IDEXX Laboratories, Inc. (NASDAQ:IDXX) Sees Significant Growth in Short Interest

IDEXX Laboratories, Inc. (NASDAQ:IDXX) was the target of a large increase in short interest during the month of February. As of February 28th, there was short interest totalling 2,740,000 shares, an increase of 29.9% from the February 13th total of 2,110,000 shares. Based on an average daily volume of 686,900 shares, the short-interest ratio is currently 4.0 days. Approximately 3.4% of the company’s stock are sold short.

Wall Street Analyst Weigh In

IDXX has been the subject of a number of research reports. Leerink Partners initiated coverage on shares of IDEXX Laboratories in a research report on Monday, December 2nd. They issued an “outperform” rating and a $500.00 price target for the company. Piper Sandler boosted their price target on shares of IDEXX Laboratories from $435.00 to $510.00 and gave the company a “neutral” rating in a research report on Monday, February 10th. Barclays boosted their price target on shares of IDEXX Laboratories from $481.00 to $520.00 and gave the company an “overweight” rating in a research report on Tuesday, February 4th. Morgan Stanley reduced their price target on shares of IDEXX Laboratories from $559.00 to $550.00 and set an “overweight” rating for the company in a research report on Wednesday, January 29th. Finally, Bank of America boosted their price target on shares of IDEXX Laboratories from $475.00 to $535.00 and gave the company a “neutral” rating in a research report on Tuesday, February 4th. Four analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, IDEXX Laboratories has an average rating of “Moderate Buy” and an average price target of $533.75.

IDEXX Laboratories Stock Performance

NASDAQ IDXX traded up $7.68 during trading on Monday, reaching $422.98. The company’s stock had a trading volume of 234,649 shares, compared to its average volume of 548,082. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.95 and a current ratio of 1.31. The firm has a market cap of $34.40 billion, a price-to-earnings ratio of 39.69, a P/E/G ratio of 3.41 and a beta of 1.39. IDEXX Laboratories has a twelve month low of $398.50 and a twelve month high of $548.88. The business’s fifty day moving average price is $438.03 and its 200-day moving average price is $446.76.

Insider Transactions at IDEXX Laboratories

In other news, Director M Anne Szostak sold 3,000 shares of IDEXX Laboratories stock in a transaction on Friday, February 7th. The shares were sold at an average price of $465.94, for a total transaction of $1,397,820.00. Following the completion of the sale, the director now directly owns 3,061 shares of the company’s stock, valued at approximately $1,426,242.34. The trade was a 49.50 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP George Fennell sold 9,986 shares of IDEXX Laboratories stock in a transaction on Monday, February 10th. The stock was sold at an average price of $462.53, for a total transaction of $4,618,824.58. Following the sale, the executive vice president now directly owns 8,176 shares of the company’s stock, valued at approximately $3,781,645.28. This trade represents a 54.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 2.11% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. FSA Wealth Management LLC acquired a new position in shares of IDEXX Laboratories during the third quarter worth about $25,000. Hurley Capital LLC acquired a new position in shares of IDEXX Laboratories during the fourth quarter worth about $29,000. Rialto Wealth Management LLC acquired a new position in shares of IDEXX Laboratories during the fourth quarter worth about $30,000. Retirement Wealth Solutions LLC acquired a new position in shares of IDEXX Laboratories during the fourth quarter worth about $31,000. Finally, Colonial Trust Co SC increased its stake in shares of IDEXX Laboratories by 84.8% during the fourth quarter. Colonial Trust Co SC now owns 85 shares of the company’s stock worth $35,000 after acquiring an additional 39 shares during the period. 87.84% of the stock is currently owned by institutional investors and hedge funds.

About IDEXX Laboratories

IDEXX Laboratories, Inc develops, manufactures, and distributes products primarily for the companion animal veterinary, livestock and poultry, dairy, and water testing markets in Africa, the Asia Pacific, Canada, Europe, Latin America, and internationally. The company operates through three segments: Companion Animal Group; Water Quality Products; and Livestock, Poultry and Dairy.