IDEXX Laboratories, Inc. (NASDAQ:IDXX) Sees Significant Growth in Short Interest

IDEXX Laboratories, Inc. (NASDAQ:IDXX) was the target of a large increase in short interest during the month of December. As of December 31st, there was short interest totalling 1,500,000 shares, an increase of 7.1% from the December 15th total of 1,400,000 shares. Currently, 1.9% of the company’s stock are short sold. Based on an average trading volume of 645,100 shares, the short-interest ratio is currently 2.3 days.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. Leerink Partnrs upgraded shares of IDEXX Laboratories to a “strong-buy” rating in a research note on Monday, December 2nd. Stifel Nicolaus lowered their price target on IDEXX Laboratories from $510.00 to $500.00 and set a “hold” rating on the stock in a research report on Thursday, October 10th. Piper Sandler reissued a “neutral” rating and set a $435.00 price objective (down previously from $520.00) on shares of IDEXX Laboratories in a research report on Monday, November 4th. Leerink Partners began coverage on IDEXX Laboratories in a report on Monday, December 2nd. They issued an “outperform” rating and a $500.00 target price on the stock. Finally, JPMorgan Chase & Co. dropped their price target on IDEXX Laboratories from $630.00 to $575.00 and set an “overweight” rating on the stock in a research report on Friday, October 11th. Two research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $523.86.

IDEXX Laboratories Price Performance

Shares of IDXX stock opened at $419.26 on Tuesday. IDEXX Laboratories has a 12 month low of $398.50 and a 12 month high of $583.39. The company has a current ratio of 1.42, a quick ratio of 1.03 and a debt-to-equity ratio of 0.32. The stock has a 50 day moving average of $423.60 and a two-hundred day moving average of $457.86. The company has a market capitalization of $34.33 billion, a P/E ratio of 40.43, a P/E/G ratio of 3.52 and a beta of 1.36.

IDEXX Laboratories (NASDAQ:IDXX) last released its quarterly earnings data on Thursday, October 31st. The company reported $2.80 earnings per share for the quarter, beating the consensus estimate of $2.69 by $0.11. IDEXX Laboratories had a return on equity of 55.42% and a net margin of 22.53%. The company had revenue of $975.50 million for the quarter, compared to analyst estimates of $980.32 million. During the same period in the prior year, the company posted $2.53 EPS. The company’s revenue was up 6.6% compared to the same quarter last year. As a group, equities analysts expect that IDEXX Laboratories will post 10.44 EPS for the current year.

Insider Activity

In other IDEXX Laboratories news, Director Sophie V. Vandebroek sold 344 shares of the stock in a transaction that occurred on Wednesday, November 27th. The stock was sold at an average price of $420.44, for a total transaction of $144,631.36. Following the transaction, the director now owns 905 shares in the company, valued at $380,498.20. This trade represents a 27.54 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 2.18% of the stock is currently owned by insiders.

Hedge Funds Weigh In On IDEXX Laboratories

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Janney Montgomery Scott LLC bought a new position in IDEXX Laboratories in the 4th quarter valued at $16,562,000. SG Americas Securities LLC lifted its stake in shares of IDEXX Laboratories by 4.3% in the 4th quarter. SG Americas Securities LLC now owns 40,082 shares of the company’s stock valued at $16,572,000 after purchasing an additional 1,659 shares during the period. Dakota Wealth Management boosted its position in shares of IDEXX Laboratories by 25.2% in the 4th quarter. Dakota Wealth Management now owns 1,706 shares of the company’s stock worth $705,000 after purchasing an additional 343 shares during the last quarter. Bourne Lent Asset Management Inc. grew its stake in shares of IDEXX Laboratories by 1.8% during the fourth quarter. Bourne Lent Asset Management Inc. now owns 39,517 shares of the company’s stock worth $16,338,000 after purchasing an additional 695 shares during the period. Finally, Perfromance Wealth Partners LLC increased its holdings in IDEXX Laboratories by 2.8% in the fourth quarter. Perfromance Wealth Partners LLC now owns 3,626 shares of the company’s stock valued at $1,499,000 after purchasing an additional 100 shares during the last quarter. 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.