Canaccord Genuity Group Forecasts Strong Price Appreciation for Quipt Home Medical (NASDAQ:QIPT) Stock

Key Points

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Quipt Home Medical (NASDAQ:QIPT - Get Free Report) had its price objective raised by equities research analysts at Canaccord Genuity Group from $1.70 to $2.30 in a research report issued to clients and investors on Tuesday, Marketbeat.com reports. The brokerage presently has a "hold" rating on the stock. Canaccord Genuity Group's price objective points to a potential upside of 4.78% from the stock's previous close.

Other equities research analysts have also recently issued reports about the stock. Benchmark reiterated a "buy" rating and issued a $4.00 price target (down from $6.00) on shares of Quipt Home Medical in a research report on Wednesday, May 14th. Wall Street Zen upgraded shares of Quipt Home Medical from a "sell" rating to a "hold" rating in a research report on Saturday. One analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat, Quipt Home Medical currently has a consensus rating of "Moderate Buy" and an average target price of $3.15.

Quipt Home Medical Stock Performance

Shares of NASDAQ QIPT traded down $0.0650 during midday trading on Tuesday, reaching $2.1950. 33,554 shares of the company traded hands, compared to its average volume of 530,912. Quipt Home Medical has a 52 week low of $1.35 and a 52 week high of $3.27. The stock has a 50-day moving average price of $2.02 and a 200 day moving average price of $2.17. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.15 and a quick ratio of 0.75. The company has a market cap of $95.35 million, a price-to-earnings ratio of -9.17 and a beta of 0.59.

Quipt Home Medical (NASDAQ:QIPT - Get Free Report) last issued its quarterly earnings results on Monday, August 11th. The company reported ($0.07) EPS for the quarter, missing the consensus estimate of $0.03 by ($0.10). Quipt Home Medical had a negative return on equity of 9.78% and a negative net margin of 4.30%.The business had revenue of $58.30 million during the quarter, compared to the consensus estimate of $80.37 million. Sell-side analysts anticipate that Quipt Home Medical will post -0.05 earnings per share for the current fiscal year.

Institutional Trading of Quipt Home Medical

Institutional investors and hedge funds have recently bought and sold shares of the stock. Kanen Wealth Management LLC raised its holdings in Quipt Home Medical by 108.4% during the 1st quarter. Kanen Wealth Management LLC now owns 2,969,541 shares of the company's stock worth $6,919,000 after buying an additional 1,544,529 shares during the period. Wells Fargo & Company MN grew its stake in Quipt Home Medical by 30.9% during the 4th quarter. Wells Fargo & Company MN now owns 23,851 shares of the company's stock valued at $73,000 after acquiring an additional 5,625 shares in the last quarter. BNP Paribas Financial Markets purchased a new position in Quipt Home Medical during the 4th quarter valued at about $137,000. Bank of America Corp DE grew its stake in Quipt Home Medical by 13.5% during the 4th quarter. Bank of America Corp DE now owns 81,770 shares of the company's stock valued at $249,000 after acquiring an additional 9,757 shares in the last quarter. Finally, Northern Trust Corp grew its stake in Quipt Home Medical by 2.8% during the 4th quarter. Northern Trust Corp now owns 257,402 shares of the company's stock valued at $785,000 after acquiring an additional 7,095 shares in the last quarter. Institutional investors and hedge funds own 42.85% of the company's stock.

About Quipt Home Medical

Quipt Home Medical Corp., through its subsidiaries, engages in the provision of durable and home medical equipment and supplies in the United States. The company offers nebulizers, oxygen concentrators, and CPAP and BiPAP units; traditional and non-traditional durable medical respiratory equipment and services; non-invasive ventilation equipment, supplies, and services; and engages in the rental of medical equipment.