Mirion Technologies (NYSE:MIR) Shares Down 7.1% – Here’s What Happened

Mirion Technologies, Inc. (NYSE:MIR)’s stock price dropped 7.1% on Wednesday. The stock traded as low as $17.22 and last traded at $17.89. Approximately 2,130,377 shares traded hands during trading, a decline of 45% from the average daily volume of 3,868,642 shares. The stock had previously closed at $19.26.

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. Jefferies Financial Group started coverage on Mirion Technologies in a research report on Thursday, September 3rd. They issued a “buy” rating and a $20.00 price objective on the stock. Weiss Ratings downgraded Mirion Technologies from a “hold (c)” rating to a “hold (c-)” rating in a report on Friday, October 30th. Citigroup reduced their price target on Mirion Technologies from $28.00 to $24.00 and set a “buy” rating on the stock in a research report on Thursday, July 30th. The Goldman Sachs Group restated a “buy” rating and issued a $23.00 target price on shares of Mirion Technologies in a research note on Wednesday, July 29th. Finally, B. Riley Financial reaffirmed a “buy” rating and set a $25.00 price target (down from $27.00) on shares of Mirion Technologies in a research note on Thursday, October 29th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $24.88.

Mirion Technologies Stock Down 6.3%

The firm has a fifty day simple moving average of $16.20 and a 200-day simple moving average of $18.07. The company has a market capitalization of $4.43 billion, a PE ratio of 150.72 and a beta of 1.07. The company has a debt-to-equity ratio of 0.65, a quick ratio of 2.49 and a current ratio of 3.02.

Mirion Technologies (NYSE:MIR) last released its earnings results on Tuesday, October 27th. The company reported $0.12 EPS for the quarter, meeting the consensus estimate of $0.12. The company had revenue of $277.80 million during the quarter, compared to analysts’ expectations of $275.35 million. Mirion Technologies had a return on equity of 6.82% and a net margin of 2.69%. The business’s revenue was up 24.5% on a year-over-year basis. During the same period in the prior year, the business posted $0.01 EPS. Equities research analysts anticipate that Mirion Technologies, Inc. will post 0.54 EPS for the current fiscal year.

Institutional Investors Weigh In On Mirion Technologies

Several hedge funds and other institutional investors have recently modified their holdings of MIR. Maverick Capital Ltd. bought a new position in shares of Mirion Technologies during the first quarter worth about $49,261,000. William Blair Investment Management LLC acquired a new stake in Mirion Technologies during the third quarter valued at approximately $22,204,000. Bank of New York Mellon Corp lifted its holdings in Mirion Technologies by 47.4% during the 1st quarter. Bank of New York Mellon Corp now owns 4,536,732 shares of the company’s stock worth $84,338,000 after buying an additional 1,459,787 shares during the last quarter. Public Sector Pension Investment Board grew its position in shares of Mirion Technologies by 82.2% in the 3rd quarter. Public Sector Pension Investment Board now owns 1,531,361 shares of the company’s stock worth $21,623,000 after acquiring an additional 690,842 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its position in shares of Mirion Technologies by 14.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 4,694,288 shares of the company’s stock worth $87,240,000 after acquiring an additional 591,730 shares in the last quarter. Institutional investors own 78.51% of the company’s stock.

Mirion Technologies Company Profile

Mirion Technologies develops radiation detection, measurement and monitoring solutions for customers in the medical, nuclear energy, industrial, defense and research markets. Its products and services help organizations measure radiation, protect workers and the public, and support the safe operation of nuclear facilities. The company’s offerings include radiation-monitoring systems and instruments, personal dosimetry services, nuclear measurement and control equipment, and technologies used in medical imaging and radiation therapy.