Abaxis (ABAX) Raised to Buy at Northcoast Research
Abaxis (NASDAQ:ABAX) was upgraded by stock analysts at Northcoast Research from a “neutral” rating to a “buy” rating in a note issued to investors on Friday. Northcoast Research also issued estimates for Abaxis’ Q3 2018 earnings at $0.23 EPS, Q1 2019 earnings at $0.33 EPS, Q2 2019 earnings at $0.35 EPS and Q4 2019 earnings at $0.36 EPS.
Other equities research analysts have also recently issued research reports about the company. TheStreet raised Abaxis from a “c+” rating to a “b-” rating in a research report on Wednesday, November 29th. Aegis reaffirmed a “hold” rating on shares of Abaxis in a research report on Friday, December 1st. Zacks Investment Research raised Abaxis from a “sell” rating to a “hold” rating in a research report on Friday, November 10th. Canaccord Genuity reiterated a “hold” rating and set a $47.00 price target (up from $46.00) on shares of Abaxis in a report on Friday, October 27th. Finally, BidaskClub upgraded Abaxis from a “sell” rating to a “hold” rating in a report on Thursday, December 21st. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and two have given a buy rating to the company. Abaxis presently has an average rating of “Hold” and an average target price of $47.63.
Shares of Abaxis (ABAX) traded up $8.61 during trading on Friday, reaching $61.52. The company’s stock had a trading volume of 568,400 shares, compared to its average volume of 269,467. The company has a market capitalization of $1,400.00, a PE ratio of 51.27 and a beta of 0.86. Abaxis has a 52-week low of $43.66 and a 52-week high of $62.70.
Abaxis (NASDAQ:ABAX) last announced its earnings results on Tuesday, October 24th. The medical research company reported $0.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.27 by $0.02. The firm had revenue of $58.90 million during the quarter, compared to analysts’ expectations of $60.85 million. Abaxis had a return on equity of 10.18% and a net margin of 11.98%. The company’s revenue was up .5% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.34 earnings per share. analysts predict that Abaxis will post 1.08 earnings per share for the current fiscal year.
Abaxis declared that its Board of Directors has approved a share repurchase program on Tuesday, October 24th that allows the company to buyback $21.00 million in shares. This buyback authorization allows the medical research company to repurchase shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.
Hedge funds have recently modified their holdings of the company. First Trust Advisors LP acquired a new position in shares of Abaxis during the third quarter worth approximately $430,000. BNP Paribas Arbitrage SA raised its stake in shares of Abaxis by 61.4% in the second quarter. BNP Paribas Arbitrage SA now owns 7,349 shares of the medical research company’s stock valued at $390,000 after purchasing an additional 2,795 shares in the last quarter. UBS Asset Management Americas Inc. raised its stake in shares of Abaxis by 92.0% in the second quarter. UBS Asset Management Americas Inc. now owns 7,928 shares of the medical research company’s stock valued at $420,000 after purchasing an additional 3,799 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Abaxis by 0.9% in the second quarter. Vanguard Group Inc. now owns 1,963,755 shares of the medical research company’s stock valued at $104,119,000 after purchasing an additional 16,676 shares in the last quarter. Finally, Legal & General Group Plc raised its stake in shares of Abaxis by 9.9% in the second quarter. Legal & General Group Plc now owns 44,532 shares of the medical research company’s stock valued at $2,360,000 after purchasing an additional 4,017 shares in the last quarter. Institutional investors own 97.66% of the company’s stock.
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Abaxis, Inc is a developer, manufacturer and marketer of portable blood analysis systems that are used in medical specialties in human or veterinary patient care to provide clinicians with blood constituent measurements. The Company markets and sells its products around the world through independent distributors and direct sales force.
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