IDEXX Laboratories, Inc. (NASDAQ:IDXX) Sees Significant Drop in Short Interest

IDEXX Laboratories, Inc. (NASDAQ:IDXX) saw a large drop in short interest in October. As of October 31st, there was short interest totalling 2,080,000 shares, a drop of 9.2% from the October 15th total of 2,290,000 shares. Based on an average trading volume of 517,400 shares, the days-to-cover ratio is currently 4.0 days. Approximately 2.6% of the company’s stock are short sold.

IDEXX Laboratories Stock Performance

NASDAQ IDXX traded down $1.08 during trading on Monday, reaching $419.83. 437,566 shares of the company’s stock were exchanged, compared to its average volume of 501,503. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.42 and a quick ratio of 1.03. The business has a 50 day moving average price of $468.32 and a 200-day moving average price of $482.83. The stock has a market capitalization of $34.38 billion, a P/E ratio of 40.59, a PEG ratio of 3.67 and a beta of 1.36. IDEXX Laboratories has a fifty-two week low of $404.74 and a fifty-two week high of $583.39.

IDEXX Laboratories (NASDAQ:IDXX) last issued its earnings results on Thursday, October 31st. The company reported $2.80 EPS for the quarter, topping the consensus estimate of $2.69 by $0.11. IDEXX Laboratories had a return on equity of 55.42% and a net margin of 22.53%. The company had revenue of $975.50 million during the quarter, compared to the consensus estimate of $980.32 million. During the same period in the previous year, the company posted $2.53 EPS. The firm’s revenue for the quarter was up 6.6% compared to the same quarter last year. Sell-side analysts forecast that IDEXX Laboratories will post 10.43 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

IDXX has been the topic of a number of research reports. Piper Sandler reissued a “neutral” rating and issued a $435.00 price objective (down previously from $520.00) on shares of IDEXX Laboratories in a research report on Monday, November 4th. JPMorgan Chase & Co. cut their price target on shares of IDEXX Laboratories from $630.00 to $575.00 and set an “overweight” rating on the stock in a research report on Friday, October 11th. Barclays decreased their price objective on IDEXX Laboratories from $570.00 to $481.00 and set an “overweight” rating for the company in a report on Monday, November 4th. Stifel Nicolaus dropped their target price on IDEXX Laboratories from $510.00 to $500.00 and set a “hold” rating on the stock in a report on Thursday, October 10th. Finally, BTIG Research began coverage on IDEXX Laboratories in a research report on Thursday, July 25th. They set a “buy” rating and a $580.00 price target for the company. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, IDEXX Laboratories currently has an average rating of “Moderate Buy” and a consensus price target of $552.38.

Hedge Funds Weigh In On IDEXX Laboratories

Large investors have recently modified their holdings of the stock. Toronto Dominion Bank grew its stake in IDEXX Laboratories by 1.9% in the 3rd quarter. Toronto Dominion Bank now owns 42,283 shares of the company’s stock valued at $21,362,000 after buying an additional 808 shares during the last quarter. Coldstream Capital Management Inc. increased its stake in shares of IDEXX Laboratories by 7.9% during the third quarter. Coldstream Capital Management Inc. now owns 1,579 shares of the company’s stock worth $787,000 after purchasing an additional 115 shares during the period. Geode Capital Management LLC lifted its holdings in IDEXX Laboratories by 1.8% during the 3rd quarter. Geode Capital Management LLC now owns 2,259,537 shares of the company’s stock worth $1,138,732,000 after purchasing an additional 40,349 shares during the last quarter. M&T Bank Corp boosted its stake in IDEXX Laboratories by 1.6% in the 3rd quarter. M&T Bank Corp now owns 5,693 shares of the company’s stock valued at $2,876,000 after purchasing an additional 92 shares during the period. Finally, Cape Cod Five Cents Savings Bank boosted its stake in IDEXX Laboratories by 0.5% in the 3rd quarter. Cape Cod Five Cents Savings Bank now owns 6,344 shares of the company’s stock valued at $3,091,000 after purchasing an additional 32 shares during the period. 87.84% of the stock is owned by institutional investors.

About IDEXX Laboratories

IDEXX Laboratories, Inc develops, manufactures, and distributes products primarily for the companion animal veterinary, livestock and poultry, dairy, and water testing markets in Africa, the Asia Pacific, Canada, Europe, Latin America, and internationally. The company operates through three segments: Companion Animal Group; Water Quality Products; and Livestock, Poultry and Dairy.