Kestra Medical Technologies (NASDAQ:KMTS) Stock Falls 4.6% – Here’s What Happened

Shares of Kestra Medical Technologies, Ltd. (NASDAQ:KMTS) dropped 4.6% during mid-day trading on Wednesday. The stock traded as low as $26.97 and last traded at $26.9850. Approximately 220,258 shares changed hands during mid-day trading, a decline of 36% from the average session volume of 345,406 shares. The stock had previously closed at $28.28.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on KMTS shares. Oppenheimer initiated coverage on Kestra Medical Technologies in a research note on Tuesday, July 21st. They issued a “market perform” rating on the stock. Piper Sandler reaffirmed an “overweight” rating on shares of Kestra Medical Technologies in a research note on Tuesday, September 15th. Evercore initiated coverage on Kestra Medical Technologies in a research note on Tuesday. They set an “outperform” rating and a $34.00 target price for the company. Weiss Ratings upgraded Kestra Medical Technologies from a “sell (e+)” rating to a “sell (d-)” rating in a report on Wednesday, September 16th. Finally, Wolfe Research set a $30.00 price target on Kestra Medical Technologies in a research note on Wednesday, July 15th. Five investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Kestra Medical Technologies currently has an average rating of “Moderate Buy” and a consensus target price of $29.00.

Kestra Medical Technologies Stock Down 4.3%

The company has a quick ratio of 4.69, a current ratio of 4.69 and a debt-to-equity ratio of 0.33. The stock has a 50 day simple moving average of $26.42 and a 200 day simple moving average of $23.68. The stock has a market cap of $1.61 billion, a price-to-earnings ratio of -10.14 and a beta of 0.51.

Kestra Medical Technologies (NASDAQ:KMTS) last issued its earnings results on Monday, September 14th. The company reported ($0.75) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.61) by ($0.14). Kestra Medical Technologies had a negative return on equity of 63.83% and a negative net margin of 140.43%. The firm had revenue of $30.97 million for the quarter. As a group, analysts expect that Kestra Medical Technologies, Ltd. will post -2.45 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Kestra Medical Technologies news, Director Jeffrey Schwartz sold 3,890 shares of the business’s stock in a transaction on Tuesday, September 8th. The shares were sold at an average price of $25.18, for a total transaction of $97,950.20. Following the completion of the sale, the director owned 7,019 shares in the company, valued at approximately $176,738.42. The trade was a 35.66% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Raymond Cohen sold 3,330 shares of the company’s stock in a transaction on Wednesday, September 30th. The stock was sold at an average price of $29.28, for a total transaction of $97,502.40. Following the transaction, the director owned 54,790 shares in the company, valued at approximately $1,604,251.20. The trade was a 5.73% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 246,928 shares of company stock worth $5,997,473 in the last quarter. Insiders own 5.30% of the company’s stock.

Institutional Investors Weigh In On Kestra Medical Technologies

Hedge funds and other institutional investors have recently made changes to their positions in the business. Sei Investments Co. raised its holdings in shares of Kestra Medical Technologies by 22.6% in the 1st quarter. Sei Investments Co. now owns 237,116 shares of the company’s stock worth $4,726,000 after acquiring an additional 43,753 shares during the last quarter. The Manufacturers Life Insurance Company lifted its position in Kestra Medical Technologies by 6.6% in the 1st quarter. The Manufacturers Life Insurance Company now owns 92,515 shares of the company’s stock valued at $1,844,000 after acquiring an additional 5,731 shares in the last quarter. Bank of New York Mellon Corp lifted its position in Kestra Medical Technologies by 47.2% in the 1st quarter. Bank of New York Mellon Corp now owns 70,113 shares of the company’s stock valued at $1,397,000 after acquiring an additional 22,471 shares in the last quarter. Corient Private Wealth LP boosted its stake in Kestra Medical Technologies by 284.2% during the 2nd quarter. Corient Private Wealth LP now owns 60,614 shares of the company’s stock valued at $1,542,000 after purchasing an additional 44,839 shares during the last quarter. Finally, Spartan Wealth Advisory Services LLC acquired a new position in Kestra Medical Technologies during the 1st quarter valued at about $603,000.

Kestra Medical Technologies Company Profile

Kestra Medical Technologies, Inc is a medical technology company focused on developing and commercializing wearable solutions for patients at risk of sudden cardiac arrest. Its primary product is the ASSURE wearable cardioverter defibrillator, a wearable device designed to continuously monitor a patient’s heart rhythm and deliver a therapeutic shock when clinically necessary.

The company’s platform combines cardiac monitoring, arrhythmia detection and defibrillation capabilities in a wearable system intended for use outside the hospital.