Azenta (NASDAQ:AZTA) Stock Jumps 4.4% – Here’s What Happened

Azenta, Inc. (NASDAQ:AZTA) shares rose 4.4% during trading on Wednesday. The company traded as high as $41.26 and last traded at $40.81. Approximately 71,231 shares changed hands during mid-day trading, a decline of 92% from the average daily volume of 937,520 shares. The stock had previously closed at $39.08.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. Weiss Ratings raised Azenta from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Wednesday, August 26th. Needham & Company LLC reiterated a “buy” rating and set a $37.00 price objective on shares of Azenta in a research note on Monday, September 14th. Finally, Wall Street Zen downgraded Azenta from a “buy” rating to a “hold” rating in a report on Sunday, October 18th. Four research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $41.20.

Azenta Trading Up 1.6%

The stock has a fifty day simple moving average of $34.92 and a 200-day simple moving average of $28.50. The stock has a market cap of $1.81 billion, a price-to-earnings ratio of -14.95 and a beta of 1.52.

Azenta (NASDAQ:AZTA) last released its earnings results on Tuesday, August 4th. The company reported $0.16 earnings per share for the quarter, topping analysts’ consensus estimates of $0.11 by $0.05. Azenta had a positive return on equity of 1.18% and a negative net margin of 20.63%. The business had revenue of $161.18 million for the quarter, compared to the consensus estimate of $149.31 million.

Hedge Funds Weigh In On Azenta

A number of large investors have recently modified their holdings of the business. Traynor Capital Management Inc. acquired a new position in shares of Azenta during the third quarter worth $244,000. ProShare Advisors LLC acquired a new stake in shares of Azenta during the 3rd quarter valued at $200,000. State of Wyoming bought a new stake in Azenta during the 3rd quarter worth $76,000. China Universal Asset Management Co. Ltd. acquired a new position in Azenta in the 3rd quarter worth about $74,000. Finally, Angeles Wealth Management LLC acquired a new position in Azenta in the 3rd quarter worth about $247,000. 99.08% of the stock is currently owned by institutional investors and hedge funds.

Azenta Company Profile

Azenta, Inc is a life sciences company that provides products and services for the management, storage, and analysis of biological and chemical samples. Its offerings support pharmaceutical, biotechnology, academic, and clinical research organizations throughout the sample lifecycle, from collection and processing to long-term storage and retrieval.

The company’s portfolio includes automated and ultra-low-temperature sample storage systems, laboratory automation equipment, consumables, and software for sample tracking and management.