Short Interest in IDEXX Laboratories, Inc. (NASDAQ:IDXX) Expands By 7.1%

IDEXX Laboratories, Inc. (NASDAQ:IDXX) was the recipient of a large growth in short interest in December. As of December 31st, there was short interest totalling 1,500,000 shares, a growth of 7.1% from the December 15th total of 1,400,000 shares. Currently, 1.9% of the company’s stock are sold short. Based on an average daily volume of 645,100 shares, the short-interest ratio is currently 2.3 days.

IDEXX Laboratories Stock Performance

IDEXX Laboratories stock traded down $9.36 during midday trading on Friday, reaching $419.26. The stock had a trading volume of 798,777 shares, compared to its average volume of 426,678. The firm has a market capitalization of $34.33 billion, a PE ratio of 40.43, a P/E/G ratio of 3.52 and a beta of 1.36. IDEXX Laboratories has a 12 month low of $398.50 and a 12 month high of $583.39. The company has a quick ratio of 1.03, a current ratio of 1.42 and a debt-to-equity ratio of 0.32. The firm’s 50-day moving average price is $423.60 and its 200 day moving average price is $458.00.

IDEXX Laboratories (NASDAQ:IDXX) last posted its quarterly earnings results on Thursday, October 31st. The company reported $2.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.69 by $0.11. The company had revenue of $975.50 million for the quarter, compared to analyst estimates of $980.32 million. IDEXX Laboratories had a net margin of 22.53% and a return on equity of 55.42%. The company’s quarterly revenue was up 6.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.53 earnings per share. As a group, research analysts predict that IDEXX Laboratories will post 10.44 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Leerink Partnrs raised shares of IDEXX Laboratories to a “strong-buy” rating in a research report on Monday, December 2nd. JPMorgan Chase & Co. decreased their price target on IDEXX Laboratories from $630.00 to $575.00 and set an “overweight” rating for the company in a research report on Friday, October 11th. 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. Leerink Partners initiated coverage on IDEXX Laboratories in a research report on Monday, December 2nd. They set an “outperform” rating and a $500.00 target price for the company. Finally, Barclays lowered their target price on IDEXX Laboratories from $570.00 to $481.00 and set an “overweight” rating on the stock in a research note on Monday, November 4th. Two equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $523.86.

Insiders Place Their Bets

In other news, Director Sophie V. Vandebroek sold 344 shares of the company’s stock in a transaction on Wednesday, November 27th. The shares were sold at an average price of $420.44, for a total value of $144,631.36. Following the completion of the sale, the director now owns 905 shares in the company, valued at $380,498.20. This represents a 27.54 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 2.11% of the company’s stock.

Hedge Funds Weigh In On IDEXX Laboratories

A number of large investors have recently made changes to their positions in IDXX. 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 in the last quarter. Franklin Resources Inc. lifted its holdings in shares of IDEXX Laboratories by 2.5% in the third quarter. Franklin Resources Inc. now owns 1,412,700 shares of the company’s stock worth $675,259,000 after buying an additional 34,305 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of IDEXX Laboratories by 0.3% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 751,900 shares of the company’s stock valued at $379,875,000 after acquiring an additional 2,463 shares during the period. International Assets Investment Management LLC grew its stake in IDEXX Laboratories by 52,746.0% during the third quarter. International Assets Investment Management LLC now owns 528,460 shares of the company’s stock valued at $2,669,890,000 after acquiring an additional 527,460 shares in the last quarter. Finally, Assenagon Asset Management S.A. increased its holdings in IDEXX Laboratories by 265.6% during the 4th quarter. Assenagon Asset Management S.A. now owns 435,049 shares of the company’s stock worth $179,867,000 after acquiring an additional 316,048 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.