Haemonetics (NYSE:HAE) Shares Gap Up – Here’s Why

Haemonetics Corporation (NYSE:HAE)’s share price gapped up before the market opened on Monday . The stock had previously closed at $102.69, but opened at $106.98. Haemonetics shares last traded at $103.4840, with a volume of 92,238 shares trading hands.

Analyst Ratings Changes

A number of equities analysts have commented on HAE shares. Bank of America raised shares of Haemonetics from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $72.00 to $80.00 in a research note on Friday, May 22nd. Raymond James Financial upped their target price on shares of Haemonetics from $105.00 to $125.00 and gave the company an “outperform” rating in a research report on Thursday, September 3rd. Weiss Ratings raised shares of Haemonetics from a “hold (c-)” rating to a “hold (c)” rating in a report on Tuesday, August 11th. JPMorgan Chase & Co. increased their price target on shares of Haemonetics from $62.00 to $86.00 and gave the company a “neutral” rating in a report on Friday, August 7th. Finally, BTIG Research lifted their price target on Haemonetics from $96.00 to $110.00 and gave the stock a “buy” rating in a research report on Tuesday, August 18th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $99.78.

Haemonetics Trading Down 0.0%

The stock’s 50-day moving average price is $91.71 and its 200 day moving average price is $73.73. The company has a debt-to-equity ratio of 1.40, a current ratio of 3.08 and a quick ratio of 1.91. The firm has a market capitalization of $4.83 billion, a PE ratio of 52.09, a price-to-earnings-growth ratio of 2.13 and a beta of 0.54.

Haemonetics (NYSE:HAE) last announced its quarterly earnings results on Thursday, August 6th. The medical instruments supplier reported $1.14 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.08 by $0.06. The firm had revenue of $339.38 million during the quarter, compared to analyst estimates of $327.86 million. Haemonetics had a return on equity of 27.55% and a net margin of 7.12%.Haemonetics’s quarterly revenue was up 5.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.10 earnings per share. On average, sell-side analysts expect that Haemonetics Corporation will post 5.29 EPS for the current fiscal year.

Hedge Funds Weigh In On Haemonetics

Hedge funds and other institutional investors have recently made changes to their positions in the company. Sequoia Financial Advisors LLC bought a new stake in shares of Haemonetics in the second quarter valued at about $304,000. Tidal Investments LLC grew its holdings in Haemonetics by 2.9% during the 2nd quarter. Tidal Investments LLC now owns 18,357 shares of the medical instruments supplier’s stock worth $1,377,000 after acquiring an additional 517 shares in the last quarter. Pinnacle Wealth Management Advisory Group LLC bought a new position in Haemonetics during the 2nd quarter worth about $316,000. Integrated Wealth Concepts LLC purchased a new position in Haemonetics during the 2nd quarter valued at about $122,000. Finally, Squarepoint Ops LLC increased its position in Haemonetics by 194.1% during the 2nd quarter. Squarepoint Ops LLC now owns 86,124 shares of the medical instruments supplier’s stock valued at $6,459,000 after purchasing an additional 56,843 shares during the period. Institutional investors own 99.67% of the company’s stock.

Haemonetics Company Profile

Haemonetics Corporation is a medical technology company that develops and markets products and services for blood management. Its offerings support blood and plasma collection, blood component processing, surgical blood salvage, hemostasis testing and hospital transfusion management.

The company’s product portfolio includes automated plasma and blood component collection systems, equipment and disposables used in surgical cell salvage, and diagnostic technologies that help healthcare professionals assess coagulation and bleeding risk.