GABELLI & Co INVESTMENT ADVISERS INC. Acquires New Stake in Spectranetics Corp (SPNC)
GABELLI & Co INVESTMENT ADVISERS INC. acquired a new position in shares of Spectranetics Corp (NASDAQ:SPNC) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 246,327 shares of the medical equipment provider’s stock, valued at approximately $9,459,000.
Several other hedge funds also recently bought and sold shares of the stock. Ameritas Investment Partners Inc. bought a new stake in Spectranetics Corp during the first quarter worth approximately $108,000. Bollard Group LLC bought a new stake in Spectranetics Corp during the first quarter worth approximately $146,000. Aperio Group LLC bought a new stake in Spectranetics Corp during the second quarter worth approximately $261,000. Perkins Capital Management Inc. bought a new stake in Spectranetics Corp during the first quarter worth approximately $201,000. Finally, Great West Life Assurance Co. Can raised its stake in Spectranetics Corp by 170.6% in the second quarter. Great West Life Assurance Co. Can now owns 7,248 shares of the medical equipment provider’s stock worth $277,000 after buying an additional 4,570 shares during the last quarter. 91.95% of the stock is currently owned by institutional investors and hedge funds.
Spectranetics Corp (NASDAQ:SPNC) remained flat at $38.45 during trading on Wednesday. The stock had a trading volume of 1,728,937 shares. Spectranetics Corp has a 12-month low of $19.80 and a 12-month high of $38.55. The company has a 50 day moving average price of $37.28 and a 200 day moving average price of $30.10.
Spectranetics Corp (NASDAQ:SPNC) last issued its quarterly earnings results on Thursday, August 3rd. The medical equipment provider reported ($0.56) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.27) by $0.29. Spectranetics Corp had a negative net margin of 32.93% and a negative return on equity of 194.18%. The business had revenue of $74.71 million for the quarter, compared to analysts’ expectations of $73.82 million. During the same quarter in the prior year, the firm posted ($0.35) EPS. The business’s quarterly revenue was up 10.3% compared to the same quarter last year. On average, analysts expect that Spectranetics Corp will post ($1.16) earnings per share for the current fiscal year.
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A number of analysts recently commented on the company. Stifel Nicolaus lowered Spectranetics Corp from a “buy” rating to a “hold” rating in a research note on Thursday, August 3rd. Needham & Company LLC lowered Spectranetics Corp from a “buy” rating to a “hold” rating in a research note on Friday, August 4th. Guggenheim lowered Spectranetics Corp from a “buy” rating to a “neutral” rating in a research note on Friday, August 4th. BidaskClub lowered Spectranetics Corp from a “strong-buy” rating to a “buy” rating in a research note on Saturday, June 10th. Finally, Raymond James Financial, Inc. lowered Spectranetics Corp from an “outperform” rating to a “market perform” rating in a research note on Wednesday, July 26th. Eleven equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. Spectranetics Corp currently has an average rating of “Hold” and an average target price of $34.69.
About Spectranetics Corp
The Spectranetics Corporation develops, manufactures, markets and distributes single-use medical devices used in minimally invasive procedures within the cardiovascular system. The Company’s products are used to cross, prepare and treat arterial blockages in the heart and legs and to manage pacemaker and defibrillator cardiac leads.
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