Zacks Investment Research Lowers iCAD (NASDAQ:ICAD) to Sell

iCAD (NASDAQ:ICADGet Rating) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Tuesday, Zacks.com reports.

According to Zacks, “Icad, Inc. designs, engineers, develops and manufactures digital image scanners, densitometers, film digitizers and related software for applications in the graphic arts, medical imaging and life sciences markets. The Company sells its products throughout the world through various distributors, resellers, systems integrators and OEM’s. “

ICAD has been the topic of several other research reports. Lake Street Capital dropped their price objective on shares of iCAD from $22.00 to $13.00 in a report on Tuesday, March 1st. StockNews.com assumed coverage on iCAD in a research note on Thursday, March 31st. They set a “hold” rating for the company. Finally, Guggenheim downgraded iCAD from a “buy” rating to a “neutral” rating in a research note on Tuesday, January 18th. One analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, iCAD currently has a consensus rating of “Hold” and an average price target of $14.50.

Shares of NASDAQ ICAD opened at $3.63 on Tuesday. The firm’s 50-day moving average price is $3.82 and its 200-day moving average price is $5.68. iCAD has a 1-year low of $2.91 and a 1-year high of $19.00. The firm has a market capitalization of $91.41 million, a P/E ratio of -6.85 and a beta of 1.28.

iCAD (NASDAQ:ICADGet Rating) last announced its quarterly earnings data on Monday, February 28th. The technology company reported ($0.17) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.06). iCAD had a negative net margin of 40.43% and a negative return on equity of 25.73%. The company had revenue of $7.81 million for the quarter, compared to analyst estimates of $7.81 million. During the same quarter in the prior year, the company posted ($0.06) EPS. Sell-side analysts forecast that iCAD will post -0.57 earnings per share for the current fiscal year.

In related news, Director Timothy Norris Irish acquired 5,500 shares of the company’s stock in a transaction on Thursday, March 3rd. The shares were acquired at an average cost of $4.63 per share, for a total transaction of $25,465.00. The acquisition was disclosed in a document filed with the SEC, which is available at this link. 12.50% of the stock is currently owned by company insiders.

A number of large investors have recently modified their holdings of the business. Granahan Investment Management Inc. MA lifted its stake in iCAD by 91.2% during the 3rd quarter. Granahan Investment Management Inc. MA now owns 2,242,603 shares of the technology company’s stock valued at $24,108,000 after acquiring an additional 1,069,730 shares in the last quarter. BlackRock Inc. increased its position in shares of iCAD by 0.7% during the 4th quarter. BlackRock Inc. now owns 1,375,231 shares of the technology company’s stock valued at $9,903,000 after purchasing an additional 8,995 shares during the last quarter. Geode Capital Management LLC increased its position in shares of iCAD by 1.0% during the 4th quarter. Geode Capital Management LLC now owns 378,245 shares of the technology company’s stock valued at $2,723,000 after purchasing an additional 3,811 shares during the last quarter. Renaissance Technologies LLC increased its position in shares of iCAD by 31.3% during the 1st quarter. Renaissance Technologies LLC now owns 356,390 shares of the technology company’s stock valued at $1,589,000 after purchasing an additional 84,900 shares during the last quarter. Finally, General American Investors Co. Inc. increased its position in shares of iCAD by 40.8% during the 1st quarter. General American Investors Co. Inc. now owns 353,386 shares of the technology company’s stock valued at $1,576,000 after purchasing an additional 102,378 shares during the last quarter. Institutional investors and hedge funds own 48.53% of the company’s stock.

About iCAD (Get Rating)

iCAD, Inc provides image analysis, workflow solutions, and radiation therapy for the treatment of cancer in the United States. It operates through two segments, Cancer Detection and Cancer Therapy. The company offers PowerLook platform, which hosts the AI algorithm solutions and manages the communications between imaging acquisition systems, and image storage and review systems; SecondLook, a machine learning-based cancer detection algorithm that analyzes 2D full-field digital mammography images to identify and mark suspicious masses and calcifications; and automated density assessment solutions, which provides automated, consistent, and standardized density assessment.

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