Haemonetics (NYSE:HAE) Shares Gap Up – Still a Buy?

Haemonetics Corporation (NYSE:HAE)’s share price gapped up before the market opened on Monday . The stock had previously closed at $102.69, but opened at $106.98. Haemonetics shares last traded at $103.4840, with a volume of 92,238 shares trading hands.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Mizuho raised their price target on Haemonetics from $85.00 to $90.00 and gave the company an “outperform” rating in a research report on Wednesday, July 15th. Citigroup raised their price objective on Haemonetics from $79.00 to $92.00 and gave the company a “neutral” rating in a report on Friday, August 7th. BTIG Research upped their target price on Haemonetics from $96.00 to $110.00 and gave the stock a “buy” rating in a research note on Tuesday, August 18th. Bank of America raised shares of Haemonetics from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $72.00 to $80.00 in a research note on Friday, May 22nd. Finally, Robert W. Baird increased their target price on shares of Haemonetics from $96.00 to $119.00 and gave the company an “outperform” rating in a report on Friday, August 21st. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $99.78.

Haemonetics Stock Up 1.9%

The stock has a market cap of $4.76 billion, a P/E ratio of 51.30, a P/E/G ratio of 2.06 and a beta of 0.54. The company has a quick ratio of 1.91, a current ratio of 3.08 and a debt-to-equity ratio of 1.40. The company has a 50-day simple moving average of $90.46 and a two-hundred day simple moving average of $73.10.

Haemonetics (NYSE:HAE) last issued its earnings results on Thursday, August 6th. The medical instruments supplier reported $1.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.08 by $0.06. Haemonetics had a net margin of 7.12% and a return on equity of 27.55%. The firm had revenue of $339.38 million for the quarter, compared to analysts’ expectations of $327.86 million. During the same quarter last year, the business earned $1.10 earnings per share. The business’s revenue was up 5.5% on a year-over-year basis. On average, equities analysts forecast that Haemonetics Corporation will post 5.29 EPS for the current year.

Institutional Trading of Haemonetics

Institutional investors have recently modified their holdings of the company. Sequoia Financial Advisors LLC purchased a new stake in Haemonetics in the 2nd quarter worth approximately $304,000. Tidal Investments LLC increased its stake in shares of Haemonetics by 2.9% during the second quarter. Tidal Investments LLC now owns 18,357 shares of the medical instruments supplier’s stock valued at $1,377,000 after buying an additional 517 shares during the period. Pinnacle Wealth Management Advisory Group LLC bought a new position in shares of Haemonetics during the second quarter valued at approximately $316,000. Integrated Wealth Concepts LLC purchased a new stake in Haemonetics in the second quarter worth $122,000. Finally, Squarepoint Ops LLC lifted its stake in Haemonetics by 194.1% in the second quarter. Squarepoint Ops LLC now owns 86,124 shares of the medical instruments supplier’s stock worth $6,459,000 after acquiring an additional 56,843 shares during the period. 99.67% of the stock is currently owned by hedge funds and other institutional investors.

About Haemonetics

Haemonetics Corporation is a medical technology company that develops and markets products and services for blood management. Its offerings support blood and plasma collection, blood component processing, surgical blood salvage, hemostasis testing and hospital transfusion management.

The company’s product portfolio includes automated plasma and blood component collection systems, equipment and disposables used in surgical cell salvage, and diagnostic technologies that help healthcare professionals assess coagulation and bleeding risk.