IDEXX Laboratories (NASDAQ:IDXX) Hits New 52-Week Low – Here’s Why

Shares of IDEXX Laboratories, Inc. (NASDAQ:IDXX) hit a new 52-week low during trading on Friday . The company traded as low as $393.80 and last traded at $399.79, with a volume of 363147 shares. The stock had previously closed at $410.76.

Analyst Ratings Changes

Several analysts recently commented on the company. Barclays lifted their price objective on IDEXX Laboratories from $481.00 to $520.00 and gave the stock an “overweight” rating in a report on Tuesday, February 4th. Morgan Stanley reduced their price target on IDEXX Laboratories from $559.00 to $550.00 and set an “overweight” rating for the company in a research report on Wednesday, January 29th. Bank of America lifted their price objective on IDEXX Laboratories from $475.00 to $535.00 and gave the company a “neutral” rating in a research report on Tuesday, February 4th. Piper Sandler raised their target price on shares of IDEXX Laboratories from $435.00 to $510.00 and gave the stock a “neutral” rating in a research note on Monday, February 10th. Finally, StockNews.com lowered shares of IDEXX Laboratories from a “buy” rating to a “hold” rating in a research report on Tuesday, March 25th. Four research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $533.75.

IDEXX Laboratories Price Performance

The company’s 50 day moving average price is $436.39 and its 200 day moving average price is $441.13. The company has a market cap of $32.04 billion, a price-to-earnings ratio of 37.19, a PEG ratio of 3.41 and a beta of 1.39. The company has a current ratio of 1.31, a quick ratio of 0.95 and a debt-to-equity ratio of 0.28.

Insiders Place Their Bets

In other IDEXX Laboratories news, Director M Anne Szostak sold 3,000 shares of the company’s stock in a transaction dated Friday, February 7th. The stock was sold at an average price of $465.94, for a total transaction of $1,397,820.00. Following the completion of the sale, the director now directly owns 3,061 shares in the company, valued at $1,426,242.34. This represents a 49.50 % 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, EVP George Fennell sold 9,986 shares of the firm’s stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $462.53, for a total transaction of $4,618,824.58. Following the completion of the transaction, the executive vice president now owns 8,176 shares in the company, valued at $3,781,645.28. The trade was a 54.98 % decrease in their position. The disclosure for this sale can be found here. 2.11% of the stock is owned by company insiders.

Institutional Trading of IDEXX Laboratories

Several large investors have recently added to or reduced their stakes in IDXX. Insight Wealth Strategies LLC grew its stake in IDEXX Laboratories by 230.5% during the 4th quarter. Insight Wealth Strategies LLC now owns 10,096 shares of the company’s stock valued at $4,174,000 after purchasing an additional 7,041 shares in the last quarter. Geode Capital Management LLC raised its position in shares of IDEXX Laboratories by 1.8% during the 3rd quarter. Geode Capital Management LLC now owns 2,259,537 shares of the company’s stock worth $1,138,732,000 after purchasing an additional 40,349 shares during the period. Y Intercept Hong Kong Ltd acquired a new position in shares of IDEXX Laboratories during the third quarter valued at $1,263,000. Sax Wealth Advisors LLC grew its position in IDEXX Laboratories by 76.3% in the 4th quarter. Sax Wealth Advisors LLC now owns 1,426 shares of the company’s stock worth $590,000 after purchasing an additional 617 shares during the last quarter. Finally, Hantz Financial Services Inc. boosted its position in IDEXX Laboratories by 11.5% during the 4th quarter. Hantz Financial Services Inc. now owns 7,738 shares of the company’s stock worth $3,199,000 after acquiring an additional 800 shares during the period. 87.84% of the stock is currently owned by institutional investors and hedge funds.

About IDEXX Laboratories

IDEXX Laboratories, Inc develops, manufactures, and distributes products primarily for the companion animal veterinary, livestock and poultry, dairy, and water testing markets in Africa, the Asia Pacific, Canada, Europe, Latin America, and internationally. The company operates through three segments: Companion Animal Group; Water Quality Products; and Livestock, Poultry and Dairy.