MaxCyte (NASDAQ:MXCT) Issues Quarterly Earnings Results

MaxCyte (NASDAQ:MXCT) posted its earnings results on Wednesday. The company reported ($0.12) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.01), FiscalAI reports. MaxCyte had a negative net margin of 125.22% and a negative return on equity of 22.12%. The company had revenue of $6.41 million for the quarter, compared to analysts’ expectations of $8.37 million.

MaxCyte Price Performance

MXCT traded down $0.05 during trading on Thursday, hitting $1.54. 236,018 shares of the stock traded hands, compared to its average volume of 760,134. The firm has a market capitalization of $163.64 million, a P/E ratio of -3.59 and a beta of 1.23. MaxCyte has a 12-month low of $1.26 and a 12-month high of $5.20. The firm has a 50-day moving average of $1.57 and a 200 day moving average of $1.90.

Wall Street Analysts Forecast Growth

MXCT has been the subject of a number of analyst reports. William Blair lowered shares of MaxCyte from an “outperform” rating to a “market perform” rating in a research report on Thursday, August 7th. Weiss Ratings reissued a “sell (e+)” rating on shares of MaxCyte in a report on Tuesday. BTIG Research reaffirmed a “neutral” rating on shares of MaxCyte in a report on Monday, August 11th. Stephens started coverage on MaxCyte in a research report on Tuesday, July 22nd. They issued an “overweight” rating and a $6.00 price objective on the stock. Finally, Wall Street Zen cut MaxCyte from a “hold” rating to a “sell” rating in a research report on Saturday, August 9th. Two investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, MaxCyte has a consensus rating of “Hold” and a consensus price target of $7.00.

Institutional Investors Weigh In On MaxCyte

Institutional investors and hedge funds have recently bought and sold shares of the business. Prudential Financial Inc. purchased a new stake in shares of MaxCyte in the 2nd quarter worth about $26,000. State of Wyoming bought a new position in MaxCyte in the second quarter worth about $38,000. BNP Paribas Financial Markets lifted its holdings in MaxCyte by 266.6% in the second quarter. BNP Paribas Financial Markets now owns 26,008 shares of the company’s stock worth $57,000 after buying an additional 18,913 shares during the period. Bank of America Corp DE boosted its position in MaxCyte by 54.1% during the 2nd quarter. Bank of America Corp DE now owns 84,836 shares of the company’s stock valued at $185,000 after acquiring an additional 29,771 shares in the last quarter. Finally, AQR Capital Management LLC grew its holdings in shares of MaxCyte by 227.3% during the 1st quarter. AQR Capital Management LLC now owns 95,501 shares of the company’s stock worth $261,000 after acquiring an additional 66,323 shares during the period. Hedge funds and other institutional investors own 68.81% of the company’s stock.

About MaxCyte

MaxCyte, Inc, a life sciences company, discovers, develops, and commercializes next-generation cell therapies in the United States and internationally. Its products include ExPERT ATx, a static electroporation instrument for small to medium scale transfection; ExPERT STx, a flow electroporation for protein production and drug development, as well as expression of therapeutic targets for cell-based assays; ExPERT GTx, a flow electroporation for large scale transfection in therapeutic applications; and ExPERT VLx for very large volume cell-engineering.