Quanterix (NASDAQ:QTRX) Stock Crosses Above 50-Day Moving Average – Here’s What Happened

Quanterix Corporation (NASDAQ:QTRX)’s share price passed above its 50-day moving average during trading on Wednesday. The stock has a 50-day moving average of $2.99 and traded as high as $3.12. Quanterix shares last traded at $3.12, with a volume of 658,077 shares changing hands.

Wall Street Analyst Weigh In

Several brokerages have recently commented on QTRX. TD Cowen boosted their price target on Quanterix from $3.00 to $3.50 and gave the stock a “hold” rating in a research note on Tuesday, October 13th. Weiss Ratings restated a “sell (e+)” rating on shares of Quanterix in a report on Friday, August 7th. Canaccord Genuity Group dropped their price objective on Quanterix from $4.00 to $3.00 and set a “hold” rating for the company in a research note on Monday, August 17th. Finally, Wall Street Zen raised Quanterix from a “sell” rating to a “hold” rating in a research note on Saturday, September 19th. Two analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Reduce” and an average target price of $3.25.

Quanterix Stock Up 8.0%

The firm has a market capitalization of $147.54 million, a PE ratio of -1.19 and a beta of 1.02. The business’s fifty day moving average price is $2.99 and its 200 day moving average price is $3.95.

Quanterix (NASDAQ:QTRX) last posted its quarterly earnings data on Monday, August 10th. The company reported ($1.04) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.41) by ($0.63). The firm had revenue of $32.91 million during the quarter, compared to analyst estimates of $37.48 million. Quanterix had a negative net margin of 80.25% and a negative return on equity of 26.09%.

Institutional Trading of Quanterix

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Pinnacle Wealth Planning Services Inc. raised its holdings in Quanterix by 461.4% in the 3rd quarter. Pinnacle Wealth Planning Services Inc. now owns 10,099 shares of the company’s stock valued at $37,000 after acquiring an additional 8,300 shares during the last quarter. Integrated Wealth Concepts LLC purchased a new position in shares of Quanterix during the 2nd quarter worth $31,000. HighTower Advisors LLC purchased a new position in shares of Quanterix during the 2nd quarter worth $59,000. Susquehanna Fundamental Investments LLC purchased a new position in shares of Quanterix during the 2nd quarter worth $168,000. Finally, Bank of America Corp DE acquired a new stake in shares of Quanterix during the second quarter worth $127,000. 86.48% of the stock is owned by hedge funds and other institutional investors.

Quanterix Company Profile

Quanterix Corporation (NASDAQ:QTRX) is a life sciences company that develops ultra-sensitive digital immunoassay technologies for detecting and measuring biomarkers in blood and other biological samples. Its platform is designed to identify proteins and other molecules at very low concentrations, supporting research into disease biology, diagnosis, treatment response and drug development.

The company’s principal technology, Simoa, uses digital detection methods to improve the sensitivity of immunoassays.