Harvard Bioscience (HBIO) Posts Quarterly Earnings Results, Hits Expectations

Harvard Bioscience (NASDAQ:HBIO) issued its earnings results on Thursday. The medical instruments supplier reported $0.04 EPS for the quarter, meeting the consensus estimate of $0.04, Fidelity Earnings reports. Harvard Bioscience had a positive return on equity of 4.64% and a negative net margin of 4.46%. The business had revenue of $28.71 million for the quarter, compared to the consensus estimate of $28.50 million.

HBIO traded down $0.52 during trading on Friday, hitting $4.00. 6,195 shares of the company’s stock traded hands, compared to its average volume of 188,378. The company has a current ratio of 2.42, a quick ratio of 1.26 and a debt-to-equity ratio of 0.78. Harvard Bioscience has a 12-month low of $2.95 and a 12-month high of $6.70. The company has a market cap of $162.41 million, a price-to-earnings ratio of 80.80 and a beta of 1.07.

Several analysts have commented on the company. Zacks Investment Research upgraded Harvard Bioscience from a “hold” rating to a “buy” rating and set a $6.50 target price on the stock in a research note on Wednesday, August 1st. Benchmark assumed coverage on Harvard Bioscience in a research note on Saturday, June 30th. They set a “buy” rating and a $11.00 target price on the stock. Finally, ValuEngine downgraded Harvard Bioscience from a “strong-buy” rating to a “buy” rating in a research note on Saturday, September 22nd.

In other Harvard Bioscience news, CFO Robert E. Gagnon sold 8,889 shares of the stock in a transaction on Wednesday, August 29th. The stock was sold at an average price of $5.77, for a total transaction of $51,289.53. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Jeffrey Duchemin sold 150,000 shares of the stock in a transaction on Thursday, August 9th. The shares were sold at an average price of $6.18, for a total value of $927,000.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 358,904 shares of company stock worth $2,193,381. Company insiders own 7.60% of the company’s stock.

A hedge fund recently raised its stake in Harvard Bioscience stock. Bank of New York Mellon Corp lifted its position in Harvard Bioscience, Inc. (NASDAQ:HBIO) by 181.7% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 118,785 shares of the medical instruments supplier’s stock after buying an additional 76,615 shares during the period. Bank of New York Mellon Corp owned approximately 0.32% of Harvard Bioscience worth $636,000 as of its most recent filing with the Securities and Exchange Commission (SEC). 73.00% of the stock is currently owned by institutional investors.

About Harvard Bioscience

Harvard Bioscience, Inc develops, manufactures, and markets scientific instruments, systems, and lab consumables used in life science basic research, drug discovery, and clinical and environmental testing. The company offers physiology, cell, and molecular instruments, such as traditional syringe pump and peristaltic pump products, as well as a range of instruments and accessories for tissue, organ, and animal based lab research under the Harvard Apparatus, CMA Microdialysis, Panlab, Coulbourn, and Hugo Sachs brands; and spectrophotometers, microplate readers, amino acid analyzers, gel electrophoresis equipment, and electroporation instruments that are marketed under the Biochrom, Libra, WPA, BioDrop, Hoefer, Scie-plas, and BTX brand names.

Further Reading: Hedge Funds Explained

Earnings History for Harvard Bioscience (NASDAQ:HBIO)

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