Abaxis Inc. (ABAX) Sees Unusually-High Trading Volume
Shares of Abaxis Inc. (NASDAQ:ABAX) saw unusually-high trading volume on Wednesday . Approximately 261,436 shares changed hands during mid-day trading, an increase of 82% from the previous session’s volume of 143,812 shares.The stock last traded at $54.32 and had previously closed at $53.09.
ABAX has been the topic of a number of recent analyst reports. Credit Suisse Group AG restated an “underperform” rating and issued a $39.00 price target on shares of Abaxis in a report on Friday, March 25th. Vetr cut shares of Abaxis from a “strong-buy” rating to a “buy” rating and set a $49.81 price target on the stock. in a report on Thursday, March 31st. Canaccord Genuity lowered their target price on shares of Abaxis from $47.00 to $42.00 and set a “hold” rating for the company in a research note on Friday, April 1st. CL King initiated coverage on shares of Abaxis in a research note on Friday, April 1st. They issued a “neutral” rating for the company. Finally, Zacks Investment Research cut shares of Abaxis from a “hold” rating to a “sell” rating in a research note on Monday, May 2nd. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $45.30.
The company’s 50 day moving average is $48.00 and its 200 day moving average is $45.49. The firm has a market capitalization of $1.22 billion and a price-to-earnings ratio of 39.25.
Abaxis (NASDAQ:ABAX) last issued its quarterly earnings results on Thursday, April 28th. The company reported $0.36 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.32 by $0.04. The business had revenue of $57 million for the quarter, compared to analysts’ expectations of $56.62 million. During the same quarter last year, the company earned $0.17 earnings per share. The firm’s revenue for the quarter was up 9.6% on a year-over-year basis. On average, equities analysts predict that Abaxis Inc. will post $1.41 earnings per share for the current year.
In other Abaxis news, Director Henk Evenhuis sold 3,000 shares of the business’s stock in a transaction dated Monday, May 9th. The shares were sold at an average price of $45.00, for a total transaction of $135,000.00. Following the sale, the director now directly owns 15,400 shares in the company, valued at $693,000. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Achim Henkel sold 5,000 shares of the business’s stock in a transaction dated Tuesday, May 17th. The stock was sold at an average price of $44.43, for a total transaction of $222,150.00. Following the sale, the director now owns 53,609 shares in the company, valued at $2,381,847.87. The disclosure for this sale can be found here.
Other hedge funds have modified their holdings of the company. Rhumbline Advisers raised its stake in shares of Abaxis by 1.4% in the fourth quarter. Rhumbline Advisers now owns 45,742 shares of the company’s stock worth $2,547,000 after buying an additional 625 shares during the period. US Bancorp DE raised its stake in Abaxis by 6.5% in the fourth quarter. US Bancorp DE now owns 23,142 shares of the company’s stock worth $1,289,000 after buying an additional 1,421 shares during the last quarter. New York State Common Retirement Fund raised its stake in Abaxis by 0.4% in the fourth quarter. New York State Common Retirement Fund now owns 494,365 shares of the company’s stock worth $27,526,000 after buying an additional 2,000 shares during the last quarter. Principal Financial Group Inc. raised its stake in Abaxis by 4.0% in the fourth quarter. Principal Financial Group Inc. now owns 145,758 shares of the company’s stock worth $8,116,000 after buying an additional 5,638 shares during the last quarter. Finally, Morgan Stanley raised its stake in Abaxis by 28.2% in the fourth quarter. Morgan Stanley now owns 29,523 shares of the company’s stock worth $1,643,000 after buying an additional 6,489 shares during the last quarter.
Abaxis, Inc is a developer, manufacturer and marketer of portable blood analysis systems that are used in medical specialties in human or veterinary patient care to provide clinicians with blood constituent measurements. The Company markets and sells its products around the world through independent distributors and direct sales force.
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