IDEXX Laboratories, Inc. (NASDAQ:IDXX) Short Interest Update

IDEXX Laboratories, Inc. (NASDAQ:IDXX) was the target of a large decrease in short interest in 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. Approximately 2.6% of the company’s stock are short sold. Based on an average daily volume of 517,400 shares, the short-interest ratio is presently 4.0 days.

Wall Street Analyst Weigh In

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

IDEXX Laboratories Stock Performance

IDXX traded up $0.90 on Tuesday, hitting $420.73. The company’s stock had a trading volume of 193,607 shares, compared to its average volume of 500,129. The company’s 50 day simple moving average is $467.11 and its 200-day simple moving average is $482.44. The company has a quick ratio of 1.03, a current ratio of 1.42 and a debt-to-equity ratio of 0.32. IDEXX Laboratories has a 12 month low of $404.74 and a 12 month high of $583.39. The firm has a market cap of $34.45 billion, a P/E ratio of 40.49, a price-to-earnings-growth ratio of 3.67 and a beta of 1.36.

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

Hedge Funds Weigh In On IDEXX Laboratories

Several hedge funds have recently bought and sold shares of IDXX. FSA Wealth Management LLC purchased a new stake in IDEXX Laboratories in the 3rd quarter worth approximately $25,000. Crewe Advisors LLC bought a new position in shares of IDEXX Laboratories in the first quarter worth $26,000. Ridgewood Investments LLC purchased a new stake in shares of IDEXX Laboratories in the second quarter worth $27,000. Institutional & Family Asset Management LLC bought a new stake in IDEXX Laboratories during the second quarter valued at $28,000. Finally, E Fund Management Hong Kong Co. Ltd. boosted its stake in 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 valued at $29,000 after buying an additional 57 shares during the period. Hedge funds and other institutional investors own 87.84% of the company’s stock.

IDEXX Laboratories Company Profile

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.