IDEXX Laboratories, Inc. (NASDAQ:IDXX) Sees Significant Decrease in Short Interest

IDEXX Laboratories, Inc. (NASDAQ:IDXX) was the recipient of a significant decrease in short interest in the month of October. As of October 31st, there was short interest totalling 2,080,000 shares, a decrease of 9.2% from the October 15th total of 2,290,000 shares. Currently, 2.6% of the shares of the company are short sold. Based on an average daily trading volume, of 517,400 shares, the short-interest ratio is presently 4.0 days.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the company. Piper Sandler reissued a “neutral” rating and set a $435.00 target price (down from $520.00) on shares of IDEXX Laboratories in a report on Monday, November 4th. JPMorgan Chase & Co. lowered their price target on shares of IDEXX Laboratories from $630.00 to $575.00 and set an “overweight” rating on the stock in a research report on Friday, October 11th. Stifel Nicolaus dropped their price objective on IDEXX Laboratories from $510.00 to $500.00 and set a “hold” rating for the company in a report on Thursday, October 10th. Barclays decreased their price target on IDEXX Laboratories from $570.00 to $481.00 and set an “overweight” rating on the stock in a research note on Monday, November 4th. Finally, BTIG Research assumed coverage on shares of IDEXX Laboratories in a report on Thursday, July 25th. They issued a “buy” rating and a $580.00 target price for the company. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $552.38.

IDEXX Laboratories Trading Up 0.2 %

IDXX traded up $0.90 during trading on Tuesday, reaching $420.73. 193,607 shares of the company’s stock were exchanged, compared to its average volume of 500,129. The company has a current ratio of 1.42, a quick ratio of 1.03 and a debt-to-equity ratio of 0.32. IDEXX Laboratories has a one year low of $404.74 and a one year high of $583.39. The stock has a market capitalization of $34.45 billion, a PE ratio of 40.49, a price-to-earnings-growth ratio of 3.67 and a beta of 1.36. The firm has a fifty day moving average price of $467.11 and a two-hundred day moving average price of $482.44.

IDEXX Laboratories (NASDAQ:IDXX) last released its earnings results on Thursday, October 31st. The company reported $2.80 earnings per share for the quarter, beating analysts’ consensus estimates of $2.69 by $0.11. The business had revenue of $975.50 million during the quarter, compared to the consensus estimate of $980.32 million. IDEXX Laboratories had a net margin of 22.53% and a return on equity of 55.42%. The company’s revenue for the quarter was up 6.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.53 EPS. As a group, equities research analysts forecast that IDEXX Laboratories will post 10.43 earnings per share for the current fiscal year.

Hedge Funds Weigh In On IDEXX Laboratories

Several institutional investors have recently added to or reduced their stakes in the business. FSA Wealth Management LLC bought a new position in shares of IDEXX Laboratories during the 3rd quarter worth about $25,000. Crewe Advisors LLC bought a new position in IDEXX Laboratories in the first quarter worth approximately $26,000. Ridgewood Investments LLC acquired a new stake in IDEXX Laboratories in the second quarter valued at approximately $27,000. Institutional & Family Asset Management LLC bought a new stake in shares of IDEXX Laboratories during the second quarter valued at approximately $28,000. Finally, E Fund Management Hong Kong Co. Ltd. raised its position in shares of IDEXX Laboratories by 5,700.0% during the third quarter. E Fund Management Hong Kong Co. Ltd. now owns 58 shares of the company’s stock worth $29,000 after purchasing an additional 57 shares during the period. 87.84% of the stock is owned by institutional investors and hedge funds.

About IDEXX Laboratories

IDEXX Laboratories, Inc develops, manufactures, and distributes products primarily for the companion animal veterinary, livestock and poultry, dairy, and water testing markets in Africa, the Asia Pacific, Canada, Europe, Latin America, and internationally. The company operates through three segments: Companion Animal Group; Water Quality Products; and Livestock, Poultry and Dairy.