23andMe (NASDAQ:ME) Downgraded to Strong Sell at TD Cowen

TD Cowen downgraded shares of 23andMe (NASDAQ:ME) from a strong-buy rating to a strong sell rating in a research report report published on Wednesday morning, Zacks.com reports.

Separately, Citigroup cut their target price on 23andMe from $0.85 to $0.47 and set a neutral rating for the company in a research note on Tuesday, April 16th.

23andMe Trading Down 3.1 %

Shares of NASDAQ ME traded down $0.01 during trading hours on Wednesday, reaching $0.36. The stock had a trading volume of 2,771,730 shares, compared to its average volume of 5,703,461. The firm has a 50-day moving average of $0.43 and a 200-day moving average of $0.52. The firm has a market cap of $177.18 million, a price-to-earnings ratio of -0.26 and a beta of 1.21. 23andMe has a fifty-two week low of $0.35 and a fifty-two week high of $1.58.

23andMe (NASDAQ:ME) last posted its quarterly earnings data on Thursday, May 23rd. The company reported ($0.12) EPS for the quarter. The company had revenue of $64.03 million for the quarter, compared to analysts’ expectations of $61.90 million. 23andMe had a negative net margin of 303.55% and a negative return on equity of 66.15%.

Hedge Funds Weigh In On 23andMe

A number of large investors have recently modified their holdings of the business. Vanguard Group Inc. increased its stake in 23andMe by 3.1% in the 3rd quarter. Vanguard Group Inc. now owns 28,145,216 shares of the company’s stock valued at $27,518,000 after purchasing an additional 834,504 shares in the last quarter. Raymond James & Associates increased its stake in 23andMe by 82.4% in the 4th quarter. Raymond James & Associates now owns 65,973 shares of the company’s stock valued at $60,000 after purchasing an additional 29,800 shares in the last quarter. SG Americas Securities LLC increased its stake in 23andMe by 61.4% in the 4th quarter. SG Americas Securities LLC now owns 214,004 shares of the company’s stock valued at $195,000 after purchasing an additional 81,442 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in 23andMe by 58.0% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 61,167 shares of the company’s stock valued at $56,000 after purchasing an additional 22,460 shares in the last quarter. Finally, Wittenberg Investment Management Inc. increased its stake in 23andMe by 22.1% in the 4th quarter. Wittenberg Investment Management Inc. now owns 1,397,393 shares of the company’s stock valued at $1,277,000 after purchasing an additional 252,909 shares in the last quarter. 36.10% of the stock is owned by hedge funds and other institutional investors.

23andMe Company Profile

23andMe Holding Co operates as a consumer genetics testing company. The company operates in two segments, Consumer & Research Services and Therapeutics. The Consumer & Research Services segment provides a suite of genetic reports, including information on customers' genetic ancestral origins, personal genetic health risks, and chances of passing on certain rare carrier conditions to their children, as well as reports on how genetics can impact responses to medications.