Analysts at Wells Fargo & Company have initiated coverage on shares of Guardant Health (NASDAQ: GH) with a research report released on Monday, setting an “overweight” rating and a price target of $72.00. This target suggests a potential upside of 20.56% from the stock’s current price, indicating a positive outlook for the company.
Other analysts have echoed this optimism. On July 31, Raymond James Financial increased its price target for Guardant Health from $59.00 to $61.00 while maintaining an “outperform” rating. Meanwhile, Evercore ISI upgraded the stock to a “strong-buy” rating on July 14. Mizuho also raised its price target from $60.00 to $65.00, and Scotiabank increased its target from $57.00 to $60.00 on the same day. BTIG Research reiterated a “buy” rating with a price target of $70.00.
Currently, one research analyst has rated Guardant Health with a Strong Buy rating, while eighteen others have issued a Buy rating. According to data from MarketBeat, the average rating for the company stands at “Buy” with an average target price of $59.00.
Current Market Position and Financial Performance
On Monday, shares of Guardant Health opened at $59.72. The company boasts a market capitalization of $7.45 billion, a price-to-earnings ratio of -17.83, and a beta of 1.46. The stock has a 50-day moving average price of $54.89 and a 200-day moving average price of $48.49. Over the past twelve months, the stock has seen a low of $20.14 and a high of $68.00.
Guardant Health recently announced its quarterly earnings data on July 30. The company reported an earnings per share (EPS) of ($0.44), surpassing the consensus estimate of ($0.52) by $0.08. Revenue for the quarter reached $232.09 million, exceeding the consensus estimate of $211.19 million. This marks a 31.0% increase in revenue compared to the same quarter last year, when the company posted an EPS of ($0.84). For the current fiscal year, analysts predict Guardant Health will record an EPS of ($2.90).
Insider Activity and Institutional Holdings
In recent insider transactions, Medina Manuel Hidalgo, a director at Guardant Health, sold 2,165 shares on September 12 at an average price of $54.16, totaling $117,256.40. Following this sale, Hidalgo’s ownership decreased by 71.78%, leaving him with 851 shares valued at approximately $46,090.16.
Additionally, Helmy Eltoukhy, the CEO, sold 300,000 shares on September 9 at an average price of $59.45, amounting to $17,835,000.00. Eltoukhy now holds 2,123,499 shares valued at around $126,242,015.55, reflecting a 12.38% decrease in his ownership.
Over the last ninety days, insiders sold a total of 402,691 shares worth $23,069,965. Currently, insiders own 6.10% of the company’s stock.
Several institutional investors have also adjusted their holdings in Guardant Health. Signaturefd LLC increased its stake by 50.5% in the second quarter, now holding 635 shares worth approximately $33,000. Similarly, IFP Advisors Inc raised its holdings by 120.1%, owning 612 shares after acquiring an additional 334 shares during the same period.
Allworth Financial LP expanded its stake by 358.4%, now holding 706 shares. Other investors, like SVB Wealth LLC and FNY Investment Advisers LLC, have also made new investments in Guardant Health. Overall, 92.60% of the stock is currently owned by hedge funds and other institutional investors.
Guardant Health, a precision oncology company, specializes in blood and tissue tests along with data analytics both in the United States and internationally. The firm offers various testing solutions aimed at improving cancer treatment outcomes.
As the market evolves, Guardant Health remains a focal point for investors, bolstered by strong ratings and financial performance that suggest further growth potential.
