Maravai LifeSciences (NASDAQ:MRVI) Shares Gap Down on Disappointing Earnings

Maravai LifeSciences Holdings, Inc. (NASDAQ:MRVI)’s stock price gapped down prior to trading on Friday following a weaker than expected earnings announcement. The stock had previously closed at $2.89, but opened at $2.55. Maravai LifeSciences shares last traded at $2.8560, with a volume of 166,794 shares trading hands.

The company reported ($0.08) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by ($0.02). Maravai LifeSciences had a negative net margin of 62.88% and a negative return on equity of 21.42%. The company had revenue of $41.63 million during the quarter, compared to analyst estimates of $49.02 million.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the company. Royal Bank Of Canada dropped their price objective on Maravai LifeSciences from $7.00 to $5.00 and set an “outperform” rating on the stock in a report on Tuesday, August 12th. Weiss Ratings reissued a “sell (d-)” rating on shares of Maravai LifeSciences in a research report on Tuesday, October 14th. Three research analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, Maravai LifeSciences has a consensus rating of “Hold” and an average price target of $5.22.

Hedge Funds Weigh In On Maravai LifeSciences

Hedge funds and other institutional investors have recently made changes to their positions in the stock. The Manufacturers Life Insurance Company increased its position in Maravai LifeSciences by 12.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 46,528 shares of the company’s stock valued at $112,000 after acquiring an additional 5,160 shares during the period. Performa Ltd US LLC grew its stake in shares of Maravai LifeSciences by 33.3% in the 2nd quarter. Performa Ltd US LLC now owns 22,990 shares of the company’s stock valued at $55,000 after purchasing an additional 5,740 shares during the last quarter. Ethic Inc. increased its holdings in shares of Maravai LifeSciences by 62.8% in the third quarter. Ethic Inc. now owns 16,951 shares of the company’s stock valued at $49,000 after purchasing an additional 6,540 shares during the period. Tower Research Capital LLC TRC increased its holdings in shares of Maravai LifeSciences by 121.1% in the second quarter. Tower Research Capital LLC TRC now owns 18,021 shares of the company’s stock valued at $43,000 after purchasing an additional 9,870 shares during the period. Finally, Mirabella Financial Services LLP raised its stake in shares of Maravai LifeSciences by 0.3% during the second quarter. Mirabella Financial Services LLP now owns 3,750,000 shares of the company’s stock worth $9,038,000 after purchasing an additional 10,049 shares during the last quarter. Hedge funds and other institutional investors own 50.25% of the company’s stock.

Maravai LifeSciences Trading Down 0.7%

The company has a fifty day moving average of $2.97 and a two-hundred day moving average of $2.54. The company has a quick ratio of 4.49, a current ratio of 5.16 and a debt-to-equity ratio of 0.68. The stock has a market capitalization of $732.88 million, a price-to-earnings ratio of -3.42 and a beta of 0.34.

Maravai LifeSciences Company Profile

Maravai LifeSciences Holdings, Inc, a life sciences company, provides products to enable the development of drug therapies, diagnostics, novel vaccines, and support research on human diseases worldwide. The company’s products address the key phases of biopharmaceutical development and include nucleic acids for diagnostic and therapeutic applications, antibody-based products to detect impurities during the production of biopharmaceutical products, and products to detect the expression of proteins in tissues of various species.