AngioDynamics (NASDAQ:ANGO) had an underwhelming quarterly earnings report, missing the consensus estimate of ($0.01) by ($0.02) with a reported loss per share of ($0.03). The medical instruments supplier’s revenue for the quarter was $80.70 million, falling short of analyst estimates of $83.20 million, but an improvement of 9.1% compared to the same quarter last year.
Despite this lackluster performance, several hedge funds have shown interest in AngioDynamics’ stock, having recently bought and sold shares of the company. Notably, CWM LLC lifted its stake in the firm by 1,048%, while State of Wyoming increased its holdings by a staggering 438.2%. In total, hedge funds and other institutional investors own nearly 95% of AngioDynamics’ stock.
As the market opened on Monday, AngioDynamics stock was selling at $9.09 per share – its 12-month low point after reaching a high mark of $24.87 per share over the past year. This dramatic shift suggests potential investor uncertainty following the less than favorable earnings report.
The medical instruments supplier currently has a market capitalization of $356.69 million and a price-to-earnings ratio of -9.67 with a beta factor sitting at 0.61 – all factors to consider when examining AngioDynamics as an investment opportunity.
Furthermore, it is worth noting that the company has a robust current ratio of 2.19 and quick ratio of 1:28, indicating strong financial health and liquidity needed to sustain continued growth in revenue and profits.
In conclusion, while AngioDynamics may have stumbled slightly during their latest quarterly report; numerous investors still view the company as having great value with room for growth potential at its current position based on their recent purchases and subsequent remarks made via public filings. As such, while undergoing growing pains, prospects remain bright for the medical instruments supplier.
AngioDynamics Faces Projected Earnings Hit in 2023
Medical equipment supplier AngioDynamics, Inc. (NASDAQ:ANGO) has taken a hit in its projected earnings for the full year 2023, according to market analysts. A report from Zacks Research reveals that the firm’s FY2023 earnings per share may reach ($0.06), down from the previous estimate of $0.01. This has led to a consensus estimate for AngioDynamics’ current full-year earnings being set at ($0.05) per share.
AngioDynamics has been subjected to other reports which have lead Raymond James and StockNews.com to drop score ratings on the supplier specifically after Price target became prevalent among different analysts over the past few months with very disparity ranges as high as $14 by Raymond James with others setting it at $22.
In another development, Senior Vice President Dave Helse sold 4,633 shares on January 31st at an average price of $12.95 amounting to a total value of around $59,997.35 putting insiders ownership down to 4.90% but this move had no considerable effect in the stock’s upward momentum.
Despite these setbacks, AngioDynamics remains one of the key players in the medical equipment supply industry and is likely to continue playing an important role in the market going forward due to its reputation for providing high-quality products and services that are trusted by medical professionals and patients alike.
Investors in this field count on keeping abreast of various targets until setting their own ideas while angiodinamics’ vision still revolves around improving patient outcomes through innovation in peripheral vascular technologies.
Despite investors potentially revise their position on either their score ratings or even keeping skeptical notions waiting for more indicators notably after two wrong quarters dictated by apparently weak fundamentals; One can not undermine Angiodynamics’ commitment to ultimate products usages targeting optimal patient benefits whether concerns were posed about product line responsiveness( repurposing already available devices for the fight against covid-19) or financials.