Azenta (NASDAQ:AZTA) Trading 8.8% Higher on Strong Earnings

Azenta, Inc. (NASDAQ:AZTA)’s share price traded up 8.8% during mid-day trading on Wednesday following a better than expected earnings announcement. The stock traded as high as $29.84 and last traded at $29.26. 178,564 shares traded hands during trading, a decline of 77% from the average session volume of 769,859 shares. The stock had previously closed at $26.90.

The company reported $0.19 earnings per share for the quarter, beating the consensus estimate of $0.13 by $0.06. Azenta had a negative net margin of 18.45% and a positive return on equity of 1.35%. The business had revenue of $143.94 million for the quarter, compared to analyst estimates of $149.64 million. During the same period in the previous year, the business earned $0.14 EPS. The firm’s revenue was up .0% on a year-over-year basis.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. Stephens assumed coverage on shares of Azenta in a research report on Tuesday, July 22nd. They set an “equal weight” rating and a $35.00 target price on the stock. Needham & Company LLC decreased their price objective on shares of Azenta from $59.00 to $40.00 and set a “buy” rating on the stock in a research note on Wednesday, May 7th. Raymond James Financial raised shares of Azenta from a “market perform” rating to an “outperform” rating and set a $35.00 price objective on the stock in a research note on Wednesday. Finally, Evercore ISI decreased their price objective on shares of Azenta from $35.00 to $33.00 and set an “in-line” rating on the stock in a research note on Tuesday. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, Azenta currently has an average rating of “Hold” and a consensus price target of $35.75.

Institutional Trading of Azenta

Several large investors have recently added to or reduced their stakes in the company. Mechanics Financial Corp raised its stake in shares of Azenta by 77.6% in the second quarter. Mechanics Financial Corp now owns 870 shares of the company’s stock worth $27,000 after acquiring an additional 380 shares during the last quarter. Farther Finance Advisors LLC lifted its position in shares of Azenta by 788.1% during the first quarter. Farther Finance Advisors LLC now owns 968 shares of the company’s stock worth $33,000 after purchasing an additional 859 shares in the last quarter. CWM LLC lifted its position in shares of Azenta by 113.5% during the second quarter. CWM LLC now owns 1,898 shares of the company’s stock worth $58,000 after purchasing an additional 1,009 shares in the last quarter. Covestor Ltd lifted its position in shares of Azenta by 64.2% during the fourth quarter. Covestor Ltd now owns 2,043 shares of the company’s stock worth $102,000 after purchasing an additional 799 shares in the last quarter. Finally, Quarry LP acquired a new position in shares of Azenta during the fourth quarter worth approximately $110,000. 99.08% of the stock is owned by institutional investors.

Azenta Stock Up 5.6%

The stock’s 50-day moving average price is $31.04 and its 200-day moving average price is $34.81. The company has a market capitalization of $1.30 billion, a price-to-earnings ratio of -11.74 and a beta of 1.59.

About Azenta

Azenta, Inc provides biological and chemical compound sample exploration and management solutions for the life sciences market in North America, Africa, China, the United Kingdom, rest of Europe, the Asia Pacific, and internationally. The company operates in two reportable segments, Life Sciences Products and Life Sciences Services.