Xometry (NASDAQ:XMTR) Shares Gap Up on Better-Than-Expected Earnings

Key Points

• Xometry's stock price experienced a significant gap up from $30.97 to $38.67 prior to trading, reaching a last traded price of $42.04 with a volume of 508,212 shares.
• Analyst ratings for Xometry have improved, with six analysts issuing a buy rating and a consensus rating of "Moderate Buy," along with an average price target of $35.78.
• Noteworthy insider activity includes CEO Randolph Altschuler selling 9,332 shares, representing a 2.84% decrease in his ownership, while 97.31% of the stock is held by institutional investors and hedge funds.

Xometry, Inc. (NASDAQ:XMTR - Get Free Report) shares gapped up before the market opened on Tuesday following a better than expected earnings announcement. The stock had previously closed at $30.97, but opened at $38.67. Xometry shares last traded at $42.04, with a volume of 508,212 shares trading hands.

The company reported $0.09 earnings per share for the quarter, beating the consensus estimate of $0.05 by $0.04. The business had revenue of $162.55 million for the quarter, compared to analysts' expectations of $156.53 million. Xometry had a negative net margin of 10.20% and a negative return on equity of 6.79%. The firm's revenue for the quarter was up 22.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.01) earnings per share.

Wall Street Analyst Weigh In

Several analysts recently weighed in on XMTR shares. Royal Bank Of Canada lifted their price target on shares of Xometry from $32.00 to $36.00 and gave the company a "sector perform" rating in a report on Wednesday, May 7th. The Goldman Sachs Group lifted their price target on shares of Xometry from $33.00 to $42.00 and gave the company a "buy" rating in a report on Wednesday. UBS Group lifted their price target on shares of Xometry from $35.00 to $40.00 and gave the company a "neutral" rating in a report on Wednesday. Citigroup restated an "outperform" rating on shares of Xometry in a report on Friday, July 11th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Xometry from $36.00 to $38.00 and gave the company an "overweight" rating in a report on Tuesday, June 3rd. Three analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $40.44.

Insider Activity

In other news, CEO Randolph Altschuler sold 9,332 shares of Xometry stock in a transaction dated Wednesday, July 2nd. The stock was sold at an average price of $32.39, for a total value of $302,263.48. Following the completion of the transaction, the chief executive officer owned 319,602 shares of the company's stock, valued at $10,351,908.78. The trade was a 2.84% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 9.66% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Xometry

Several large investors have recently modified their holdings of XMTR. GAMMA Investing LLC raised its position in shares of Xometry by 160.1% in the 1st quarter. GAMMA Investing LLC now owns 1,004 shares of the company's stock worth $25,000 after purchasing an additional 618 shares during the last quarter. Canada Pension Plan Investment Board purchased a new position in shares of Xometry in the 4th quarter worth about $38,000. CWM LLC raised its position in shares of Xometry by 825.6% in the 1st quarter. CWM LLC now owns 1,555 shares of the company's stock worth $39,000 after purchasing an additional 1,387 shares during the last quarter. Comerica Bank raised its position in shares of Xometry by 195.1% in the 4th quarter. Comerica Bank now owns 1,133 shares of the company's stock worth $48,000 after purchasing an additional 749 shares during the last quarter. Finally, CoreCap Advisors LLC purchased a new position in shares of Xometry in the 4th quarter worth about $51,000. Hedge funds and other institutional investors own 97.31% of the company's stock.

Xometry Trading Down 3.3%

The firm has a 50-day moving average price of $34.09 and a 200-day moving average price of $30.59. The company has a debt-to-equity ratio of 1.20, a quick ratio of 3.70 and a current ratio of 3.91. The stock has a market cap of $2.11 billion, a PE ratio of -33.85 and a beta of 0.83.

About Xometry

Xometry, Inc operates an online marketplace that enables buyers to source custom-manufactured parts and assemblies in the United States and internationally. It provides computer numerical control manufacturing, sheet metal forming, and sheet cutting; 3D printing, including fused deposition modeling, direct metal laser sintering, PolyJet, stereolithography, selective laser sintering, binder jetting, carbon digital light synthesis, multi jet fusion, and lubricant sublayer photo-curing; and die casting, stamping, injection molding, urethane casting, tube cutting, and tube bending, as well as finishing services, rapid prototyping, and high-volume production services.