Essex Investment Management Co. LLC Makes New Investment in Rapid Micro Biosystems, Inc. (NASDAQ:RPID)

Essex Investment Management Co. LLC bought a new position in Rapid Micro Biosystems, Inc. (NASDAQ:RPID) during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 63,057 shares of the company’s stock, valued at approximately $166,000. Essex Investment Management Co. LLC owned 0.15% of Rapid Micro Biosystems as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently bought and sold shares of RPID. Renaissance Technologies LLC boosted its holdings in shares of Rapid Micro Biosystems by 122.9% in the fourth quarter. Renaissance Technologies LLC now owns 183,087 shares of the company’s stock valued at $165,000 after buying an additional 100,942 shares during the period. Citadel Advisors LLC acquired a new position in shares of Rapid Micro Biosystems in the fourth quarter valued at approximately $65,000. Millennium Management LLC boosted its holdings in shares of Rapid Micro Biosystems by 17.6% in the fourth quarter. Millennium Management LLC now owns 61,375 shares of the company’s stock valued at $55,000 after buying an additional 9,191 shares during the period. Finally, Legato Capital Management LLC acquired a new position in shares of Rapid Micro Biosystems in the first quarter valued at approximately $41,000. 52.60% of the stock is currently owned by institutional investors and hedge funds.

Rapid Micro Biosystems Price Performance

Shares of RPID stock opened at $3.74 on Wednesday. The stock has a market cap of $163.92 million, a P/E ratio of -3.63 and a beta of 1.32. The company has a fifty day moving average price of $3.50 and a two-hundred day moving average price of $2.81. Rapid Micro Biosystems, Inc. has a one year low of $0.66 and a one year high of $4.50.

Rapid Micro Biosystems (NASDAQ:RPID) last released its quarterly earnings data on Friday, May 9th. The company reported ($0.26) earnings per share for the quarter, topping the consensus estimate of ($0.27) by $0.01. The company had revenue of $7.21 million for the quarter, compared to analyst estimates of $6.63 million. Rapid Micro Biosystems had a negative net margin of 151.22% and a negative return on equity of 56.07%. As a group, equities research analysts anticipate that Rapid Micro Biosystems, Inc. will post -1.1 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Robert G. Jr. Spignesi sold 11,881 shares of the firm’s stock in a transaction dated Monday, July 14th. The shares were sold at an average price of $3.32, for a total transaction of $39,444.92. Following the transaction, the chief executive officer directly owned 970,550 shares of the company’s stock, valued at approximately $3,222,226. This trade represents a 1.21% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold 57,443 shares of company stock worth $195,952 over the last 90 days. 29.96% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Separately, Lake Street Capital initiated coverage on shares of Rapid Micro Biosystems in a report on Monday. They issued a “buy” rating and a $8.00 price target for the company.

Rapid Micro Biosystems Profile

Rapid Micro Biosystems, Inc, a life sciences technology company, provides products for the detection of microbial contamination in the manufacture of pharmaceutical, medical devices, and personal care products in the United States, Germany, Switzerland, Japan, and internationally. The company offers Growth Direct platform, which includes Growth Direct system, proprietary consumables, lab information management system connection software, and customer support and validation services.