Quanterix (NASDAQ:QTRX) Shares Gap Up After Insider Buying Activity

Quanterix Co. (NASDAQ:QTRX) gapped up before the market opened on Wednesday following insider buying activity. The stock had previously closed at $13.20, but opened at $13.74. Quanterix shares last traded at $13.94, with a volume of 63,052 shares traded.

Specifically, Director David R. Walt bought 47,000 shares of the stock in a transaction dated Tuesday, August 20th. The stock was acquired at an average price of $13.29 per share, for a total transaction of $624,630.00. Following the completion of the purchase, the director now owns 1,487,342 shares in the company, valued at $19,766,775.18. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Analyst Ratings Changes

Several equities analysts recently commented on the company. The Goldman Sachs Group reduced their price target on Quanterix from $35.00 to $24.00 and set a “buy” rating on the stock in a research report on Tuesday, July 9th. TD Cowen reduced their target price on shares of Quanterix from $17.00 to $15.00 and set a “hold” rating on the stock in a research report on Friday, August 9th. Finally, Scotiabank lowered their price target on shares of Quanterix from $32.00 to $28.00 and set a “sector outperform” rating for the company in a report on Monday, August 12th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, Quanterix currently has a consensus rating of “Moderate Buy” and a consensus target price of $24.80.

Quanterix Stock Performance

The firm has a fifty day simple moving average of $13.38 and a 200-day simple moving average of $16.56. The company has a market capitalization of $531.57 million, a PE ratio of -14.52 and a beta of 1.36.

Quanterix (NASDAQ:QTRX) last issued its quarterly earnings results on Thursday, August 8th. The company reported ($0.25) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.02). Quanterix had a negative return on equity of 11.52% and a negative net margin of 30.71%. The company had revenue of $34.38 million during the quarter, compared to the consensus estimate of $34.19 million. During the same quarter last year, the firm posted ($0.16) EPS. As a group, research analysts anticipate that Quanterix Co. will post -0.88 EPS for the current fiscal year.

Hedge Funds Weigh In On Quanterix

Several large investors have recently modified their holdings of the stock. Canada Pension Plan Investment Board acquired a new stake in Quanterix during the second quarter valued at approximately $140,000. Hsbc Holdings PLC increased its holdings in shares of Quanterix by 34.7% in the 2nd quarter. Hsbc Holdings PLC now owns 12,738 shares of the company’s stock valued at $164,000 after acquiring an additional 3,279 shares during the last quarter. Comerica Bank raised its position in shares of Quanterix by 44,205.6% during the 1st quarter. Comerica Bank now owns 7,975 shares of the company’s stock valued at $188,000 after acquiring an additional 7,957 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its stake in Quanterix by 11.0% during the second quarter. Allspring Global Investments Holdings LLC now owns 14,261 shares of the company’s stock worth $188,000 after purchasing an additional 1,417 shares during the last quarter. Finally, CIBC Asset Management Inc acquired a new position in Quanterix in the second quarter worth $210,000. Institutional investors own 86.48% of the company’s stock.

About Quanterix

Quanterix Corporation, a life sciences company, engages in development and marketing of digital immunoassay platforms that advances precision health for life sciences research and diagnostics in North America, Europe, the Middle East, Africa, and the Asia Pacific regions. The company offers HD-X instrument, a protein detection platform; and SR-X instrument that enables researchers to apply Simoa detection in an expanded range of applications.