OraSure Technologies (NASDAQ:OSUR) Raised to Hold at StockNews.com

OraSure Technologies (NASDAQ:OSUR) was upgraded by research analysts at StockNews.com from a “sell” rating to a “hold” rating in a report released on Saturday.

OraSure Technologies Price Performance

NASDAQ:OSUR opened at $2.43 on Friday. OraSure Technologies has a 1-year low of $2.36 and a 1-year high of $5.24. The company has a 50-day moving average of $3.08 and a 200 day moving average of $3.57. The firm has a market cap of $181.76 million, a PE ratio of 16.20 and a beta of 0.42.

OraSure Technologies announced that its board has approved a stock buyback plan on Monday, March 24th that permits the company to buyback $40.00 million in shares. This buyback authorization permits the medical instruments supplier to purchase up to 15.6% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board believes its stock is undervalued.

Insider Buying and Selling at OraSure Technologies

In other news, CEO Manner Carrie Eglinton purchased 78,625 shares of the firm’s stock in a transaction on Thursday, February 27th. The stock was acquired at an average cost of $3.15 per share, with a total value of $247,668.75. Following the completion of the transaction, the chief executive officer now owns 1,259,664 shares in the company, valued at $3,967,941.60. This represents a 6.66% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director John P. Kenny purchased 47,659 shares of the firm’s stock in a transaction on Thursday, February 27th. The shares were purchased at an average cost of $3.17 per share, with a total value of $151,079.03. Following the completion of the transaction, the director now owns 70,915 shares of the company’s stock, valued at approximately $224,800.55. The trade was a 204.93% increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders bought 190,284 shares of company stock valued at $600,348. 3.90% of the stock is currently owned by insiders.

Hedge Funds Weigh In On OraSure Technologies

Hedge funds and other institutional investors have recently modified their holdings of the stock. Tower Research Capital LLC TRC raised its position in shares of OraSure Technologies by 202.3% in the 4th quarter. Tower Research Capital LLC TRC now owns 7,821 shares of the medical instruments supplier’s stock valued at $28,000 after purchasing an additional 5,234 shares during the last quarter. Causeway Capital Management LLC acquired a new position in OraSure Technologies in the 4th quarter worth approximately $36,000. Raymond James Financial Inc. acquired a new position in OraSure Technologies in the 4th quarter worth approximately $37,000. Boothbay Fund Management LLC acquired a new position in OraSure Technologies in the 4th quarter worth approximately $42,000. Finally, Gotham Asset Management LLC acquired a new position in OraSure Technologies in the 4th quarter worth approximately $43,000. 93.50% of the stock is owned by hedge funds and other institutional investors.

OraSure Technologies Company Profile

OraSure Technologies, Inc, together with its subsidiaries, provides point-of-care and home diagnostic tests, specimen collection devices, and microbiome laboratory and analytical services in the United States, Europe, and internationally. The company’s products include InteliSwab COVID-19 rapid test, InteliSwab COVID-19 rapid test pro, InteliSwab COVID-19 rapid test rx, OraQuick Rapid HIV test, OraQuick In-Home HIV test, OraQuick HIV self-test, OraQuick HCV rapid antibody test, OraQuick Ebola rapid antigen test, OraSure oral fluid collection device used in conjunction with screening and confirmatory tests for HIV-1 antibodies; Intercept drug testing systems; immunoassay tests and reagents; and Q.E.D.