Bio-Rad Laboratories, Inc. (NYSE:BIO) Sees Significant Increase in Short Interest

Bio-Rad Laboratories, Inc. (NYSE:BIO) was the target of a large increase in short interest in February. As of February 28th, there was short interest totalling 862,700 shares, an increase of 41.4% from the February 13th total of 610,000 shares. Currently, 4.5% of the company’s stock are short sold. Based on an average daily volume of 230,900 shares, the days-to-cover ratio is presently 3.7 days.

Bio-Rad Laboratories Stock Performance

Shares of Bio-Rad Laboratories stock traded up $1.90 during trading hours on Monday, reaching $256.35. 518,860 shares of the stock traded hands, compared to its average volume of 263,669. The company has a 50 day moving average price of $311.97 and a 200 day moving average price of $328.00. Bio-Rad Laboratories has a one year low of $244.00 and a one year high of $387.99. The company has a quick ratio of 4.85, a current ratio of 6.48 and a debt-to-equity ratio of 0.18. The firm has a market capitalization of $7.18 billion, a price-to-earnings ratio of -3.94 and a beta of 0.98.

Bio-Rad Laboratories (NYSE:BIO) last announced its earnings results on Thursday, February 13th. The medical research company reported $2.90 EPS for the quarter, beating analysts’ consensus estimates of $2.86 by $0.04. Bio-Rad Laboratories had a negative net margin of 71.86% and a positive return on equity of 3.90%. On average, equities research analysts expect that Bio-Rad Laboratories will post 10.81 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on BIO shares. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $481.00 price objective on shares of Bio-Rad Laboratories in a research report on Tuesday, January 14th. StockNews.com downgraded Bio-Rad Laboratories from a “buy” rating to a “hold” rating in a report on Monday, February 17th. Finally, Wells Fargo & Company lowered their target price on shares of Bio-Rad Laboratories from $360.00 to $345.00 and set an “equal weight” rating on the stock in a research note on Wednesday, February 12th. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, Bio-Rad Laboratories has a consensus rating of “Moderate Buy” and an average price target of $395.20.

Institutional Investors Weigh In On Bio-Rad Laboratories

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in Bio-Rad Laboratories during the fourth quarter valued at about $3,494,000. Mackenzie Financial Corp bought a new position in shares of Bio-Rad Laboratories in the fourth quarter worth about $207,000. Toronto Dominion Bank lifted its position in shares of Bio-Rad Laboratories by 9.3% during the 4th quarter. Toronto Dominion Bank now owns 4,052 shares of the medical research company’s stock valued at $1,331,000 after buying an additional 346 shares in the last quarter. Public Employees Retirement System of Ohio bought a new position in shares of Bio-Rad Laboratories during the 4th quarter valued at approximately $2,211,000. Finally, Sone Capital Management LLC bought a new stake in Bio-Rad Laboratories during the 4th quarter worth approximately $6,663,000. 65.24% of the stock is currently owned by hedge funds and other institutional investors.

About Bio-Rad Laboratories

Bio-Rad Laboratories, Inc manufactures and distributes life science research and clinical diagnostic products in the United States, Europe, Asia, Canada, and Latin America. It operates through two segments, Life Science and Clinical Diagnostics. The company develops, manufactures, and markets instruments, systems, reagents, and consumables to separate, purify, characterize, and quantitate biological materials such as cells, proteins, and nucleic acids for proteomics, genomics, biopharmaceutical production, cellular biology, and food safety markets.