Lake Street Capital Begins Coverage on Rapid Micro Biosystems (NASDAQ:RPID)

Key Points

• Lake Street Capital has initiated coverage on Rapid Micro Biosystems (NASDAQ: RPID) with a "buy" rating and a price target of $8.00, indicating a potential upside of 96.08% from the current price.
• The company recently reported a quarterly earnings beat, with EPS of ($0.26) outperforming the consensus estimate of ($0.27), along with revenues of $7.21 million exceeding expectations.
• In insider trading, CEO Robert G. Jr. Spignesi sold 11,881 shares at an average price of $3.32, reducing his stake in the company by 1.21%.

Equities researchers at Lake Street Capital started coverage on shares of Rapid Micro Biosystems (NASDAQ:RPID - Get Free Report) in a research report issued on Monday, Marketbeat reports. The firm set a "buy" rating and a $8.00 price target on the stock. Lake Street Capital's price target points to a potential upside of 122.22% from the company's current price.

Rapid Micro Biosystems Price Performance

Shares of NASDAQ:RPID traded down $0.18 during midday trading on Monday, reaching $3.60. The company had a trading volume of 44,880 shares, compared to its average volume of 294,646. The stock's fifty day moving average price is $3.51 and its 200-day moving average price is $2.81. The stock has a market capitalization of $157.79 million, a P/E ratio of -3.50 and a beta of 1.32. Rapid Micro Biosystems has a one year low of $0.66 and a one year high of $4.50.

Rapid Micro Biosystems (NASDAQ:RPID - Get Free Report) last posted its quarterly earnings results on Friday, May 9th. The company reported ($0.26) EPS for the quarter, topping analysts' consensus estimates of ($0.27) by $0.01. The business had revenue of $7.21 million during the quarter, compared to the consensus estimate of $6.63 million. Rapid Micro Biosystems had a negative return on equity of 56.07% and a negative net margin of 151.22%. As a group, sell-side analysts forecast that Rapid Micro Biosystems will post -1.1 earnings per share for the current year.

Insiders Place Their Bets

In other Rapid Micro Biosystems news, CEO Robert G. Jr. Spignesi sold 11,881 shares of the business's stock in a transaction on Monday, July 14th. The shares were sold at an average price of $3.32, for a total transaction of $39,444.92. Following the completion of the sale, the chief executive officer owned 970,550 shares in the company, valued at $3,222,226. The trade was a 1.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders have sold a total of 57,443 shares of company stock worth $195,952 in the last three months. 29.96% of the stock is owned by insiders.

Institutional Trading of Rapid Micro Biosystems

Several institutional investors have recently added to or reduced their stakes in RPID. Renaissance Technologies LLC increased its stake in Rapid Micro Biosystems by 122.9% during the fourth quarter. Renaissance Technologies LLC now owns 183,087 shares of the company's stock valued at $165,000 after purchasing an additional 100,942 shares during the last quarter. Citadel Advisors LLC bought a new position in shares of Rapid Micro Biosystems during the fourth quarter worth about $65,000. Millennium Management LLC grew its position in shares of Rapid Micro Biosystems by 17.6% during the fourth quarter. Millennium Management LLC now owns 61,375 shares of the company's stock worth $55,000 after acquiring an additional 9,191 shares during the last quarter. Legato Capital Management LLC bought a new position in shares of Rapid Micro Biosystems during the first quarter worth about $41,000. Finally, Essex Investment Management Co. LLC acquired a new position in shares of Rapid Micro Biosystems during the first quarter worth approximately $166,000. Institutional investors own 52.60% of the company's stock.

Rapid Micro Biosystems Company Profile

Rapid Micro Biosystems, Inc, a life sciences technology company, provides products for the detection of microbial contamination in the manufacture of pharmaceutical, medical devices, and personal care products in the United States, Germany, Switzerland, Japan, and internationally. The company offers Growth Direct platform, which includes Growth Direct system, proprietary consumables, lab information management system connection software, and customer support and validation services.