Kestra Medical Technologies (NASDAQ:KMTS) Stock Price Down 8.7% After Earnings Miss

Kestra Medical Technologies, Ltd. (NASDAQ:KMTS) shares dropped 8.7% during trading on Wednesday following a weaker than expected earnings announcement. The company traded as low as $21.03 and last traded at $22.0880. Approximately 122,751 shares traded hands during trading, a decline of 64% from the average daily volume of 338,456 shares. The stock had previously closed at $24.18.

The company reported ($0.67) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.59) by ($0.08). The company had revenue of $28.64 million during the quarter. Kestra Medical Technologies had a negative return on equity of 57.38% and a negative net margin of 138.35%.

Analyst Upgrades and Downgrades

KMTS has been the subject of several research analyst reports. Wall Street Zen raised Kestra Medical Technologies from a “sell” rating to a “hold” rating in a report on Saturday, June 27th. The Goldman Sachs Group lowered their target price on Kestra Medical Technologies from $22.00 to $17.00 and set a “neutral” rating on the stock in a report on Thursday, April 9th. BTIG Research raised their target price on Kestra Medical Technologies from $30.00 to $32.00 and gave the stock a “buy” rating in a research report on Wednesday. Wolfe Research set a $30.00 price target on Kestra Medical Technologies in a research note on Wednesday. Finally, Weiss Ratings raised shares of Kestra Medical Technologies from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, June 30th. Three research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $27.83.

Insider Activity

In other news, insider Brian Daniel Webster sold 15,000 shares of the business’s stock in a transaction on Monday, June 15th. The shares were sold at an average price of $20.81, for a total transaction of $312,150.00. Following the completion of the sale, the insider owned 395,467 shares of the company’s stock, valued at $8,229,668.27. The trade was a 3.65% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 3.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Kestra Medical Technologies

Institutional investors have recently bought and sold shares of the stock. Seven Grand Managers LLC bought a new stake in Kestra Medical Technologies during the fourth quarter valued at about $2,652,000. Eventide Asset Management LLC increased its position in Kestra Medical Technologies by 5.4% in the fourth quarter. Eventide Asset Management LLC now owns 1,269,651 shares of the company’s stock worth $33,671,000 after buying an additional 65,288 shares in the last quarter. Summit Partners Public Asset Management LLC bought a new position in shares of Kestra Medical Technologies in the fourth quarter worth about $9,282,000. Jennison Associates LLC lifted its position in shares of Kestra Medical Technologies by 15.0% during the 4th quarter. Jennison Associates LLC now owns 219,355 shares of the company’s stock valued at $5,817,000 after buying an additional 28,573 shares in the last quarter. Finally, UBS Group AG lifted its position in shares of Kestra Medical Technologies by 34.9% during the 4th quarter. UBS Group AG now owns 270,058 shares of the company’s stock valued at $7,162,000 after buying an additional 69,908 shares in the last quarter.

Kestra Medical Technologies Trading Down 2.6%

The stock has a 50 day moving average of $22.21 and a 200-day moving average of $22.70. The company has a market capitalization of $1.41 billion, a P/E ratio of -9.91 and a beta of 0.47. The company has a current ratio of 4.41, a quick ratio of 7.32 and a debt-to-equity ratio of 0.16.

Kestra Medical Technologies Company Profile

We are a commercial-stage, wearable medical device and digital healthcare company focused on transforming patient outcomes in cardiovascular disease using monitoring and therapeutic intervention technologies that are intuitive, intelligent, and connected. We have developed and are commercializing our Cardiac Recovery System platform, a comprehensive and advanced system that integrates monitoring, therapeutic treatment, digital health, and patient support services into a single, unified solution. The cornerstone of our Cardiac Recovery System platform is the ASSURE WCD, a next generation wearable cardioverter defibrillator (“WCD”) used to protect patients at an elevated risk of sudden cardiac arrest (“SCA”), a major public health problem that accounts for approximately 50% of all cardiovascular deaths in the U.S.