $2,625,444. 6.90% of the stock is owned by insiders.

Hedge Funds Weigh In On Quanterix

Several large investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its stake in shares of Quanterix by 0.9% in the 4th quarter. Vanguard Group Inc. now owns 2,217,225 shares of the company's stock valued at $23,569,000 after buying an additional 19,386 shares in the last quarter. JPMorgan Chase & Co. raised its stake in shares of Quanterix by 23.9% in the 4th quarter. JPMorgan Chase & Co. now owns 270,054 shares of the company's stock valued at $2,871,000 after buying an additional 52,097 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Quanterix by 0.6% in the 4th quarter. Geode Capital Management LLC now owns 863,503 shares of the company's stock valued at $9,181,000 after buying an additional 4,836 shares in the last quarter. Envestnet Asset Management Inc. raised its stake in shares of Quanterix by 22.5% in the 4th quarter. Envestnet Asset Management Inc. now owns 342,264 shares of the company's stock valued at $3,638,000 after buying an additional 62,757 shares in the last quarter. Finally, Russell Investments Group Ltd. raised its stake in shares of Quanterix by 19.8% in the 4th quarter. Russell Investments Group Ltd. now owns 401,476 shares of the company's stock valued at $4,268,000 after buying an additional 66,315 shares in the last quarter. 86.48% of the stock is currently owned by institutional investors and hedge funds.

Quanterix Company Profile

Quanterix Corporation, a life sciences company, engages in development and marketing of digital immunoassay platforms that advances precision health for life sciences research and diagnostics in North America, Europe, the Middle East, Africa, and the Asia Pacific regions. The company offers HD-X instrument, a protein detection platform; and SR-X instrument that enables researchers to apply Simoa detection in an expanded range of applications.

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