IDEXX Laboratories (NASDAQ:IDXX) Stock Price Down 9.1% – Here’s Why

IDEXX Laboratories, Inc. (NASDAQ:IDXX)’s share price was down 9.1% on Thursday . The stock traded as low as $409.50 and last traded at $410.20. Approximately 149,363 shares changed hands during trading, a decline of 69% from the average daily volume of 479,587 shares. The stock had previously closed at $451.08.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on IDXX. BTIG Research initiated coverage on IDEXX Laboratories in a research note on Thursday, July 25th. They issued a “buy” rating and a $580.00 price objective for the company. JPMorgan Chase & Co. reduced their price target on IDEXX Laboratories from $630.00 to $575.00 and set an “overweight” rating for the company in a research report on Friday, October 11th. StockNews.com cut IDEXX Laboratories from a “buy” rating to a “hold” rating in a research report on Wednesday, July 10th. Piper Sandler reduced their target price on shares of IDEXX Laboratories from $600.00 to $520.00 and set a “neutral” rating for the company in a report on Wednesday, August 14th. Finally, Stifel Nicolaus lowered their price target on shares of IDEXX Laboratories from $510.00 to $500.00 and set a “hold” rating on the stock in a report on Thursday, October 10th. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, IDEXX Laboratories presently has an average rating of “Moderate Buy” and an average price target of $574.13.

IDEXX Laboratories Trading Up 2.5 %

The stock has a market cap of $34.35 billion, a P/E ratio of 41.31, a price-to-earnings-growth ratio of 3.94 and a beta of 1.33. The stock’s 50-day moving average is $478.76 and its two-hundred day moving average is $487.14. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.37 and a quick ratio of 1.03.

IDEXX Laboratories (NASDAQ:IDXX) last released its quarterly earnings data on Thursday, October 31st. The company reported $2.80 EPS for the quarter, beating the consensus estimate of $2.69 by $0.11. IDEXX Laboratories had a net margin of 22.34% and a return on equity of 57.03%. The business had revenue of $975.50 million during the quarter, compared to the consensus estimate of $980.32 million. During the same quarter in the prior year, the firm earned $2.53 EPS. The business’s revenue was up 6.6% on a year-over-year basis. Equities research analysts anticipate that IDEXX Laboratories, Inc. will post 10.44 EPS for the current year.

Institutional Trading of IDEXX Laboratories

A number of large investors have recently added to or reduced their stakes in the company. Crewe Advisors LLC purchased a new position in shares of IDEXX Laboratories in the first quarter valued at $26,000. Ridgewood Investments LLC purchased a new position in shares of IDEXX Laboratories in the 2nd quarter worth $27,000. Institutional & Family Asset Management LLC purchased a new position in shares of IDEXX Laboratories in the 2nd quarter worth $28,000. E Fund Management Hong Kong Co. Ltd. increased its holdings in shares of IDEXX Laboratories by 5,700.0% in the 3rd quarter. E Fund Management Hong Kong Co. Ltd. now owns 58 shares of the company’s stock worth $29,000 after buying an additional 57 shares during the last quarter. Finally, Mowery & Schoenfeld Wealth Management LLC raised its position in shares of IDEXX Laboratories by 750.0% during the 3rd quarter. Mowery & Schoenfeld Wealth Management LLC now owns 68 shares of the company’s stock valued at $34,000 after buying an additional 60 shares in the last quarter. 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.