UFP Technologies (NASDAQ:UFPT) Sees Large Volume Increase – Still a Buy?

Shares of UFP Technologies, Inc. (NASDAQ:UFPT) saw unusually-high trading volume on Tuesday . Approximately 33,591 shares changed hands during mid-day trading, a decline of 44% from the previous session’s volume of 59,491 shares.The stock last traded at $327.06 and had previously closed at $277.62.

Analysts Set New Price Targets

Separately, Lake Street Capital lifted their price target on shares of UFP Technologies from $344.00 to $392.00 and gave the company a “buy” rating in a research report on Wednesday, July 17th.

UFP Technologies Stock Performance

The company has a market cap of $2.64 billion, a P/E ratio of 53.53 and a beta of 0.96. The company has a quick ratio of 1.63, a current ratio of 3.13 and a debt-to-equity ratio of 0.14. The stock’s 50-day moving average price is $310.01 and its 200 day moving average price is $290.36.

Insider Activity

In related news, CFO Ronald J. Lataille sold 2,392 shares of the business’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $329.04, for a total transaction of $787,063.68. Following the transaction, the chief financial officer now owns 38,940 shares of the company’s stock, valued at approximately $12,812,817.60. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, CFO Ronald J. Lataille sold 4,798 shares of the business’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $330.44, for a total transaction of $1,585,451.12. Following the transaction, the chief financial officer now owns 41,332 shares of the company’s stock, valued at approximately $13,657,746.08. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Ronald J. Lataille sold 2,392 shares of the business’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $329.04, for a total transaction of $787,063.68. Following the transaction, the chief financial officer now directly owns 38,940 shares in the company, valued at $12,812,817.60. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 44,183 shares of company stock valued at $14,145,197 over the last 90 days. 6.17% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On UFP Technologies

A number of hedge funds have recently made changes to their positions in UFPT. Swedbank AB acquired a new position in shares of UFP Technologies in the 1st quarter valued at $25,220,000. Price T Rowe Associates Inc. MD raised its stake in shares of UFP Technologies by 2,331.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 43,134 shares of the industrial products company’s stock valued at $10,879,000 after buying an additional 41,360 shares in the last quarter. Lord Abbett & CO. LLC raised its stake in shares of UFP Technologies by 83.1% in the 1st quarter. Lord Abbett & CO. LLC now owns 74,510 shares of the industrial products company’s stock valued at $18,791,000 after buying an additional 33,806 shares in the last quarter. Scout Investments Inc. acquired a new position in shares of UFP Technologies in the 1st quarter valued at $5,778,000. Finally, Millennium Management LLC raised its stake in shares of UFP Technologies by 78.8% in the 2nd quarter. Millennium Management LLC now owns 26,706 shares of the industrial products company’s stock valued at $7,047,000 after buying an additional 11,767 shares in the last quarter. Institutional investors and hedge funds own 87.28% of the company’s stock.

UFP Technologies Company Profile

UFP Technologies, Inc designs and manufactures solutions for medical devices, sterile packaging, and other highly engineered custom products. The company offers protective drapes for robotic surgery, single patient use surfaces, advanced wound care, infection prevention, disposables for surgical and endoscopic procedures, packaging for medical devices, orthopedic implants, biopharma drug manufacturing, and coils for catheters; and molded components for applications in acoustic insulation, interior trim, load floors, sunshades, SUV cargo cover handles, driveshaft damping, engine and manifold covers, quarter panels, and wheel liners.