Azenta (NASDAQ:AZTA) Trading Down 9.4% – What’s Next?

Azenta, Inc. (NASDAQ:AZTA)’s stock price dropped 9.4% during trading on Thursday . The stock traded as low as $43.41 and last traded at $42.63. Approximately 407,093 shares traded hands during trading, a decline of 17% from the average daily volume of 493,224 shares. The stock had previously closed at $47.04.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. Stephens restated an “overweight” rating and issued a $60.00 price target on shares of Azenta in a report on Thursday, January 2nd. Needham & Company LLC upped their target price on shares of Azenta from $55.00 to $59.00 and gave the company a “buy” rating in a research note on Thursday, February 6th. Finally, Evercore ISI lifted their price target on shares of Azenta from $50.00 to $52.00 and gave the stock an “in-line” rating in a research note on Thursday, February 6th.

Azenta Stock Down 8.7 %

The company has a market capitalization of $1.96 billion, a price-to-earnings ratio of -14.41 and a beta of 1.47. The stock has a 50 day simple moving average of $50.43 and a 200 day simple moving average of $47.86.

Azenta (NASDAQ:AZTA) last released its quarterly earnings data on Wednesday, February 5th. The company reported $0.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.05 by $0.03. Azenta had a positive return on equity of 1.25% and a negative net margin of 24.91%. As a group, analysts forecast that Azenta, Inc. will post 0.53 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of AZTA. Premier Fund Managers Ltd acquired a new position in shares of Azenta during the third quarter worth approximately $686,000. Royce & Associates LP boosted its position in Azenta by 7.8% during the 3rd quarter. Royce & Associates LP now owns 739,977 shares of the company’s stock worth $35,844,000 after acquiring an additional 53,584 shares during the period. State of Alaska Department of Revenue grew its stake in shares of Azenta by 355.2% in the fourth quarter. State of Alaska Department of Revenue now owns 25,899 shares of the company’s stock worth $1,294,000 after purchasing an additional 20,210 shares in the last quarter. Stephens Inc. AR bought a new position in shares of Azenta in the fourth quarter worth $313,000. Finally, SG Americas Securities LLC acquired a new position in shares of Azenta during the fourth quarter valued at $813,000. 99.08% of the stock is owned by institutional investors and hedge funds.

About Azenta

Azenta, Inc provides biological and chemical compound sample exploration and management solutions for the life sciences market in North America, Africa, China, the United Kingdom, rest of Europe, the Asia Pacific, and internationally. The company operates in two reportable segments, Life Sciences Products and Life Sciences Services.