Principal Financial Group Inc. Reduces Position in Maravai LifeSciences Holdings, Inc. (NASDAQ:MRVI)

Principal Financial Group Inc. decreased its position in Maravai LifeSciences Holdings, Inc. (NASDAQ:MRVI) by 47.1% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 352,600 shares of the company’s stock after selling 313,587 shares during the period. Principal Financial Group Inc. owned approximately 0.14% of Maravai LifeSciences worth $2,930,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp lifted its holdings in shares of Maravai LifeSciences by 30.1% during the second quarter. Bank of New York Mellon Corp now owns 506,413 shares of the company’s stock worth $3,626,000 after purchasing an additional 117,120 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Maravai LifeSciences by 32.3% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 25,450 shares of the company’s stock valued at $182,000 after acquiring an additional 6,212 shares during the period. Rhumbline Advisers boosted its holdings in shares of Maravai LifeSciences by 30.4% in the 2nd quarter. Rhumbline Advisers now owns 171,489 shares of the company’s stock valued at $1,228,000 after acquiring an additional 39,955 shares during the last quarter. VELA Investment Management LLC increased its stake in shares of Maravai LifeSciences by 29.0% in the second quarter. VELA Investment Management LLC now owns 95,866 shares of the company’s stock worth $686,000 after acquiring an additional 21,549 shares during the period. Finally, Choreo LLC acquired a new stake in shares of Maravai LifeSciences in the second quarter worth $467,000. Institutional investors and hedge funds own 50.25% of the company’s stock.

Maravai LifeSciences Trading Up 3.5 %

Shares of NASDAQ:MRVI opened at $5.68 on Friday. The firm has a market capitalization of $1.43 billion, a price-to-earnings ratio of -3.46 and a beta of -0.08. The business’s 50 day moving average price is $5.80 and its 200-day moving average price is $7.44. The company has a debt-to-equity ratio of 0.89, a current ratio of 10.74 and a quick ratio of 9.94. Maravai LifeSciences Holdings, Inc. has a 1 year low of $4.28 and a 1 year high of $11.56.

Analyst Ratings Changes

Several equities research analysts have commented on MRVI shares. Guggenheim initiated coverage on shares of Maravai LifeSciences in a report on Thursday, December 19th. They issued a “neutral” rating on the stock. Royal Bank of Canada lowered their target price on Maravai LifeSciences from $17.00 to $13.00 and set an “outperform” rating on the stock in a research note on Friday, November 8th. Robert W. Baird dropped their target price on Maravai LifeSciences from $10.00 to $9.00 and set an “outperform” rating on the stock in a report on Friday, November 8th. William Blair reissued a “market perform” rating on shares of Maravai LifeSciences in a report on Friday, November 8th. Finally, Wolfe Research initiated coverage on shares of Maravai LifeSciences in a research note on Thursday, November 14th. They set a “peer perform” rating on the stock. One analyst has rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $10.28.

Insider Activity

In other news, insider Carl Hull bought 175,000 shares of the firm’s stock in a transaction dated Monday, November 11th. The shares were acquired at an average price of $5.64 per share, for a total transaction of $987,000.00. Following the completion of the transaction, the insider now directly owns 175,000 shares in the company, valued at $987,000. The trade was a ∞ increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.63% of the company’s stock.

Maravai LifeSciences Profile

Maravai LifeSciences Holdings, Inc, a life sciences company, provides products to enable the development of drug therapies, diagnostics, novel vaccines, and support research on human diseases worldwide. The company’s products address the key phases of biopharmaceutical development and include nucleic acids for diagnostic and therapeutic applications, antibody-based products to detect impurities during the production of biopharmaceutical products, and products to detect the expression of proteins in tissues of various species.