The Spectranetics Corp. (SPNC) Hits New 52-Week High at $25.58
The Spectranetics Corp. (NASDAQ:SPNC)’s share price reached a new 52-week high on Thursday . The stock traded as high as $25.58 and last traded at $25.48, with a volume of 1,018,234 shares trading hands. The stock had previously closed at $23.68.
SPNC has been the subject of several research analyst reports. Needham & Company LLC raised their target price on shares of The Spectranetics Corp. from $21.00 to $27.00 and gave the company a “strong-buy” rating in a research note on Friday, July 29th. Canaccord Genuity reaffirmed a “buy” rating on shares of The Spectranetics Corp. in a research note on Tuesday, July 12th. Stifel Nicolaus reaffirmed a “buy” rating on shares of The Spectranetics Corp. in a research note on Monday, June 20th. Guggenheim assumed coverage on shares of The Spectranetics Corp. in a research note on Wednesday, June 8th. They set a “buy” rating and a $23.00 target price for the company. Finally, Royal Bank Of Canada lifted their price objective on shares of The Spectranetics Corp. from $17.00 to $24.00 and gave the stock a “sector perform” rating in a research note on Monday, August 1st. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and nine have issued a buy rating to the company. The Spectranetics Corp. currently has a consensus rating of “Buy” and an average target price of $23.25.
The stock has a 50 day moving average of $20.91 and a 200-day moving average of $17.05. The stock’s market capitalization is $1.10 billion.
The Spectranetics Corp. (NASDAQ:SPNC) last posted its quarterly earnings data on Thursday, July 28th. The company reported ($0.26) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.28) by $0.02. During the same quarter in the prior year, the company posted ($0.22) earnings per share. The company had revenue of $67.70 million for the quarter, compared to analyst estimates of $65.18 million. The business’s revenue was up 9.5% on a year-over-year basis. Equities research analysts expect that The Spectranetics Corp. will post ($1.11) earnings per share for the current fiscal year.
An institutional investor recently raised its position in The Spectranetics Corp. stock. Morgan Stanley increased its position in The Spectranetics Corp. (NASDAQ:SPNC) by 343.2% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 74,094 shares of the company’s stock after buying an additional 57,376 shares during the period. Morgan Stanley owned approximately 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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