Itron (NASDAQ:ITRI) Shares Gap Up on Earnings Beat

Itron, Inc. (NASDAQ:ITRI) shares gapped up before the market opened on Tuesday after the company announced better than expected quarterly earnings. The stock had previously closed at $92.60, but opened at $102.50. Itron shares last traded at $102.97, with a volume of 304,888 shares trading hands.

The scientific and technical instruments company reported $1.35 EPS for the quarter, topping analysts’ consensus estimates of $1.05 by $0.30. Itron had a net margin of 9.37% and a return on equity of 19.03%.

Analyst Upgrades and Downgrades

ITRI has been the topic of several research reports. Roth Mkm upped their price objective on Itron from $125.00 to $130.00 and gave the stock a “buy” rating in a report on Friday, November 1st. StockNews.com raised Itron from a “buy” rating to a “strong-buy” rating in a research report on Friday. Guggenheim raised their target price on shares of Itron from $128.00 to $135.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. Piper Sandler boosted their target price on Itron from $110.00 to $119.00 and gave the stock a “neutral” rating in a report on Friday, November 1st. Finally, TD Cowen boosted their price objective on Itron from $125.00 to $136.00 and gave the stock a “buy” rating in a report on Friday, November 1st. Three analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $123.92.

Hedge Funds Weigh In On Itron

Several hedge funds and other institutional investors have recently bought and sold shares of ITRI. GeoWealth Management LLC grew its stake in Itron by 4,580.0% during the fourth quarter. GeoWealth Management LLC now owns 234 shares of the scientific and technical instruments company’s stock worth $25,000 after purchasing an additional 229 shares during the period. Proficio Capital Partners LLC bought a new stake in Itron in the fourth quarter valued at $30,000. Continuum Advisory LLC raised its holdings in shares of Itron by 42.1% during the third quarter. Continuum Advisory LLC now owns 344 shares of the scientific and technical instruments company’s stock valued at $40,000 after purchasing an additional 102 shares during the period. Quarry LP boosted its position in shares of Itron by 29.0% during the 3rd quarter. Quarry LP now owns 454 shares of the scientific and technical instruments company’s stock worth $48,000 after purchasing an additional 102 shares in the last quarter. Finally, Covestor Ltd grew its stake in Itron by 26.1% in the third quarter. Covestor Ltd now owns 536 shares of the scientific and technical instruments company’s stock valued at $57,000 after acquiring an additional 111 shares during the period. Institutional investors and hedge funds own 96.19% of the company’s stock.

Itron Stock Performance

The company has a fifty day moving average price of $105.19 and a 200 day moving average price of $106.82. The company has a debt-to-equity ratio of 0.91, a current ratio of 3.36 and a quick ratio of 2.83. The stock has a market cap of $4.72 billion, a P/E ratio of 21.39, a P/E/G ratio of 0.81 and a beta of 1.46.

Itron Company Profile

Itron, Inc, a technology, solutions, and service company, provides end-to-end solutions that help manage energy, water, and smart city operations worldwide. It operates in three segments: Device Solutions, Networked Solutions, and Outcomes. The Device Solutions segment offers hardware products that are used for measurement, control, or sensing, such as standard gas, electricity, water, and communicating meters, as well as heat and allocation products.