IDEXX Laboratories, Inc. (NASDAQ:IDXX) Short Interest Down 9.2% in October

IDEXX Laboratories, Inc. (NASDAQ:IDXX) was the target of a significant drop in short interest in the month of October. As of October 31st, there was short interest totalling 2,080,000 shares, a drop of 9.2% from the October 15th total of 2,290,000 shares. Based on an average daily volume of 517,400 shares, the short-interest ratio is currently 4.0 days. Currently, 2.6% of the shares of the company are sold short.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Chicago Partners Investment Group LLC increased its position in shares of IDEXX Laboratories by 16.7% during the third quarter. Chicago Partners Investment Group LLC now owns 672 shares of the company’s stock worth $340,000 after acquiring an additional 96 shares in the last quarter. Manning & Napier Advisors LLC purchased a new stake in shares of IDEXX Laboratories in the second quarter worth approximately $20,418,000. Oppenheimer Asset Management Inc. lifted its holdings in shares of IDEXX Laboratories by 13.8% in the second quarter. Oppenheimer Asset Management Inc. now owns 11,957 shares of the company’s stock valued at $5,825,000 after purchasing an additional 1,453 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of IDEXX Laboratories by 1.2% during the first quarter. Vanguard Group Inc. now owns 8,476,054 shares of the company’s stock valued at $4,576,476,000 after buying an additional 98,387 shares during the last quarter. Finally, National Pension Service grew its holdings in IDEXX Laboratories by 7.3% during the third quarter. National Pension Service now owns 185,972 shares of the company’s stock worth $93,957,000 after buying an additional 12,647 shares in the last quarter. 87.84% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Barclays dropped their price objective on IDEXX Laboratories from $570.00 to $481.00 and set an “overweight” rating on the stock in a research note on Monday, November 4th. 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 note on Friday, October 11th. Piper Sandler reaffirmed a “neutral” rating and set a $435.00 price objective (down from $520.00) on shares of IDEXX Laboratories in a research report on Monday, November 4th. BTIG Research started coverage on shares of IDEXX Laboratories in a research report on Thursday, July 25th. They issued a “buy” rating and a $580.00 price objective on the stock. Finally, Stifel Nicolaus reduced their price target on IDEXX Laboratories from $510.00 to $500.00 and set a “hold” rating for the company in a research note on Thursday, October 10th. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $552.38.

IDEXX Laboratories Trading Down 0.3 %

Shares of IDXX stock traded down $1.08 during mid-day trading on Monday, reaching $419.83. 437,566 shares of the stock traded hands, compared to its average volume of 501,503. The stock’s fifty day simple moving average is $468.32 and its two-hundred day simple moving average is $482.83. IDEXX Laboratories has a 1-year low of $404.74 and a 1-year high of $583.39. The company has a quick ratio of 1.03, a current ratio of 1.42 and a debt-to-equity ratio of 0.32. The company has a market cap of $34.38 billion, a price-to-earnings ratio of 40.59, a price-to-earnings-growth ratio of 3.67 and a beta of 1.36.

IDEXX Laboratories (NASDAQ:IDXX) last issued its quarterly earnings results 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 during the quarter, compared to analysts’ expectations of $980.32 million. During the same quarter in the prior year, the firm posted $2.53 earnings per share. The business’s quarterly revenue was up 6.6% on a year-over-year basis. On average, research analysts anticipate that IDEXX Laboratories will post 10.43 EPS for the current fiscal year.

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.