Masimo (NASDAQ:MASI) Sees Unusually-High Trading Volume Following Better-Than-Expected Earnings

Shares of Masimo Co. (NASDAQ:MASI) saw strong trading volume on Wednesday after the company announced better than expected quarterly earnings. 676,151 shares changed hands during mid-day trading, an increase of 21% from the previous session’s volume of 560,520 shares.The stock last traded at $118.40 and had previously closed at $136.00.

The medical equipment provider reported $0.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.71 by $0.06. The firm had revenue of $492.80 million for the quarter, compared to analysts’ expectations of $487.70 million. Masimo had a net margin of 3.98% and a return on equity of 13.77%. The company’s revenue for the quarter was down 12.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.87 earnings per share.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. Jefferies Financial Group reissued a “hold” rating and set a $121.00 target price (up from $107.00) on shares of Masimo in a research note on Tuesday, January 30th. Wells Fargo & Company raised Masimo from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $117.00 to $160.00 in a report on Monday, March 25th. Piper Sandler upped their target price on Masimo from $117.00 to $126.00 and gave the stock a “neutral” rating in a research note on Wednesday. Needham & Company LLC reissued a “hold” rating on shares of Masimo in a research note on Wednesday. Finally, StockNews.com upgraded shares of Masimo from a “sell” rating to a “hold” rating in a research report on Friday, March 29th. Five analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $138.71.

Insider Activity at Masimo

In other news, Director Craig B. Reynolds sold 40,000 shares of the firm’s stock in a transaction dated Friday, April 26th. The shares were sold at an average price of $136.17, for a total value of $5,446,800.00. Following the transaction, the director now directly owns 7,406 shares of the company’s stock, valued at $1,008,475.02. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 9.70% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Masimo

Several hedge funds and other institutional investors have recently made changes to their positions in MASI. State of Michigan Retirement System raised its holdings in shares of Masimo by 0.9% during the 4th quarter. State of Michigan Retirement System now owns 10,696 shares of the medical equipment provider’s stock worth $1,254,000 after acquiring an additional 100 shares during the period. Massmutual Trust Co. FSB ADV raised its stake in Masimo by 140.6% during the fourth quarter. Massmutual Trust Co. FSB ADV now owns 243 shares of the medical equipment provider’s stock worth $28,000 after purchasing an additional 142 shares during the period. Parallel Advisors LLC boosted its holdings in Masimo by 48.3% in the 4th quarter. Parallel Advisors LLC now owns 445 shares of the medical equipment provider’s stock valued at $52,000 after purchasing an additional 145 shares during the last quarter. CWM LLC grew its stake in shares of Masimo by 13.5% in the 4th quarter. CWM LLC now owns 1,318 shares of the medical equipment provider’s stock valued at $154,000 after buying an additional 157 shares during the period. Finally, Riverview Trust Co purchased a new stake in shares of Masimo during the 1st quarter valued at approximately $25,000. Institutional investors and hedge funds own 85.96% of the company’s stock.

Masimo Stock Down 12.1 %

The business has a fifty day moving average of $136.36 and a 200 day moving average of $119.58. The company has a debt-to-equity ratio of 0.64, a current ratio of 2.18 and a quick ratio of 1.22. The stock has a market capitalization of $6.33 billion, a price-to-earnings ratio of 79.63 and a beta of 0.99.

About Masimo

Masimo Corporation develops, manufactures, and markets various patient monitoring technologies, and automation and connectivity solutions worldwide. The company offers masimo signal extraction technology (SET) pulse oximetry with measure-through motion and low perfusion pulse oximetry monitoring to address the primary limitations of conventional pulse oximetry; Masimo rainbow SET platform, including rainbow SET Pulse CO-Oximetry products that allows noninvasive monitoring of carboxyhemoglobin, methemoglobin, hemoglobin concentration, fractional arterial oxygen saturation, oxygen content, pleth variability index, rainbow pleth variability index, respiration rate from the pleth, and oxygen reserve index, as well as acoustic respiration monitoring, SedLine brain function monitoring, NomoLine capnography and gas monitoring, and regional oximetry.