IDEXX Laboratories, Inc. (NASDAQ:IDXX) Sees Significant Growth in Short Interest

IDEXX Laboratories, Inc. (NASDAQ:IDXX) saw a significant increase in short interest in the month of February. As of February 28th, there was short interest totalling 2,740,000 shares, an increase of 29.9% from the February 13th total of 2,110,000 shares. Approximately 3.4% of the company’s stock are short sold. Based on an average daily trading volume, of 686,900 shares, the days-to-cover ratio is presently 4.0 days.

IDEXX Laboratories Trading Up 1.8 %

IDEXX Laboratories stock traded up $7.68 during trading on Monday, hitting $422.98. The company had a trading volume of 234,649 shares, compared to its average volume of 548,082. IDEXX Laboratories has a 1-year low of $398.50 and a 1-year high of $548.88. The company has a current ratio of 1.31, a quick ratio of 0.95 and a debt-to-equity ratio of 0.28. The company’s 50 day simple moving average is $438.03 and its 200-day simple moving average is $446.76. The stock has a market cap of $34.40 billion, a price-to-earnings ratio of 39.69, a price-to-earnings-growth ratio of 3.41 and a beta of 1.39.

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. Leerink Partners assumed coverage on IDEXX Laboratories in a research report on Monday, December 2nd. They set an “outperform” rating and a $500.00 price target on the stock. Piper Sandler increased their price target on IDEXX Laboratories from $435.00 to $510.00 and gave the stock a “neutral” rating in a research report on Monday, February 10th. Barclays increased their target price on shares of IDEXX Laboratories from $481.00 to $520.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 4th. Bank of America increased their target price on shares of IDEXX Laboratories from $475.00 to $535.00 and gave the stock a “neutral” rating in a research note on Tuesday, February 4th. Finally, Leerink Partnrs raised shares of IDEXX Laboratories to a “strong-buy” rating in a research note on Monday, December 2nd. Four analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $533.75.

Insider Activity at IDEXX Laboratories

In other IDEXX Laboratories news, Director M Anne Szostak sold 3,000 shares of IDEXX Laboratories stock in a transaction on Friday, February 7th. The shares were sold at an average price of $465.94, for a total value of $1,397,820.00. Following the transaction, the director now directly owns 3,061 shares of the company’s stock, valued at approximately $1,426,242.34. The trade was a 49.50 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP George Fennell sold 9,986 shares of IDEXX Laboratories stock in a transaction on Monday, February 10th. The stock was sold at an average price of $462.53, for a total transaction of $4,618,824.58. Following the completion of the transaction, the executive vice president now directly owns 8,176 shares in the company, valued at $3,781,645.28. This represents a 54.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.11% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On IDEXX Laboratories

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Lansforsakringar Fondforvaltning AB publ purchased a new position in IDEXX Laboratories in the 4th quarter valued at approximately $11,226,000. PKO Investment Management Joint Stock Co purchased a new position in IDEXX Laboratories in the 4th quarter valued at approximately $1,158,000. Centaurus Financial Inc. boosted its position in IDEXX Laboratories by 23.3% in the 4th quarter. Centaurus Financial Inc. now owns 280 shares of the company’s stock valued at $116,000 after buying an additional 53 shares during the period. Dogwood Wealth Management LLC boosted its position in IDEXX Laboratories by 16.9% in the 4th quarter. Dogwood Wealth Management LLC now owns 1,490 shares of the company’s stock valued at $616,000 after buying an additional 215 shares during the period. Finally, Menard Financial Group LLC purchased a new position in IDEXX Laboratories in the 4th quarter valued at approximately $45,000. Hedge funds and other institutional investors own 87.84% of the company’s stock.

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.