Hologic (NASDAQ:HOLX) Sees Large Volume Increase – Here’s Why

Hologic, Inc. (NASDAQ:HOLX) saw strong trading volume on Wednesday . 2,993,789 shares traded hands during trading, an increase of 5% from the previous session’s volume of 2,861,214 shares.The stock last traded at $74.4670 and had previously closed at $74.87.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on HOLX shares. Raymond James Financial lowered shares of Hologic from a “moderate buy” rating to a “hold” rating in a report on Wednesday, October 22nd. Evercore ISI set a $78.00 price target on Hologic and gave the stock an “outperform” rating in a research note on Tuesday, October 7th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Hologic in a report on Friday, October 31st. Needham & Company LLC reiterated a “hold” rating on shares of Hologic in a report on Tuesday, November 4th. Finally, Argus boosted their target price on Hologic from $80.00 to $90.00 and gave the stock a “buy” rating in a research report on Friday, September 19th. Five equities research analysts have rated the stock with a Buy rating and thirteen have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Hologic currently has a consensus rating of “Hold” and an average target price of $79.29.

Hologic Stock Down 0.5%

The company has a market cap of $16.60 billion, a P/E ratio of 30.04, a price-to-earnings-growth ratio of 2.13 and a beta of 0.70. The company has a quick ratio of 3.06, a current ratio of 3.75 and a debt-to-equity ratio of 0.50. The company has a fifty day moving average of $74.08 and a 200 day moving average of $68.97.

Hologic (NASDAQ:HOLX) last released its quarterly earnings results on Monday, November 3rd. The medical equipment provider reported $1.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.10 by $0.03. Hologic had a return on equity of 20.13% and a net margin of 13.80%.The business had revenue of $1.05 billion during the quarter, compared to the consensus estimate of $1.03 billion. During the same period in the previous year, the company posted $1.01 EPS. The business’s quarterly revenue was up 6.2% compared to the same quarter last year. On average, research analysts anticipate that Hologic, Inc. will post 4.28 earnings per share for the current fiscal year.

Insider Buying and Selling at Hologic

In other news, Director Christiana Stamoulis sold 7,402 shares of the business’s stock in a transaction on Monday, October 20th. The shares were sold at an average price of $73.07, for a total transaction of $540,864.14. Following the completion of the sale, the director owned 47,336 shares of the company’s stock, valued at $3,458,841.52. The trade was a 13.52% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 1.88% of the stock is owned by corporate insiders.

Institutional Trading of Hologic

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Allworth Financial LP grew its stake in shares of Hologic by 15.8% during the 3rd quarter. Allworth Financial LP now owns 1,749 shares of the medical equipment provider’s stock valued at $118,000 after acquiring an additional 238 shares during the period. Swiss Life Asset Management Ltd lifted its stake in shares of Hologic by 4.0% during the 3rd quarter. Swiss Life Asset Management Ltd now owns 54,569 shares of the medical equipment provider’s stock valued at $3,683,000 after buying an additional 2,083 shares in the last quarter. Investment Research Partners LLC bought a new position in Hologic in the 3rd quarter worth $218,000. CIBC Private Wealth Group LLC raised its holdings in Hologic by 18.6% during the third quarter. CIBC Private Wealth Group LLC now owns 6,159 shares of the medical equipment provider’s stock valued at $416,000 after acquiring an additional 965 shares during the period. Finally, CIBC Bancorp USA Inc. bought a new position in shares of Hologic in the third quarter worth about $2,072,000. Hedge funds and other institutional investors own 94.73% of the company’s stock.

Hologic Company Profile

Hologic, Inc (NASDAQ: HOLX) is a global medical technology company specializing in women’s health. Headquartered in Marlborough, Massachusetts, the company develops and manufactures diagnostic products, imaging systems and surgical solutions designed to detect, diagnose and treat diseases with a primary focus on breast and skeletal health, gynecological conditions and molecular diagnostics. Its product portfolio includes digital mammography systems, 3D mammography solutions, bone densitometry equipment and molecular assays for infectious disease and oncology applications.

Since its founding in 1985, Hologic has grown through both internal innovation and strategic acquisitions.