23andMe (NASDAQ:ME) Releases Quarterly Earnings Results

23andMe (NASDAQ:ME) posted its earnings results on Tuesday. The company reported ($2.32) earnings per share for the quarter, reports. The business had revenue of $44.07 million during the quarter, compared to analysts’ expectations of $50.30 million. 23andMe had a negative net margin of 318.39% and a negative return on equity of 129.98%.

23andMe Trading Down 0.8 %

Shares of 23andMe stock opened at $3.79 on Friday. The stock has a 50 day moving average price of $5.68 and a 200-day moving average price of $7.64. 23andMe has a one year low of $3.79 and a one year high of $20.40.

Analysts Set New Price Targets

Separately, TD Cowen downgraded shares of 23andMe from a “strong-buy” rating to a “strong sell” rating in a report on Wednesday, August 7th.

Hedge Funds Weigh In On 23andMe

A number of large investors have recently made changes to their positions in the company. GSA Capital Partners LLP bought a new stake in 23andMe in the third quarter worth about $805,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of 23andMe during the 2nd quarter worth approximately $203,000. AQR Capital Management LLC boosted its holdings in 23andMe by 145.8% during the 2nd quarter. AQR Capital Management LLC now owns 444,222 shares of the company’s stock valued at $174,000 after acquiring an additional 263,468 shares during the period. FMR LLC grew its position in 23andMe by 24.0% in the 3rd quarter. FMR LLC now owns 993,848 shares of the company’s stock valued at $345,000 after acquiring an additional 192,099 shares during the last quarter. Finally, Levin Capital Strategies L.P. purchased a new stake in 23andMe in the second quarter worth $61,000. 36.10% of the stock is owned by hedge funds and other institutional investors.

About 23andMe

23andMe Holding Co operates as a consumer genetics testing company. The company operates in two segments, Consumer & Research Services and Therapeutics. The Consumer & Research Services segment provides a suite of genetic reports, including information on customers' genetic ancestral origins, personal genetic health risks, and chances of passing on certain rare carrier conditions to their children, as well as reports on how genetics can impact responses to medications.