IDEXX Laboratories, Inc. (NASDAQ:IDXX) Sees Significant Increase in Short Interest

IDEXX Laboratories, Inc. (NASDAQ:IDXX) was the target of a significant increase in short interest in the month of February. As of February 28th, there was short interest totalling 2,740,000 shares, an increase of 29.9% from the February 13th total of 2,110,000 shares. Based on an average daily volume of 686,900 shares, the days-to-cover ratio is currently 4.0 days. Currently, 3.4% of the shares of the stock are short sold.

Analysts Set New Price Targets

IDXX has been the subject of a number of research reports. Leerink Partners assumed coverage on IDEXX Laboratories in a research note on Monday, December 2nd. They set an “outperform” rating and a $500.00 price target for the company. Morgan Stanley reduced their price objective on IDEXX Laboratories from $559.00 to $550.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 29th. Piper Sandler lifted their target price on IDEXX Laboratories from $435.00 to $510.00 and gave the stock a “neutral” rating in a report on Monday, February 10th. StockNews.com downgraded IDEXX Laboratories from a “buy” rating to a “hold” rating in a research report on Saturday. Finally, Barclays boosted their price objective on shares of IDEXX Laboratories from $481.00 to $520.00 and gave the company an “overweight” rating in a research report on Tuesday, February 4th. Four analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, IDEXX Laboratories presently has a consensus rating of “Moderate Buy” and an average target price of $533.75.

Insiders Place Their Bets

In other news, Director M Anne Szostak sold 3,000 shares of IDEXX Laboratories stock in a transaction that occurred on Friday, February 7th. The shares were sold at an average price of $465.94, for a total transaction of $1,397,820.00. Following the sale, the director now owns 3,061 shares in the company, valued at $1,426,242.34. This trade represents a 49.50 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP George Fennell sold 9,986 shares of the firm’s stock in a transaction on Monday, February 10th. The shares were sold at an average price of $462.53, for a total transaction of $4,618,824.58. Following the transaction, the executive vice president now directly owns 8,176 shares of the company’s stock, valued at $3,781,645.28. The trade was a 54.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 2.11% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Aptus Capital Advisors LLC grew its position in shares of IDEXX Laboratories by 19.4% during the 3rd quarter. Aptus Capital Advisors LLC now owns 629 shares of the company’s stock worth $318,000 after buying an additional 102 shares in the last quarter. CIBC Asset Management Inc lifted its stake in IDEXX Laboratories by 5.5% in the third quarter. CIBC Asset Management Inc now owns 25,578 shares of the company’s stock worth $12,923,000 after acquiring an additional 1,338 shares during the period. Empowered Funds LLC grew its holdings in IDEXX Laboratories by 2.8% during the 3rd quarter. Empowered Funds LLC now owns 1,310 shares of the company’s stock worth $662,000 after acquiring an additional 36 shares in the last quarter. Coastline Trust Co purchased a new position in IDEXX Laboratories during the 3rd quarter valued at about $71,000. Finally, Mizuho Securities USA LLC raised its holdings in shares of IDEXX Laboratories by 175.1% in the 3rd quarter. Mizuho Securities USA LLC now owns 17,520 shares of the company’s stock valued at $8,851,000 after purchasing an additional 11,152 shares in the last quarter. Institutional investors own 87.84% of the company’s stock.

IDEXX Laboratories Trading Down 0.7 %

IDEXX Laboratories stock traded down $2.83 during trading hours on Tuesday, hitting $419.54. The company had a trading volume of 235,451 shares, compared to its average volume of 548,069. The firm has a market cap of $34.12 billion, a P/E ratio of 39.33, a P/E/G ratio of 3.41 and a beta of 1.39. The company has a 50-day moving average price of $437.89 and a two-hundred day moving average price of $446.30. IDEXX Laboratories has a 1 year low of $398.50 and a 1 year high of $548.88. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.95 and a current ratio of 1.31.

IDEXX Laboratories Company Profile

IDEXX Laboratories, Inc develops, manufactures, and distributes products primarily for the companion animal veterinary, livestock and poultry, dairy, and water testing markets in Africa, the Asia Pacific, Canada, Europe, Latin America, and internationally. The company operates through three segments: Companion Animal Group; Water Quality Products; and Livestock, Poultry and Dairy.