Masimo (NASDAQ:MASI) Sees Unusually-High Trading Volume on Strong Earnings

Masimo Co. (NASDAQ:MASI) shares saw an uptick in trading volume on Wednesday after the company announced better than expected quarterly earnings. 676,151 shares were traded during mid-day trading, an increase of 21% from the previous session’s volume of 560,520 shares.The stock last traded at $118.40 and had previously closed at $136.00.

The medical equipment provider reported $0.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.71 by $0.06. The business had revenue of $492.80 million during the quarter, compared to analyst estimates of $487.70 million. Masimo had a return on equity of 13.77% and a net margin of 3.98%. Masimo’s revenue for the quarter was down 12.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.87 earnings per share.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on MASI shares. StockNews.com raised Masimo from a “sell” rating to a “hold” rating in a research report on Friday, March 29th. Wells Fargo & Company raised Masimo from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $117.00 to $160.00 in a research note on Monday, March 25th. Jefferies Financial Group reissued a “hold” rating and set a $121.00 price objective (up from $107.00) on shares of Masimo in a research report on Tuesday, January 30th. Piper Sandler raised their target price on shares of Masimo from $117.00 to $126.00 and gave the stock a “neutral” rating in a research report on Wednesday. Finally, Stifel Nicolaus raised shares of Masimo from a “hold” rating to a “buy” rating and lifted their target price for the company from $148.00 to $170.00 in a research note on Monday, April 15th. Five research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $138.71.

Insider Activity at Masimo

In related news, Director Craig B. Reynolds sold 40,000 shares of the company’s stock in a transaction that occurred on Friday, April 26th. The stock was sold at an average price of $136.17, for a total value of $5,446,800.00. Following the sale, the director now owns 7,406 shares in the company, valued at approximately $1,008,475.02. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 9.70% of the stock is currently owned by corporate insiders.

Institutional Trading of Masimo

A number of institutional investors and hedge funds have recently bought and sold shares of MASI. State of Michigan Retirement System boosted its position in shares of Masimo by 0.9% during the fourth quarter. State of Michigan Retirement System now owns 10,696 shares of the medical equipment provider’s stock valued at $1,254,000 after buying an additional 100 shares during the last quarter. Massmutual Trust Co. FSB ADV boosted its holdings in shares of Masimo by 140.6% during the 4th quarter. Massmutual Trust Co. FSB ADV now owns 243 shares of the medical equipment provider’s stock valued at $28,000 after acquiring an additional 142 shares during the last quarter. Parallel Advisors LLC grew its stake in shares of Masimo by 48.3% in the fourth quarter. Parallel Advisors LLC now owns 445 shares of the medical equipment provider’s stock worth $52,000 after acquiring an additional 145 shares during the period. CWM LLC raised its holdings in shares of Masimo by 13.5% during the fourth quarter. CWM LLC now owns 1,318 shares of the medical equipment provider’s stock valued at $154,000 after purchasing an additional 157 shares during the last quarter. Finally, Riverview Trust Co bought a new position in Masimo during the first quarter valued at approximately $25,000. 85.96% of the stock is currently owned by institutional investors.

Masimo Stock Performance

The business’s 50-day simple moving average is $136.19 and its 200 day simple moving average is $119.58. The firm has a market cap of $6.35 billion, a P/E ratio of 79.48 and a beta of 0.99. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.22 and a current ratio of 2.18.

About Masimo

Masimo Corporation develops, manufactures, and markets various patient monitoring technologies, and automation and connectivity solutions worldwide. The company offers masimo signal extraction technology (SET) pulse oximetry with measure-through motion and low perfusion pulse oximetry monitoring to address the primary limitations of conventional pulse oximetry; Masimo rainbow SET platform, including rainbow SET Pulse CO-Oximetry products that allows noninvasive monitoring of carboxyhemoglobin, methemoglobin, hemoglobin concentration, fractional arterial oxygen saturation, oxygen content, pleth variability index, rainbow pleth variability index, respiration rate from the pleth, and oxygen reserve index, as well as acoustic respiration monitoring, SedLine brain function monitoring, NomoLine capnography and gas monitoring, and regional oximetry.