Elanco Animal Health Incorporated (NYSE:ELAN) Sees Significant Growth in Short Interest

Elanco Animal Health Incorporated (NYSE:ELAN) was the target of a large growth in short interest in August. As of August 31st, there was short interest totalling 13,300,000 shares, a growth of 10.1% from the August 15th total of 12,080,000 shares. Based on an average trading volume of 5,250,000 shares, the short-interest ratio is presently 2.5 days.

Analysts Set New Price Targets

A number of brokerages have weighed in on ELAN. Piper Sandler reduced their price target on shares of Elanco Animal Health from $19.00 to $16.00 and set a “neutral” rating for the company in a report on Monday, July 1st. Barclays reduced their target price on shares of Elanco Animal Health from $23.00 to $21.00 and set an “overweight” rating for the company in a research note on Friday, June 28th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, Elanco Animal Health currently has an average rating of “Moderate Buy” and a consensus price target of $17.57.

Elanco Animal Health Price Performance

Shares of NYSE:ELAN traded up $0.36 during midday trading on Wednesday, reaching $14.65. 4,287,707 shares of the company’s stock were exchanged, compared to its average volume of 4,736,817. The company has a debt-to-equity ratio of 0.92, a quick ratio of 1.75 and a current ratio of 2.93. The company’s 50 day simple moving average is $13.89 and its two-hundred day simple moving average is $15.17. Elanco Animal Health has a 12 month low of $8.52 and a 12 month high of $18.80. The firm has a market capitalization of $7.24 billion, a PE ratio of -5.57, a price-to-earnings-growth ratio of 1.44 and a beta of 1.40.

Elanco Animal Health (NYSE:ELAN) last announced its quarterly earnings results on Thursday, August 8th. The company reported $0.30 EPS for the quarter, topping analysts’ consensus estimates of $0.24 by $0.06. Elanco Animal Health had a negative net margin of 27.94% and a positive return on equity of 7.29%. The firm had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $1.15 billion. During the same quarter last year, the company earned $0.18 earnings per share. The company’s revenue for the quarter was up 12.0% compared to the same quarter last year. Equities research analysts expect that Elanco Animal Health will post 0.91 earnings per share for the current fiscal year.

Insider Activity at Elanco Animal Health

In other news, CEO Jeffrey N. Simmons acquired 100,000 shares of the firm’s stock in a transaction that occurred on Monday, August 12th. The stock was acquired at an average cost of $13.01 per share, with a total value of $1,301,000.00. Following the acquisition, the chief executive officer now owns 145,000 shares in the company, valued at $1,886,450. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Elanco Animal Health news, CEO Jeffrey N. Simmons acquired 100,000 shares of the business’s stock in a transaction that occurred on Monday, August 12th. The stock was acquired at an average price of $13.01 per share, with a total value of $1,301,000.00. Following the transaction, the chief executive officer now owns 145,000 shares of the company’s stock, valued at $1,886,450. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Michael J. Harrington bought 3,500 shares of the firm’s stock in a transaction that occurred on Thursday, August 22nd. The shares were acquired at an average price of $14.85 per share, with a total value of $51,975.00. Following the purchase, the director now owns 81,094 shares in the company, valued at $1,204,245.90. The disclosure for this purchase can be found here. 0.57% of the stock is owned by company insiders.

Institutional Investors Weigh In On Elanco Animal Health

Several large investors have recently made changes to their positions in ELAN. Hunter Associates Investment Management LLC raised its position in Elanco Animal Health by 5.1% in the 1st quarter. Hunter Associates Investment Management LLC now owns 16,600 shares of the company’s stock valued at $269,000 after purchasing an additional 800 shares during the last quarter. 180 Wealth Advisors LLC raised its holdings in shares of Elanco Animal Health by 3.6% in the second quarter. 180 Wealth Advisors LLC now owns 25,716 shares of the company’s stock valued at $352,000 after buying an additional 893 shares during the last quarter. HBK Sorce Advisory LLC lifted its position in Elanco Animal Health by 9.4% during the 2nd quarter. HBK Sorce Advisory LLC now owns 12,920 shares of the company’s stock worth $186,000 after buying an additional 1,107 shares in the last quarter. Atomi Financial Group Inc. grew its holdings in Elanco Animal Health by 11.1% during the 2nd quarter. Atomi Financial Group Inc. now owns 12,260 shares of the company’s stock worth $177,000 after acquiring an additional 1,221 shares during the last quarter. Finally, Commerce Bank increased its position in Elanco Animal Health by 3.8% in the 4th quarter. Commerce Bank now owns 33,665 shares of the company’s stock valued at $502,000 after acquiring an additional 1,223 shares in the last quarter. Institutional investors own 97.48% of the company’s stock.

About Elanco Animal Health

Elanco Animal Health Incorporated, an animal health company, innovates, develops, manufactures, and markets products for pets and farm animals. It offers pet health disease prevention products, such as parasiticide and vaccine products that protect pets from worms, fleas, and ticks under the Seresto, Advantage, Advantix, and Advocate brands; pet health therapeutics for pain, osteoarthritis, ear infections, cardiovascular, and dermatology indications in canines and felines under the Galliprant and Claro brands; vaccines, antibiotics, parasiticides, and other products for use in poultry and aquaculture production, as well as nutritional health products, including enzymes, probiotics, and prebiotics; and a range of vaccines, antibiotics, implants, parasiticides, and other products used in ruminant and swine production under the Rumensin and Baytril brands.