Azenta (NASDAQ:AZTA) Stock Price Down 6.9% – Here’s Why

Shares of Azenta, Inc. (NASDAQ:AZTA) were down 6.9% on Tuesday . The company traded as low as $40.48 and last traded at $40.52. Approximately 197,584 shares were traded during trading, a decline of 66% from the average daily volume of 579,642 shares. The stock had previously closed at $43.50.

Analyst Upgrades and Downgrades

AZTA has been the topic of a number of research analyst reports. Stephens reiterated an “overweight” rating and set a $60.00 target price on shares of Azenta in a research report on Thursday, January 2nd. TD Cowen raised shares of Azenta to a “hold” rating in a research note on Thursday, February 27th. Needham & Company LLC boosted their price target on Azenta from $55.00 to $59.00 and gave the company a “buy” rating in a research report on Thursday, February 6th. Finally, Evercore ISI raised their target price on shares of Azenta from $50.00 to $52.00 and gave the company an “in-line” rating in a research note on Thursday, February 6th. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, Azenta presently has a consensus rating of “Hold” and a consensus target price of $58.75.

Azenta Stock Performance

The stock has a market cap of $1.86 billion, a price-to-earnings ratio of -13.63 and a beta of 1.52. The company’s 50 day simple moving average is $49.13 and its two-hundred day simple moving average is $47.35.

Azenta (NASDAQ:AZTA) last issued its quarterly earnings data on Wednesday, February 5th. The company reported $0.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.05 by $0.03. Azenta had a negative net margin of 24.91% and a positive return on equity of 1.25%. On average, equities research analysts predict that Azenta, Inc. will post 0.53 earnings per share for the current fiscal year.

Institutional Trading of Azenta

Several hedge funds have recently modified their holdings of AZTA. Picton Mahoney Asset Management grew its stake in shares of Azenta by 305.7% during the fourth quarter. Picton Mahoney Asset Management now owns 706 shares of the company’s stock worth $35,000 after purchasing an additional 532 shares during the period. Headlands Technologies LLC bought a new stake in shares of Azenta in the 4th quarter valued at about $40,000. Farther Finance Advisors LLC raised its position in shares of Azenta by 20.0% in the 3rd quarter. Farther Finance Advisors LLC now owns 1,537 shares of the company’s stock valued at $74,000 after acquiring an additional 256 shares during the period. Covestor Ltd boosted its stake in Azenta by 64.2% during the 4th quarter. Covestor Ltd now owns 2,043 shares of the company’s stock worth $102,000 after acquiring an additional 799 shares during the last quarter. Finally, KBC Group NV grew its holdings in Azenta by 48.5% during the fourth quarter. KBC Group NV now owns 2,137 shares of the company’s stock valued at $107,000 after purchasing an additional 698 shares during the period. 99.08% of the stock is owned by institutional investors.

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.