Quanterix (NASDAQ:QTRX) Shares Gap Up After Insider Buying Activity

Quanterix Co. (NASDAQ:QTRX)’s share price gapped up prior to trading on Wednesday after an insider bought additional shares in the company. The stock had previously closed at $13.20, but opened at $13.74. Quanterix shares last traded at $13.94, with a volume of 63,052 shares.

Specifically, Director David R. Walt bought 47,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 20th. The stock was acquired at an average price of $13.29 per share, with a total value of $624,630.00. Following the completion of the purchase, the director now directly owns 1,487,342 shares of the company’s stock, valued at approximately $19,766,775.18. The acquisition was disclosed in a filing with the SEC, which is available at this link.

Analysts Set New Price Targets

QTRX has been the topic of several research reports. The Goldman Sachs Group dropped their price target on Quanterix from $35.00 to $24.00 and set a “buy” rating on the stock in a report on Tuesday, July 9th. TD Cowen cut their target price on Quanterix from $17.00 to $15.00 and set a “hold” rating on the stock in a research report on Friday, August 9th. Finally, Scotiabank decreased their price target on Quanterix from $32.00 to $28.00 and set a “sector outperform” rating for the company in a research report on Monday, August 12th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $24.80.

Quanterix Price Performance

The stock has a market capitalization of $541.14 million, a price-to-earnings ratio of -14.73 and a beta of 1.36. The firm has a 50 day simple moving average of $13.40 and a 200-day simple moving average of $16.55.

Quanterix (NASDAQ:QTRX) last announced its earnings results on Thursday, August 8th. The company reported ($0.25) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.02). The firm had revenue of $34.38 million for the quarter, compared to analyst estimates of $34.19 million. Quanterix had a negative return on equity of 11.52% and a negative net margin of 30.71%. During the same quarter last year, the business earned ($0.16) EPS. On average, sell-side analysts forecast that Quanterix Co. will post -0.88 earnings per share for the current fiscal year.

Institutional Trading of Quanterix

Several large investors have recently made changes to their positions in QTRX. Algert Global LLC bought a new stake in Quanterix during the 2nd quarter worth about $1,035,000. Marathon Capital Management increased its holdings in shares of Quanterix by 15.5% in the second quarter. Marathon Capital Management now owns 137,560 shares of the company’s stock valued at $1,817,000 after purchasing an additional 18,425 shares in the last quarter. Deerfield Management Company L.P. Series C bought a new position in Quanterix in the 2nd quarter worth approximately $284,000. Marshall Wace LLP acquired a new position in Quanterix during the 2nd quarter worth $341,000. Finally, Bulltick Wealth Management LLC bought a new position in Quanterix in the 2nd quarter valued at $786,000. Institutional investors own 86.48% of the company’s stock.

About Quanterix

Quanterix Corporation, a life sciences company, engages in development and marketing of digital immunoassay platforms that advances precision health for life sciences research and diagnostics in North America, Europe, the Middle East, Africa, and the Asia Pacific regions. The company offers HD-X instrument, a protein detection platform; and SR-X instrument that enables researchers to apply Simoa detection in an expanded range of applications.