23andMe (NASDAQ:ME) Price Target Cut to $0.47 by Analysts at Citigroup

23andMe (NASDAQ:ME) had its price target cut by Citigroup from $0.85 to $0.47 in a note issued to investors on Tuesday, Benzinga reports. The firm presently has a “neutral” rating on the stock. Citigroup’s target price suggests a potential upside of 17.47% from the stock’s current price.

23andMe Price Performance

Shares of ME stock traded down $0.00 during mid-day trading on Tuesday, hitting $0.40. The stock had a trading volume of 717,122 shares, compared to its average volume of 6,506,439. 23andMe has a 12-month low of $0.39 and a 12-month high of $2.26. The firm’s 50-day moving average is $0.56 and its two-hundred day moving average is $0.74. The firm has a market capitalization of $193.22 million, a P/E ratio of -0.36 and a beta of 1.27.

23andMe (NASDAQ:ME) last released its quarterly earnings data on Wednesday, February 7th. The company reported ($0.17) earnings per share for the quarter. The business had revenue of $44.75 million during the quarter, compared to analysts’ expectations of $56.30 million. 23andMe had a negative return on equity of 52.99% and a negative net margin of 210.48%.

Insider Buying and Selling at 23andMe

In other news, insider Kathy L. Hibbs sold 38,548 shares of the firm’s stock in a transaction dated Thursday, January 25th. The shares were sold at an average price of $0.73, for a total value of $28,140.04. Following the sale, the insider now directly owns 1,280,349 shares in the company, valued at approximately $934,654.77. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In the last 90 days, insiders have sold 154,192 shares of company stock valued at $88,660. 27.55% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On 23andMe

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ME. Advisor Group Holdings Inc. lifted its stake in shares of 23andMe by 21.8% during the first quarter. Advisor Group Holdings Inc. now owns 54,620 shares of the company’s stock worth $210,000 after buying an additional 9,765 shares during the period. Swiss National Bank grew its stake in 23andMe by 64.8% during the 1st quarter. Swiss National Bank now owns 219,400 shares of the company’s stock valued at $840,000 after purchasing an additional 86,300 shares during the last quarter. ProShare Advisors LLC increased its holdings in 23andMe by 26.1% in the 1st quarter. ProShare Advisors LLC now owns 21,854 shares of the company’s stock worth $84,000 after buying an additional 4,525 shares during the period. JPMorgan Chase & Co. raised its holdings in shares of 23andMe by 83.0% during the first quarter. JPMorgan Chase & Co. now owns 86,111 shares of the company’s stock worth $330,000 after purchasing an additional 39,066 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in shares of 23andMe by 168.5% in the 1st quarter. Bank of New York Mellon Corp now owns 91,142 shares of the company’s stock valued at $349,000 after buying an additional 57,198 shares during the period. 36.10% of the stock is currently owned by hedge funds and other institutional investors.

23andMe Company Profile

23andMe Holding Co operates as a consumer genetics testing company. The company operates in two segments, Consumer & Research Services and Therapeutics. The Consumer & Research Services segment provides a suite of genetic reports, including information on customers' genetic ancestral origins, personal genetic health risks, and chances of passing on certain rare carrier conditions to their children, as well as reports on how genetics can impact responses to medications.