Quanterix (NASDAQ:QTRX) Shares Down 8.9%

Quanterix Co. (NASDAQ:QTRX)’s stock price dropped 8.9% during mid-day trading on Monday . The company traded as low as $14.17 and last traded at $14.17. Approximately 102,552 shares traded hands during trading, a decline of 74% from the average daily volume of 390,341 shares. The stock had previously closed at $15.56.

Wall Street Analyst Weigh In

QTRX has been the subject of a number of analyst reports. Canaccord Genuity Group reduced their price objective on Quanterix from $32.00 to $25.00 and set a “buy” rating for the company in a research report on Monday, April 29th. The Goldman Sachs Group reduced their price objective on Quanterix from $35.00 to $24.00 and set a “buy” rating for the company in a research report on Tuesday, July 9th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, Quanterix has an average rating of “Buy” and a consensus target price of $28.60.

Quanterix Trading Down 6.6 %

The stock has a 50-day simple moving average of $14.80 and a 200-day simple moving average of $19.48. The company has a market cap of $556.06 million, a price-to-earnings ratio of -15.14 and a beta of 1.39.

Quanterix (NASDAQ:QTRX) last announced its earnings results on Tuesday, May 7th. The company reported ($0.26) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.33) by $0.07. The company had revenue of $32.07 million for the quarter, compared to analyst estimates of $31.72 million. Quanterix had a negative return on equity of 10.39% and a negative net margin of 28.82%. As a group, research analysts expect that Quanterix Co. will post -0.87 EPS for the current fiscal year.

Institutional Investors Weigh In On Quanterix

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. raised its position in shares of Quanterix by 0.7% during the first quarter. Vanguard Group Inc. now owns 2,069,423 shares of the company’s stock worth $48,756,000 after purchasing an additional 14,390 shares during the period. Lord Abbett & CO. LLC raised its position in shares of Quanterix by 22.9% during the first quarter. Lord Abbett & CO. LLC now owns 1,757,153 shares of the company’s stock worth $41,398,000 after purchasing an additional 326,876 shares during the period. Dimensional Fund Advisors LP raised its position in Quanterix by 15.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 974,111 shares of the company’s stock valued at $26,635,000 after buying an additional 131,195 shares during the period. Easterly Investment Partners LLC raised its position in Quanterix by 779.9% during the second quarter. Easterly Investment Partners LLC now owns 692,746 shares of the company’s stock valued at $9,151,000 after buying an additional 614,012 shares during the period. Finally, Baillie Gifford & Co. raised its position in Quanterix by 1.6% during the second quarter. Baillie Gifford & Co. now owns 633,460 shares of the company’s stock valued at $8,368,000 after buying an additional 10,105 shares during the period. 86.48% of the stock is owned by institutional investors and hedge funds.

Quanterix Company Profile

Quanterix Corporation, a life sciences company, engages in development and marketing of digital immunoassay platforms that advances precision health for life sciences research and diagnostics in North America, Europe, the Middle East, Africa, and the Asia Pacific regions. The company offers HD-X instrument, a protein detection platform; and SR-X instrument that enables researchers to apply Simoa detection in an expanded range of applications.