Canaccord Genuity Group Cuts Quipt Home Medical (NASDAQ:QIPT) Price Target to $6.00

Quipt Home Medical (NASDAQ:QIPT) had its price target cut by Canaccord Genuity Group from $8.00 to $6.00 in a report issued on Friday, Benzinga reports. They currently have a buy rating on the stock.

A number of other equities analysts have also recently issued reports on QIPT. Eight Capital upgraded Quipt Home Medical to a strong-buy rating in a report on Friday, May 17th. Ventum Cap Mkts upgraded Quipt Home Medical to a strong-buy rating in a report on Tuesday, July 16th. Raymond James cut Quipt Home Medical from a market perform rating to an underperform rating and cut their target price for the company from $10.00 to $2.50 in a research note on Friday, May 17th. Benchmark decreased their price target on shares of Quipt Home Medical from $10.00 to $9.00 and set a buy rating for the company in a research note on Monday, May 20th. Finally, Stifel Nicolaus cut their price objective on shares of Quipt Home Medical from $10.50 to $9.50 and set a buy rating on the stock in a research report on Friday, May 17th. One investment analyst has rated the stock with a sell rating, three have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, Quipt Home Medical presently has an average rating of Buy and an average target price of $6.75.

Quipt Home Medical Stock Performance

QIPT stock opened at $2.95 on Friday. Quipt Home Medical has a 1-year low of $2.72 and a 1-year high of $6.01. The company has a current ratio of 1.14, a quick ratio of 0.79 and a debt-to-equity ratio of 0.66. The firm has a market cap of $125.59 million, a PE ratio of -29.50 and a beta of 0.64. The business’s 50-day moving average price is $3.31 and its two-hundred day moving average price is $3.76.

Quipt Home Medical (NASDAQ:QIPT) last issued its quarterly earnings data on Wednesday, August 14th. The company reported ($0.04) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.01 by ($0.05). The business had revenue of $63.97 million during the quarter, compared to analyst estimates of $65.03 million. Quipt Home Medical had a negative net margin of 1.95% and a negative return on equity of 4.50%. During the same quarter in the prior year, the firm posted ($0.03) earnings per share. As a group, research analysts forecast that Quipt Home Medical will post -0.02 earnings per share for the current year.

Institutional Investors Weigh In On Quipt Home Medical

Institutional investors and hedge funds have recently made changes to their positions in the stock. ProShare Advisors LLC acquired a new position in Quipt Home Medical during the second quarter worth $35,000. Hsbc Holdings PLC grew its position in shares of Quipt Home Medical by 10.4% in the 2nd quarter. Hsbc Holdings PLC now owns 52,522 shares of the company’s stock valued at $165,000 after acquiring an additional 4,969 shares during the period. Rhumbline Advisers increased its stake in shares of Quipt Home Medical by 21.0% during the 2nd quarter. Rhumbline Advisers now owns 49,276 shares of the company’s stock worth $159,000 after purchasing an additional 8,541 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Quipt Home Medical by 32.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 129,738 shares of the company’s stock valued at $418,000 after purchasing an additional 32,073 shares during the period. Finally, Boston Partners lifted its stake in Quipt Home Medical by 12.8% in the 1st quarter. Boston Partners now owns 742,006 shares of the company’s stock valued at $3,243,000 after purchasing an additional 84,182 shares during the last quarter. Institutional investors own 42.85% of the company’s stock.

Quipt Home Medical Company Profile

Quipt Home Medical Corp., through its subsidiaries, engages in the provision of durable and home medical equipment and supplies in the United States. The company offers nebulizers, oxygen concentrators, and CPAP and BiPAP units; traditional and non-traditional durable medical respiratory equipment and services; non-invasive ventilation equipment, supplies, and services; and engages in the rental of medical equipment.