Rapid Micro Biosystems (NASDAQ:RPID) Research Coverage Started at Lake Street Capital

Lake Street Capital started coverage on shares of Rapid Micro Biosystems (NASDAQ:RPID) in a research note issued to investors on Monday morning, MarketBeat reports. The firm issued a buy rating and a $8.00 price objective on the stock.

Rapid Micro Biosystems Price Performance

Shares of RPID stock opened at $3.78 on Monday. The company has a market capitalization of $165.68 million, a P/E ratio of -3.67 and a beta of 1.32. The company’s 50-day simple moving average is $3.51 and its two-hundred day simple moving average is $2.81. Rapid Micro Biosystems has a one year low of $0.66 and a one year high of $4.50.

Rapid Micro Biosystems (NASDAQ:RPID) last issued its earnings results on Friday, May 9th. The company reported ($0.26) EPS for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.01. The business had revenue of $7.21 million for the quarter, compared to the consensus estimate of $6.63 million. Rapid Micro Biosystems had a negative net margin of 151.22% and a negative return on equity of 56.07%. On average, research analysts expect that Rapid Micro Biosystems will post -1.1 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO Robert G. Jr. Spignesi sold 11,881 shares of the stock in a transaction that occurred on 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 in the company, 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 document filed with the Securities & Exchange Commission, which is accessible through this link. In the last 90 days, insiders have sold 57,443 shares of company stock valued at $195,952. 29.96% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Rapid Micro Biosystems

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Millennium Management LLC boosted its stake in shares of Rapid Micro Biosystems by 17.6% during the fourth quarter. Millennium Management LLC now owns 61,375 shares of the company’s stock valued at $55,000 after purchasing an additional 9,191 shares in the last quarter. American Century Companies Inc. bought a new position in shares of Rapid Micro Biosystems during the first quarter valued at approximately $31,000. Legato Capital Management LLC bought a new position in shares of Rapid Micro Biosystems during the first quarter valued at approximately $41,000. Essex Investment Management Co. LLC bought a new position in shares of Rapid Micro Biosystems during the first quarter valued at approximately $166,000. Finally, Citadel Advisors LLC bought a new position in shares of Rapid Micro Biosystems during the fourth quarter valued at approximately $65,000. 52.60% of the stock is currently owned by institutional investors.

About Rapid Micro Biosystems

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.