UFP Technologies (NASDAQ:UFPT) Shares Gap Up on Strong Earnings

UFP Technologies, Inc. (NASDAQ:UFPT - Get Free Report)'s share price gapped up prior to trading on Tuesday following a better than expected earnings announcement. The stock had previously closed at $197.42, but opened at $217.88. UFP Technologies shares last traded at $212.34, with a volume of 36,655 shares changing hands.

The industrial products company reported $2.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.05 by $0.42. The company had revenue of $148.15 million for the quarter, compared to analysts' expectations of $139.93 million. UFP Technologies had a net margin of 11.74% and a return on equity of 18.92%.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on UFPT. Lake Street Capital set a $252.00 price objective on UFP Technologies and gave the stock a "buy" rating in a report on Wednesday. StockNews.com cut UFP Technologies from a "hold" rating to a "sell" rating in a report on Thursday, January 23rd. Finally, Raymond James started coverage on shares of UFP Technologies in a research report on Friday, March 28th. They issued a "market perform" rating on the stock.

Insider Buying and Selling

In other UFP Technologies news, Director Daniel C. Croteau sold 6,846 shares of the business's stock in a transaction that occurred on Thursday, February 27th. The shares were sold at an average price of $228.41, for a total transaction of $1,563,694.86. Following the completion of the sale, the director now directly owns 1,785 shares in the company, valued at $407,711.85. The trade was a 79.32 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 6.17% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. AlphaQuest LLC purchased a new stake in shares of UFP Technologies during the 4th quarter valued at about $25,000. Johnson Financial Group Inc. acquired a new position in shares of UFP Technologies during the fourth quarter worth $42,000. Venturi Wealth Management LLC acquired a new position in shares of UFP Technologies during the fourth quarter worth $74,000. EverSource Wealth Advisors LLC grew its holdings in UFP Technologies by 24.7% during the 4th quarter. EverSource Wealth Advisors LLC now owns 333 shares of the industrial products company's stock valued at $81,000 after purchasing an additional 66 shares in the last quarter. Finally, Lazard Asset Management LLC acquired a new stake in shares of UFP Technologies during the fourth quarter valued at about $84,000. 87.28% of the stock is owned by hedge funds and other institutional investors.

UFP Technologies Stock Performance

The company has a debt-to-equity ratio of 0.64, a current ratio of 2.57 and a quick ratio of 1.43. The stock has a 50-day moving average price of $208.81 and a 200-day moving average price of $250.71. The firm has a market capitalization of $1.82 billion, a PE ratio of 33.73 and a beta of 1.10.

About UFP Technologies

UFP Technologies, Inc designs and manufactures solutions for medical devices, sterile packaging, and other highly engineered custom products. The company offers protective drapes for robotic surgery, single patient use surfaces, advanced wound care, infection prevention, disposables for surgical and endoscopic procedures, packaging for medical devices, orthopedic implants, biopharma drug manufacturing, and coils for catheters; and molded components for applications in acoustic insulation, interior trim, load floors, sunshades, SUV cargo cover handles, driveshaft damping, engine and manifold covers, quarter panels, and wheel liners.