Embecta (NASDAQ:EMBC) Shares Down 7.3% – Here’s Why

Embecta Corp. (NASDAQ:EMBC) shares dropped 7.3% during mid-day trading on Thursday . The stock traded as low as $15.13 and last traded at $15.13. Approximately 106,012 shares were traded during mid-day trading, a decline of 74% from the average daily volume of 403,354 shares. The stock had previously closed at $16.33.

Wall Street Analyst Weigh In

Separately, Morgan Stanley decreased their target price on shares of Embecta from $13.00 to $12.00 and set an “underweight” rating for the company in a research report on Monday, July 15th.

Embecta Stock Performance

The stock’s 50 day simple moving average is $14.62 and its 200-day simple moving average is $13.69. The firm has a market cap of $896.66 million, a price-to-earnings ratio of 12.95 and a beta of 0.97.

Embecta (NASDAQ:EMBC) last released its earnings results on Friday, August 9th. The company reported $0.74 EPS for the quarter, topping analysts’ consensus estimates of $0.46 by $0.28. The firm had revenue of $272.50 million during the quarter, compared to the consensus estimate of $267.44 million. Embecta had a negative return on equity of 19.09% and a net margin of 6.23%. The company’s revenue was down 4.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.69 earnings per share. On average, analysts expect that Embecta Corp. will post 2.43 EPS for the current fiscal year.

Hedge Funds Weigh In On Embecta

Several institutional investors and hedge funds have recently modified their holdings of EMBC. Copeland Capital Management LLC acquired a new stake in shares of Embecta in the third quarter valued at about $43,000. Iat Reinsurance Co. LTD. acquired a new position in Embecta during the second quarter worth $50,000. CWM LLC increased its position in Embecta by 773.8% during the second quarter. CWM LLC now owns 9,079 shares of the company’s stock worth $113,000 after purchasing an additional 8,040 shares during the last quarter. Canada Pension Plan Investment Board purchased a new position in Embecta during the second quarter worth about $140,000. Finally, Cardinal Capital Management raised its stake in Embecta by 16.8% during the second quarter. Cardinal Capital Management now owns 11,753 shares of the company’s stock worth $147,000 after purchasing an additional 1,691 shares during the period. Hedge funds and other institutional investors own 93.83% of the company’s stock.

Embecta Company Profile

Embecta Corp., a medical device company, focuses on the provision of various solutions to enhance the health and wellbeing of people living with diabetes. Its products include pen needles, syringes, and safety injection devices, as well as digital applications to assist people with managing patient's diabetes.