Illumina (NASDAQ:ILMN) Stock Price Down 7.5% Following Weak Earnings

Illumina, Inc. (NASDAQ:ILMN) shares traded down 7.5% during trading on Friday following a weaker than expected earnings announcement. The stock traded as low as $108.81 and last traded at $113.54. 1,736,947 shares changed hands during mid-day trading, a decline of 4% from the average session volume of 1,813,307 shares. The stock had previously closed at $122.80.

The life sciences company reported $0.86 EPS for the quarter, missing the consensus estimate of $0.92 by ($0.06). Illumina had a negative net margin of 36.10% and a positive return on equity of 7.29%.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on ILMN shares. Piper Sandler dropped their target price on shares of Illumina from $195.00 to $185.00 and set an “overweight” rating for the company in a research report on Monday, November 11th. Stephens upped their price target on Illumina from $170.00 to $184.00 and gave the company an “overweight” rating in a research report on Tuesday, November 12th. HSBC raised shares of Illumina from a “hold” rating to a “buy” rating and set a $180.00 price objective for the company in a report on Thursday, October 17th. Hsbc Global Res raised shares of Illumina from a “hold” rating to a “strong-buy” rating and set a $180.00 target price on the stock in a report on Thursday, October 17th. Finally, Robert W. Baird lifted their price target on shares of Illumina from $124.00 to $139.00 and gave the company a “neutral” rating in a report on Wednesday, November 6th. Nine research analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $161.40.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Versant Capital Management Inc grew its stake in shares of Illumina by 153.7% in the fourth quarter. Versant Capital Management Inc now owns 241 shares of the life sciences company’s stock worth $32,000 after purchasing an additional 146 shares in the last quarter. Golden State Wealth Management LLC bought a new stake in shares of Illumina during the 4th quarter worth about $32,000. Assetmark Inc. raised its position in shares of Illumina by 954.8% during the 4th quarter. Assetmark Inc. now owns 327 shares of the life sciences company’s stock worth $44,000 after buying an additional 296 shares in the last quarter. Bank Julius Baer & Co. Ltd Zurich bought a new stake in shares of Illumina during the 4th quarter worth about $45,000. Finally, TD Private Client Wealth LLC raised its position in shares of Illumina by 58.5% during the 3rd quarter. TD Private Client Wealth LLC now owns 382 shares of the life sciences company’s stock worth $50,000 after buying an additional 141 shares in the last quarter. Institutional investors own 89.42% of the company’s stock.

Illumina Trading Down 9.6 %

The business has a 50 day simple moving average of $137.37 and a 200-day simple moving average of $135.34. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.85 and a current ratio of 2.43. The stock has a market capitalization of $17.61 billion, a P/E ratio of -11.15 and a beta of 1.10.

Illumina Company Profile

Illumina, Inc offers sequencing- and array-based solutions for genetic and genomic analysis in the United States, Singapore, the United Kingdom, and internationally. It operates through Core Illumina and GRAIL segments. The company offers sequencing and array-based instruments and consumables, which include reagents, flow cells, and library preparation; whole-genome sequencing kits, which sequence entire genomes of various size and complexity; and targeted resequencing kits, which sequence exomes, specific genes, and RNA or other genomic regions of interest.