Unusually High Trading Volume for Bio-Rad Laboratories After Earnings Surprise

Bio-Rad Laboratories, Inc. (NYSE:BIO) experienced a surge in trading volume on Friday following the release of its latest earnings report, which exceeded expectations. During midday trading, around 253,061 shares were exchanged, marking a notable 49% increase compared to the previous day's volume of 169,469 shares. The stock price was last seen at $284.78, a decrease from the prior closing price of $306.36.

The medical research company reported earnings of $2.90 per share for the quarter, surpassing analysts' average estimate of $2.86 by $0.04. Despite this positive earnings report, Bio-Rad Laboratories had a negative net margin of 30.18% and a modest return on equity of 3.74%.

Analyst Ratings Adjustments

Several equities research analysts have issued contrasting reports regarding Bio-Rad Laboratories. On October 31, Citigroup raised its target price for the company from $400.00 to $450.00 and assigned a "buy" rating. Conversely, Wells Fargo & Company reduced its price target from $360.00 to $345.00, maintaining an "equal weight" rating on the stock. On January 14, Royal Bank of Canada reaffirmed an "outperform" rating with a new target price of $481.00. Additionally, StockNews.com upgraded Bio-Rad's stock from a "hold" to a "buy" rating on November 1. Presently, the consensus rating for the stock is a "Moderate Buy" with an average target price of $395.20, according to data from MarketBeat.com.

Hedge Fund Activity

A number of institutional investors have recently adjusted their stakes in Bio-Rad Laboratories. For example, Venturi Wealth Management LLC increased its position in the stock by an astonishing 2,175.0% during the last quarter, now holding 91 shares valued at approximately $30,000 after acquiring an additional 87 shares. Similarly, GeoWealth Management LLC raised its holdings by 342.9% to own 93 shares worth around $31,000. Other notable investors include Gladius Capital Management LP, which established a new stake worth about $32,000, and Picton Mahoney Asset Management, which boosted its position by 55.6% to 98 shares. Institutional ownership of Bio-Rad Laboratories stands at 65.24%.

Current Performance Overview

The current market capitalization for Bio-Rad Laboratories is $7.89 billion, with a price-to-earnings (P/E) ratio of -10.31 and a beta of 0.90. The company has a 50-day simple moving average of $339.70 and a 200-day simple moving average of $336.52. Furthermore, it has a debt-to-equity ratio of 0.16, a current ratio of 6.14, and a quick ratio of 4.52.

About Bio-Rad Laboratories

Bio-Rad Laboratories, Inc. is engaged in the manufacturing and distribution of life science research and clinical diagnostic products. The company operates across various regions, including the United States, Europe, Asia, Canada, and Latin America. Bio-Rad's operations are categorized into two segments: Life Science and Clinical Diagnostics. It is known for developing, manufacturing, and marketing instruments, systems, reagents, and consumables used to separate, purify, characterize, and quantify biological materials such as cells, proteins, and nucleic acids. These products are utilized in proteomics, genomics, biopharmaceutical production, cellular biology, and food safety markets.

Bio-Rad, Earnings, Trading