The Spectranetics Corp. (SPNC) Trading Down 3%
The Spectranetics Corp. (NASDAQ:SPNC) shares dropped 3% on Friday . The stock traded as low as $23.18 and last traded at $23.43, with a volume of 638,745 shares. The stock had previously closed at $24.16.
SPNC has been the subject of several research reports. Craig Hallum downgraded The Spectranetics Corp. from a “buy” rating to a “hold” rating and set a $17.00 price target for the company. in a research note on Tuesday, April 26th. Zacks Investment Research downgraded The Spectranetics Corp. from a “hold” rating to a “sell” rating in a research note on Saturday, April 30th. Needham & Company LLC reiterated a “buy” rating on shares of The Spectranetics Corp. in a research note on Saturday, April 30th. Canaccord Genuity reiterated a “buy” rating and set a $23.50 price target on shares of The Spectranetics Corp. in a research note on Wednesday, June 1st. Finally, Guggenheim initiated coverage on The Spectranetics Corp. in a research note on Wednesday, June 8th. They set a “buy” rating and a $23.00 price target for the company. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. The Spectranetics Corp. currently has an average rating of “Buy” and a consensus target price of $23.25.
The firm’s market cap is $1.01 billion. The firm’s 50 day moving average is $20.44 and its 200-day moving average is $16.82.
The Spectranetics Corp. (NASDAQ:SPNC) last posted its quarterly earnings results on Thursday, July 28th. The company reported ($0.26) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.28) by $0.02. The business earned $67.70 million during the quarter, compared to analysts’ expectations of $65.18 million. The firm’s revenue for the quarter was up 9.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.22) EPS. Equities analysts forecast that The Spectranetics Corp. will post ($1.11) earnings per share for the current year.
A hedge fund recently raised its stake in The Spectranetics Corp. stock. Morgan Stanley boosted its stake in The Spectranetics Corp. (NASDAQ:SPNC) by 343.2% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 74,094 shares of the company’s stock after buying an additional 57,376 shares during the period. Morgan Stanley owned about 0.17% of The Spectranetics Corp. worth $1,116,000 as of its most recent SEC filing.
The Spectranetics Corporation develops, manufactures, markets and distributes single-use medical devices used in minimally invasive procedures within the cardiovascular system. The Company’s products are used to cross, prepare and treat arterial blockages in the heart and legs and to manage pacemaker and defibrillator cardiac leads.
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