Tempus AI (NASDAQ:TEM) Stock Price Up 2.9% - Here's What Happened

Tempus AI, Inc. (NASDAQ:TEM - Get Free Report) shot up 2.9% during mid-day trading on Wednesday . The stock traded as high as $64.59 and last traded at $63.73. 5,242,319 shares changed hands during trading, a decline of 23% from the average session volume of 6,799,711 shares. The stock had previously closed at $61.96.

Analysts Set New Price Targets

Several research firms recently issued reports on TEM. Piper Sandler upped their price objective on shares of Tempus AI from $55.00 to $70.00 and gave the stock a "neutral" rating in a report on Thursday, May 15th. BTIG Research initiated coverage on shares of Tempus AI in a research note on Monday, April 21st. They set a "buy" rating and a $60.00 target price for the company. Guggenheim reiterated a "buy" rating on shares of Tempus AI in a research note on Tuesday, February 25th. Needham & Company LLC reiterated a "buy" rating and set a $70.00 target price on shares of Tempus AI in a research note on Wednesday, May 7th. Finally, Bank of America upped their target price on shares of Tempus AI from $48.00 to $68.00 and gave the company a "neutral" rating in a research note on Tuesday, May 20th. Six equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, Tempus AI presently has an average rating of "Moderate Buy" and an average target price of $63.42.

Tempus AI Stock Up 5.8%

The company has a debt-to-equity ratio of 8.17, a quick ratio of 2.55 and a current ratio of 2.69. The stock has a market capitalization of $10.75 billion and a price-to-earnings ratio of -7.96. The firm's fifty day simple moving average is $53.28 and its 200 day simple moving average is $52.02.

Tempus AI (NASDAQ:TEM - Get Free Report) last posted its quarterly earnings data on Tuesday, May 6th. The company reported ($0.24) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.27) by $0.03. The business had revenue of $255.74 million during the quarter, compared to analyst estimates of $248.13 million. The company's revenue was up 75.4% compared to the same quarter last year. On average, sell-side analysts forecast that Tempus AI, Inc. will post -6.15 earnings per share for the current year.

Insider Buying and Selling

In related news, EVP Andrew Polovin sold 13,135 shares of the business's stock in a transaction on Tuesday, March 18th. The shares were sold at an average price of $45.98, for a total transaction of $603,947.30. Following the transaction, the executive vice president now directly owns 154,171 shares in the company, valued at approximately $7,088,782.58. The trade was a 7.85% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Wayne A.I. Frederick sold 3,000 shares of Tempus AI stock in a transaction on Monday, March 31st. The stock was sold at an average price of $45.54, for a total transaction of $136,620.00. Following the transaction, the director now directly owns 26,514 shares of the company's stock, valued at approximately $1,207,447.56. This trade represents a 10.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 139,888 shares of company stock worth $7,938,111. Insiders own 27.60% of the company's stock.

Hedge Funds Weigh In On Tempus AI

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Rhumbline Advisers bought a new position in Tempus AI during the first quarter worth $116,000. Strs Ohio bought a new position in Tempus AI during the first quarter worth $1,718,000. Arete Wealth Advisors LLC bought a new position in Tempus AI during the first quarter worth $314,000. Temasek Holdings Private Ltd bought a new position in Tempus AI during the first quarter worth $360,000. Finally, Scientech Research LLC bought a new position in Tempus AI during the first quarter worth $1,047,000. 24.22% of the stock is owned by institutional investors.

Tempus AI Company Profile

Tempus AI Inc is a technology company advancing precision medicine through the practical application of artificial intelligence principally in healthcare. The company provides AI-enabled precision medicine solutions to physicians to deliver personalized patient care and in parallel facilitates discovery, development and delivery of optimal therapeutics.