IDEXX Laboratories (NASDAQ:IDXX) Shares Down 9.1% – What’s Next?

Shares of IDEXX Laboratories, Inc. (NASDAQ:IDXX) were down 9.1% during trading on Thursday . The company traded as low as $409.50 and last traded at $410.20. Approximately 149,363 shares traded hands during trading, a decline of 69% from the average daily volume of 479,587 shares. The stock had previously closed at $451.08.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on IDXX. Piper Sandler decreased their price target on shares of IDEXX Laboratories from $600.00 to $520.00 and set a “neutral” rating for the company in a research note on Wednesday, August 14th. BTIG Research assumed coverage on shares of IDEXX Laboratories in a research note on Thursday, July 25th. They set a “buy” rating and a $580.00 target price for the company. Stifel Nicolaus dropped their price target on IDEXX Laboratories from $510.00 to $500.00 and set a “hold” rating on the stock in a research report on Thursday, October 10th. JPMorgan Chase & Co. reduced their price objective on IDEXX Laboratories from $630.00 to $575.00 and set an “overweight” rating for the company in a research report on Friday, October 11th. Finally, StockNews.com downgraded IDEXX Laboratories from a “buy” rating to a “hold” rating in a report on Wednesday, July 10th. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, IDEXX Laboratories has a consensus rating of “Moderate Buy” and an average target price of $574.13.

IDEXX Laboratories Stock Down 9.4 %

The company’s 50 day simple moving average is $481.87 and its 200-day simple moving average is $488.22. The firm has a market cap of $33.75 billion, a P/E ratio of 40.59, a PEG ratio of 4.03 and a beta of 1.33. The company has a current ratio of 1.37, a quick ratio of 1.03 and a debt-to-equity ratio of 0.33.

IDEXX Laboratories (NASDAQ:IDXX) last released its quarterly earnings results on Tuesday, August 6th. The company reported $2.44 earnings per share for the quarter, missing the consensus estimate of $2.88 by ($0.44). IDEXX Laboratories had a net margin of 22.34% and a return on equity of 57.03%. The firm had revenue of $1 billion for the quarter, compared to the consensus estimate of $1.01 billion. During the same period in the previous year, the company earned $2.67 earnings per share. IDEXX Laboratories’s quarterly revenue was up 6.4% compared to the same quarter last year. Research analysts forecast that IDEXX Laboratories, Inc. will post 10.44 earnings per share for the current fiscal year.

Institutional Investors Weigh In On IDEXX Laboratories

Several hedge funds and other institutional investors have recently made changes to their positions in IDXX. Crewe Advisors LLC bought a new stake in IDEXX Laboratories during the first quarter valued at approximately $26,000. Ridgewood Investments LLC bought a new stake in shares of IDEXX Laboratories during the 2nd quarter valued at $27,000. Institutional & Family Asset Management LLC purchased a new stake in shares of IDEXX Laboratories in the 2nd quarter worth $28,000. E Fund Management Hong Kong Co. Ltd. raised its holdings in IDEXX Laboratories by 5,700.0% in the 3rd quarter. E Fund Management Hong Kong Co. Ltd. now owns 58 shares of the company’s stock worth $29,000 after purchasing an additional 57 shares during the period. Finally, Mowery & Schoenfeld Wealth Management LLC lifted its position in IDEXX Laboratories by 750.0% during the third quarter. Mowery & Schoenfeld Wealth Management LLC now owns 68 shares of the company’s stock valued at $34,000 after purchasing an additional 60 shares in the last quarter. Hedge funds and other institutional investors own 87.84% of the company’s stock.

IDEXX Laboratories Company Profile

IDEXX Laboratories, Inc develops, manufactures, and distributes products primarily for the companion animal veterinary, livestock and poultry, dairy, and water testing markets in Africa, the Asia Pacific, Canada, Europe, Latin America, and internationally. The company operates through three segments: Companion Animal Group; Water Quality Products; and Livestock, Poultry and Dairy.