Quanterix (NASDAQ:QTRX) Stock Breaks Above 50-Day Moving Average After Earnings Miss

Quanterix Corporation (NASDAQ:QTRX)’s share price passed above its 50 day moving average during trading on Monday after the company announced better than expected quarterly earnings. The stock has a 50 day moving average of $3.01 and traded as high as $3.44. Quanterix shares last traded at $3.38, with a volume of 1,175,402 shares.

The company reported ($0.46) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.04). The business had revenue of $34.97 million for the quarter, compared to analysts’ expectations of $33.85 million. Quanterix had a negative return on equity of 26.09% and a negative net margin of 80.25%.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on QTRX. TD Cowen boosted their target price on Quanterix from $3.00 to $3.50 and gave the stock a “hold” rating in a research note on Tuesday, October 13th. Canaccord Genuity Group dropped their price target on shares of Quanterix from $4.00 to $3.00 and set a “hold” rating on the stock in a research note on Monday, August 17th. Wall Street Zen lowered shares of Quanterix from a “hold” rating to a “sell” rating in a research note on Saturday. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Quanterix in a report on Wednesday, November 4th. Two research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Reduce” and a consensus target price of $3.25.

Hedge Funds Weigh In On Quanterix

Hedge funds have recently made changes to their positions in the company. BlackRock Inc. acquired a new stake in shares of Quanterix during the second quarter worth about $15,705,000. Levin Capital Strategies L.P. acquired a new stake in shares of Quanterix in the 1st quarter valued at about $5,153,000. Empire Financial Management Company LLC boosted its position in shares of Quanterix by 19.1% in the 1st quarter. Empire Financial Management Company LLC now owns 736,068 shares of the company’s stock valued at $2,591,000 after purchasing an additional 118,238 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Quanterix by 13.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 443,118 shares of the company’s stock valued at $1,559,000 after purchasing an additional 53,652 shares during the period. Finally, GSA Capital Partners LLP purchased a new position in Quanterix during the 2nd quarter worth approximately $1,772,000. Hedge funds and other institutional investors own 86.48% of the company’s stock.

Quanterix Trading Up 17.0%

The business has a 50 day moving average of $3.01 and a 200-day moving average of $3.78. The stock has a market cap of $159.84 million, a PE ratio of -1.29 and a beta of 1.06.

Quanterix Company Profile

Quanterix Corporation (NASDAQ:QTRX) is a life sciences company that develops ultra-sensitive digital immunoassay technologies for detecting and measuring biomarkers in blood and other biological samples. Its platform is designed to identify proteins and other molecules at very low concentrations, supporting research into disease biology, diagnosis, treatment response and drug development.

The company’s principal technology, Simoa, uses digital detection methods to improve the sensitivity of immunoassays.