Neptune Wellness Solutions (NASDAQ:NEPT) Downgraded by Zacks Investment Research

Zacks Investment Research cut shares of Neptune Wellness Solutions (NASDAQ:NEPT) (TSE:NTB) from a buy rating to a hold rating in a research note released on Tuesday, Zacks.com reports.

According to Zacks, “Neptune Wellness Solutions Inc. operates as a nutrition supplement company. It develops and produces cannabis products, marine oils, seed oils and pet supplements. Neptune Wellness Solutions Inc., formerly known as Neptune Technologies & Bioressources Inc., is headquartered in Laval, Canada. “

Several other brokerages also recently issued reports on NEPT. BidaskClub downgraded shares of Neptune Wellness Solutions from a buy rating to a hold rating in a report on Tuesday, August 13th. Echelon Wealth Partners reissued a buy rating on shares of Neptune Wellness Solutions in a report on Wednesday, July 24th.

Shares of NEPT stock opened at $4.13 on Tuesday. Neptune Wellness Solutions has a 12-month low of $2.42 and a 12-month high of $6.57. The firm has a 50-day moving average price of $5.12 and a 200 day moving average price of $4.16.

Neptune Wellness Solutions (NASDAQ:NEPT) (TSE:NTB) last announced its quarterly earnings results on Wednesday, August 14th. The biotechnology company reported ($0.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.03) by ($0.03). Neptune Wellness Solutions had a negative net margin of 107.62% and a negative return on equity of 23.18%. The firm had revenue of $3.26 million for the quarter, compared to the consensus estimate of $4.51 million. On average, equities research analysts expect that Neptune Wellness Solutions will post 0.01 EPS for the current fiscal year.

A number of hedge funds have recently made changes to their positions in NEPT. Deutsche Bank AG lifted its holdings in Neptune Wellness Solutions by 245.9% during the 4th quarter. Deutsche Bank AG now owns 517,135 shares of the biotechnology company’s stock valued at $1,313,000 after purchasing an additional 367,614 shares during the last quarter. Two Sigma Advisers LP bought a new position in Neptune Wellness Solutions during the 4th quarter valued at about $367,000. Alpine Group USVI LLC bought a new position in Neptune Wellness Solutions during the 1st quarter valued at about $303,000. Signition LP bought a new position in Neptune Wellness Solutions during the 2nd quarter valued at about $87,000. Finally, CIBC World Markets Inc. bought a new position in Neptune Wellness Solutions during the 1st quarter valued at about $63,000. 12.24% of the stock is owned by hedge funds and other institutional investors.

About Neptune Wellness Solutions

Neptune Wellness Solutions Inc, a health and wellness products company, specializes in the extraction, purification and formulation of cannabis products, as well as other specialty ingredients, such as MaxSimil, a patented ingredient that enhances the absorption of lipid-based nutraceuticals, and various other marine and seed oils.

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