Embecta (NASDAQ:EMBC) Shares Down 7.3% – Here’s Why

Embecta Corp. (NASDAQ:EMBC)’s share price traded down 7.3% during mid-day trading on Thursday . The stock traded as low as $15.13 and last traded at $15.13. 106,012 shares traded hands during trading, a decline of 74% from the average session volume of 403,354 shares. The stock had previously closed at $16.33.

Wall Street Analysts Forecast Growth

Separately, Morgan Stanley decreased their price target on shares of Embecta from $13.00 to $12.00 and set an “underweight” rating on the stock in a research note on Monday, July 15th.

Embecta Stock Performance

The firm has a market cap of $896.66 million, a PE ratio of 12.95 and a beta of 0.97. The firm has a fifty day simple moving average of $14.62 and a two-hundred day simple moving average of $13.69.

Embecta (NASDAQ:EMBC) last released its quarterly earnings data on Friday, August 9th. The company reported $0.74 EPS for the quarter, beating the consensus estimate of $0.46 by $0.28. The business had revenue of $272.50 million during the quarter, compared to analyst estimates of $267.44 million. Embecta had a net margin of 6.23% and a negative return on equity of 19.09%. Embecta’s quarterly revenue was down 4.8% compared to the same quarter last year. During the same quarter last year, the business earned $0.69 earnings per share. Equities analysts forecast that Embecta Corp. will post 2.43 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Copeland Capital Management LLC bought a new position in Embecta in the 3rd quarter worth about $43,000. Iat Reinsurance Co. LTD. purchased a new stake in shares of Embecta in the 2nd quarter worth $50,000. CWM LLC grew its position in shares of Embecta by 773.8% during the 2nd quarter. CWM LLC now owns 9,079 shares of the company’s stock worth $113,000 after buying an additional 8,040 shares in the last quarter. Canada Pension Plan Investment Board purchased a new position in shares of Embecta during the second quarter valued at $140,000. Finally, Cardinal Capital Management raised its holdings in shares of Embecta by 16.8% in the second quarter. Cardinal Capital Management now owns 11,753 shares of the company’s stock valued at $147,000 after acquiring an additional 1,691 shares in the last quarter. 93.83% of the stock is owned by hedge funds and other institutional investors.

About Embecta

Embecta Corp., a medical device company, focuses on the provision of various solutions to enhance the health and wellbeing of people living with diabetes. Its products include pen needles, syringes, and safety injection devices, as well as digital applications to assist people with managing patient's diabetes.