Hologic (NASDAQ:HOLX) Sets New 52-Week Low After Analyst Downgrade

Hologic, Inc. (NASDAQ:HOLX) hit a new 52-week low during trading on Monday after Morgan Stanley lowered their price target on the stock from $84.00 to $82.00. Morgan Stanley currently has an equal weight rating on the stock. Hologic traded as low as $70.27 and last traded at $70.36, with a volume of 281605 shares trading hands. The stock had previously closed at $71.70.

Other equities analysts have also recently issued reports about the stock. StockNews.com raised shares of Hologic from a “hold” rating to a “buy” rating in a research note on Thursday, November 14th. UBS Group lifted their price objective on shares of Hologic from $84.00 to $90.00 and gave the company a “neutral” rating in a research report on Tuesday, November 5th. Jefferies Financial Group started coverage on shares of Hologic in a research note on Tuesday, December 10th. They set a “hold” rating and a $85.00 price objective on the stock. Evercore ISI raised their target price on shares of Hologic from $78.00 to $82.00 and gave the company an “in-line” rating in a research note on Tuesday, October 1st. Finally, Wolfe Research assumed coverage on Hologic in a research report on Friday, December 13th. They set a “peer perform” rating on the stock. Seven equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $88.92.

Insider Transactions at Hologic

In related news, COO Essex D. Mitchell sold 24,856 shares of the firm’s stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $76.34, for a total transaction of $1,897,507.04. Following the transaction, the chief operating officer now directly owns 27,957 shares of the company’s stock, valued at approximately $2,134,237.38. This trade represents a 47.06 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 1.75% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Choreo LLC acquired a new stake in Hologic during the second quarter worth approximately $393,000. Oppenheimer & Co. Inc. grew its holdings in shares of Hologic by 2.5% during the 2nd quarter. Oppenheimer & Co. Inc. now owns 20,275 shares of the medical equipment provider’s stock worth $1,505,000 after purchasing an additional 500 shares in the last quarter. Federated Hermes Inc. bought a new position in shares of Hologic in the second quarter worth $246,000. Oppenheimer Asset Management Inc. raised its stake in Hologic by 11.2% in the second quarter. Oppenheimer Asset Management Inc. now owns 38,423 shares of the medical equipment provider’s stock valued at $2,853,000 after purchasing an additional 3,876 shares in the last quarter. Finally, Envestnet Asset Management Inc. raised its stake in Hologic by 3.6% in the second quarter. Envestnet Asset Management Inc. now owns 361,271 shares of the medical equipment provider’s stock valued at $26,824,000 after purchasing an additional 12,671 shares in the last quarter. Institutional investors and hedge funds own 94.73% of the company’s stock.

Hologic Price Performance

The company has a quick ratio of 3.03, a current ratio of 3.69 and a debt-to-equity ratio of 0.49. The stock has a market capitalization of $15.93 billion, a price-to-earnings ratio of 21.08, a P/E/G ratio of 2.32 and a beta of 0.97. The business’s 50 day simple moving average is $75.61 and its 200-day simple moving average is $78.53.

Hologic (NASDAQ:HOLX) last posted its quarterly earnings results on Monday, November 4th. The medical equipment provider reported $1.01 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.01. Hologic had a net margin of 19.59% and a return on equity of 19.79%. The business had revenue of $987.90 million for the quarter, compared to analyst estimates of $978.25 million. During the same quarter last year, the business posted $0.89 EPS. The firm’s revenue for the quarter was up 4.5% on a year-over-year basis. On average, research analysts forecast that Hologic, Inc. will post 4.28 earnings per share for the current year.

Hologic Company Profile

Hologic, Inc develops, manufactures, and supplies diagnostics products, medical imaging systems, and surgical products for women's health through early detection and treatment. The company operates through four segments: Diagnostics, Breast Health, GYN Surgical, and Skeletal Health. It provides Aptima molecular diagnostic assays to detect the infectious microorganisms; Aptima viral load assays for Hepatitis B virus, Hepatitis C virus, human immunodeficiency virus, and human cytomegalo virus; Aptima bacterial vaginosis and candida vaginitis assays for the diagnosis of vaginitis; Aptima SARS-CoV-2 and Panther Fusion SARS-CoV-2 assays to detect SARS-CoV-2; ThinPrep System for cytology applications; and Rapid Fetal Fibronectin Test that assists physicians in assessing the risk of pre-term birth.