Short Interest in Waters Corporation (NYSE:WAT) Increases By 29.0%

Key Points

• Short interest rose 29.0% in March to 3,319,229 shares (3.4% of shares outstanding), implying a days-to-cover ratio of about 3.1 based on average daily volume.
• Analysts hold a consensus of "Moderate Buy" with an average price target of $387.53, though several firms (including Deutsche Bank and Morgan Stanley) recently cut targets or downgraded the stock.
• Waters beat quarterly EPS estimates and set FY2026 guidance of $14.30–$14.50, while an insider bought 500 shares and the stock trades near $326.56 within a 52-week range of $275.05–$414.15.

Waters Corporation (NYSE:WAT - Get Free Report) was the target of a significant increase in short interest during the month of March. As of March 31st, there was short interest totaling 3,319,229 shares, an increase of 29.0% from the March 15th total of 2,573,341 shares. Based on an average daily volume of 1,080,237 shares, the days-to-cover ratio is currently 3.1 days. Currently, 3.4% of the shares of the stock are sold short.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. Wall Street Zen lowered shares of Waters from a "buy" rating to a "hold" rating in a research report on Sunday, February 8th. HSBC assumed coverage on shares of Waters in a research report on Tuesday, January 27th. They set a "buy" rating and a $460.00 target price for the company. Deutsche Bank Aktiengesellschaft dropped their target price on shares of Waters from $370.00 to $330.00 and set a "hold" rating for the company in a research report on Wednesday, March 25th. Morgan Stanley dropped their target price on shares of Waters from $423.00 to $350.00 and set an "equal weight" rating for the company in a research report on Sunday, February 22nd. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of Waters in a research report on Wednesday, January 21st. Three equities research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $387.53.

Waters Trading Down 1.3%

Shares of WAT opened at $326.56 on Thursday. The firm has a market cap of $32.06 billion, a price-to-earnings ratio of 30.32, a PEG ratio of 2.10 and a beta of 1.20. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.27 and a current ratio of 1.73. Waters has a fifty-two week low of $275.05 and a fifty-two week high of $414.15. The firm has a 50 day moving average price of $313.97 and a 200-day moving average price of $352.24.

Waters (NYSE:WAT - Get Free Report) last announced its quarterly earnings data on Monday, February 9th. The medical instruments supplier reported $4.53 earnings per share for the quarter, topping analysts' consensus estimates of $4.50 by $0.03. The firm had revenue of $932.36 million during the quarter, compared to analyst estimates of $928.17 million. Waters had a net margin of 20.30% and a return on equity of 34.79%. The business's quarterly revenue was up 6.9% on a year-over-year basis. During the same period in the previous year, the business posted $4.10 EPS. Waters has set its FY 2026 guidance at 14.300-14.500 EPS and its Q1 2026 guidance at 2.250-2.350 EPS. As a group, equities research analysts forecast that Waters will post 12.86 earnings per share for the current year.

Insider Transactions at Waters

In related news, Director Wei Jiang bought 500 shares of the company's stock in a transaction on Monday, March 16th. The stock was acquired at an average cost of $289.46 per share, for a total transaction of $144,730.00. Following the completion of the transaction, the director directly owned 3,441 shares in the company, valued at $996,031.86. This trade represents a 17.00% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.63% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in WAT. Pinnacle Associates Ltd. grew its holdings in shares of Waters by 0.3% in the fourth quarter. Pinnacle Associates Ltd. now owns 7,608 shares of the medical instruments supplier's stock valued at $2,890,000 after purchasing an additional 26 shares in the last quarter. Exencial Wealth Advisors LLC grew its holdings in shares of Waters by 1.7% in the fourth quarter. Exencial Wealth Advisors LLC now owns 1,681 shares of the medical instruments supplier's stock valued at $638,000 after purchasing an additional 28 shares in the last quarter. Rosenberg Matthew Hamilton grew its holdings in shares of Waters by 8.8% in the fourth quarter. Rosenberg Matthew Hamilton now owns 359 shares of the medical instruments supplier's stock valued at $136,000 after purchasing an additional 29 shares in the last quarter. Integrated Wealth Concepts LLC grew its holdings in shares of Waters by 2.9% in the first quarter. Integrated Wealth Concepts LLC now owns 1,048 shares of the medical instruments supplier's stock valued at $386,000 after purchasing an additional 30 shares in the last quarter. Finally, Clearstead Advisors LLC grew its holdings in shares of Waters by 5.1% in the fourth quarter. Clearstead Advisors LLC now owns 616 shares of the medical instruments supplier's stock valued at $234,000 after purchasing an additional 30 shares in the last quarter. 94.01% of the stock is owned by hedge funds and other institutional investors.

Waters Company Profile

Waters Corporation is a global provider of analytical instruments, software and services for laboratory and research applications. The company designs, manufactures and sells technologies centered on liquid chromatography, mass spectrometry, separation science, and related sample preparation and detection systems. Its product portfolio includes chromatographs, mass spectrometers, columns and consumables, laboratory informatics and workflow software, as well as technical support and training services that help customers run and interpret complex analyses.

Waters serves a wide range of end markets that include pharmaceutical and biotechnology companies, contract research and testing laboratories, academic and government research institutions, clinical diagnostics, food and environmental testing, and industrial and chemical manufacturers.

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