Haemonetics (NYSE:HAE) Shares Gap Up Following Better-Than-Expected Earnings

Haemonetics Co. (NYSE:HAE) gapped up before the market opened on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $78.16, but opened at $84.00. Haemonetics shares last traded at $84.50, with a volume of 226,352 shares trading hands.

The medical instruments supplier reported $1.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.09 by $0.03. The business had revenue of $345.50 million for the quarter, compared to analysts’ expectations of $342.57 million. Haemonetics had a net margin of 8.61% and a return on equity of 21.86%. The business’s revenue for the quarter was up 8.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.99 EPS.

Analyst Ratings Changes

Several research analysts have commented on the stock. JMP Securities reissued a “market outperform” rating and issued a $125.00 price target on shares of Haemonetics in a report on Tuesday, August 13th. BTIG Research started coverage on Haemonetics in a research report on Tuesday, September 10th. They set a “buy” rating and a $112.00 target price for the company. Citigroup lowered their price target on Haemonetics from $94.00 to $85.00 and set a “neutral” rating on the stock in a report on Thursday, August 22nd. Barrington Research reissued an “outperform” rating and set a $108.00 price objective on shares of Haemonetics in a report on Friday. Finally, Bank of America started coverage on shares of Haemonetics in a research report on Wednesday, September 11th. They issued a “neutral” rating and a $85.00 price objective on the stock. Three equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Haemonetics currently has an average rating of “Moderate Buy” and an average target price of $107.88.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Quarry LP bought a new stake in shares of Haemonetics in the 2nd quarter valued at about $39,000. Covestor Ltd lifted its position in Haemonetics by 184.8% in the first quarter. Covestor Ltd now owns 675 shares of the medical instruments supplier’s stock valued at $58,000 after purchasing an additional 438 shares during the last quarter. Daiwa Securities Group Inc. purchased a new stake in shares of Haemonetics during the second quarter valued at approximately $82,000. Canada Pension Plan Investment Board bought a new position in shares of Haemonetics in the second quarter worth approximately $83,000. Finally, EntryPoint Capital LLC purchased a new position in shares of Haemonetics in the first quarter worth $86,000. 99.67% of the stock is currently owned by institutional investors.

Haemonetics Stock Up 1.1 %

The company has a market capitalization of $4.48 billion, a P/E ratio of 39.22, a price-to-earnings-growth ratio of 1.22 and a beta of 0.32. The company has a current ratio of 3.76, a quick ratio of 2.33 and a debt-to-equity ratio of 1.35. The stock’s fifty day moving average is $75.88 and its 200 day moving average is $82.65.

Haemonetics Company Profile

Haemonetics Corporation, a healthcare company, provides suite of medical products and solutions in the United States and internationally. The company offers automated plasma collection systems, donor management software, and supporting software solutions including NexSys PCS and PCS2 plasmapheresis equipment and related disposables and solutions, as well as integrated information technology platforms for plasma customers to manage their donors, operations, and supply chain; and NexLynk DMS donor management system and Donor360 app.