Quanterix (NASDAQ:QTRX) Shares Gap Up After Insider Buying Activity

Quanterix Co. (NASDAQ:QTRX)’s share price gapped up prior to trading on Wednesday after an insider bought additional shares in the company. The stock had previously closed at $13.20, but opened at $13.74. Quanterix shares last traded at $13.94, with a volume of 63,052 shares.

Specifically, Director David R. Walt purchased 47,000 shares of the stock in a transaction dated Tuesday, August 20th. The stock was bought at an average cost of $13.29 per share, with a total value of $624,630.00. Following the purchase, the director now directly owns 1,487,342 shares in the company, valued at approximately $19,766,775.18. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the stock. Scotiabank dropped their price objective on shares of Quanterix from $32.00 to $28.00 and set a “sector outperform” rating on the stock in a report on Monday, August 12th. TD Cowen cut their price target on Quanterix from $17.00 to $15.00 and set a “hold” rating on the stock in a report on Friday, August 9th. Finally, The Goldman Sachs Group decreased their price objective on Quanterix from $35.00 to $24.00 and set a “buy” rating for the company in a report on Tuesday, July 9th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $24.80.

Quanterix Price Performance

The business has a 50-day simple moving average of $13.40 and a two-hundred day simple moving average of $16.55. The stock has a market cap of $541.14 million, a price-to-earnings ratio of -14.73 and a beta of 1.36.

Quanterix (NASDAQ:QTRX) last posted its earnings results on Thursday, August 8th. The company reported ($0.25) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.02). Quanterix had a negative return on equity of 11.52% and a negative net margin of 30.71%. The business had revenue of $34.38 million for the quarter, compared to analyst estimates of $34.19 million. During the same period in the previous year, the firm posted ($0.16) earnings per share. As a group, equities analysts anticipate that Quanterix Co. will post -0.88 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Quanterix

Several large investors have recently modified their holdings of the stock. Algert Global LLC acquired a new stake in Quanterix during the second quarter worth approximately $1,035,000. Marathon Capital Management increased its stake in shares of Quanterix by 15.5% during the second quarter. Marathon Capital Management now owns 137,560 shares of the company’s stock worth $1,817,000 after purchasing an additional 18,425 shares during the period. Deerfield Management Company L.P. Series C acquired a new stake in Quanterix during the 2nd quarter worth approximately $284,000. Marshall Wace LLP bought a new stake in Quanterix in the 2nd quarter valued at $341,000. Finally, Bulltick Wealth Management LLC acquired a new position in Quanterix in the 2nd quarter valued at $786,000. 86.48% of the stock is owned by institutional investors.

About Quanterix

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.