Guardant Health Inc (NASDAQ:GH) was the target of a large decline in short interest in August. As of August 31st, there was short interest totalling 2,447,200 shares, a decline of 15.4% from the July 31st total of 2,891,700 shares. Currently, 6.7% of the shares of the stock are short sold. Based on an average daily volume of 963,800 shares, the days-to-cover ratio is currently 2.5 days.
In related news, Director Ian T. Clark sold 2,690 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $85.70, for a total value of $230,533.00. Following the sale, the director now directly owns 3,992 shares in the company, valued at approximately $342,114.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Ian T. Clark sold 538 shares of the business’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $94.05, for a total transaction of $50,598.90. The disclosure for this sale can be found here. Insiders sold a total of 1,004,867 shares of company stock worth $100,483,206 over the last quarter. Insiders own 13.00% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the company. Advantage Investment Management LLC increased its stake in Guardant Health by 200.0% in the 2nd quarter. Advantage Investment Management LLC now owns 450 shares of the company’s stock valued at $39,000 after buying an additional 300 shares during the period. HM Payson & Co. acquired a new position in Guardant Health in the 2nd quarter valued at approximately $43,000. Oppenheimer Asset Management Inc. acquired a new position in Guardant Health in the 2nd quarter valued at approximately $62,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in Guardant Health in the 2nd quarter valued at approximately $76,000. Finally, FNY Investment Advisers LLC increased its stake in Guardant Health by 7,816.7% in the 2nd quarter. FNY Investment Advisers LLC now owns 950 shares of the company’s stock valued at $82,000 after buying an additional 938 shares during the period. Institutional investors and hedge funds own 81.40% of the company’s stock.
Guardant Health (NASDAQ:GH) last released its quarterly earnings results on Tuesday, August 6th. The company reported ($0.13) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.34) by $0.21. Guardant Health had a negative net margin of 60.08% and a negative return on equity of 22.93%. The business had revenue of $53.98 million for the quarter, compared to analyst estimates of $35.97 million. During the same quarter in the previous year, the business earned ($1.75) earnings per share. The firm’s revenue was up 178.5% compared to the same quarter last year. As a group, analysts forecast that Guardant Health will post -1.27 earnings per share for the current year.
A number of equities research analysts have recently issued reports on the stock. Cowen set a $110.00 price target on shares of Guardant Health and gave the company a “buy” rating in a report on Wednesday, August 7th. Zacks Investment Research lowered shares of Guardant Health from a “strong-buy” rating to a “hold” rating in a report on Saturday, August 10th. Canaccord Genuity restated a “buy” rating and set a $125.00 price target (up previously from $96.00) on shares of Guardant Health in a report on Wednesday, August 7th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Guardant Health from $90.00 to $135.00 and gave the company an “overweight” rating in a report on Wednesday, August 7th. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. Guardant Health presently has a consensus rating of “Buy” and a consensus price target of $111.80.
About Guardant Health
Guardant Health, Inc, a precision oncology company, provides blood tests, data sets, and analytics in the United States and internationally. The company offers liquid biopsy tests for advanced stage cancer, such as Guardant360, a molecular diagnostic test that measures various cancer-related genes; and GuardantOMNI, a broader gene panel, including genes associated with homologous recombination repair deficiency and biomarkers for immuno-oncology applications.
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