Federated Hermes Inc. Has $4.53 Million Stock Position in NanoString Technologies, Inc. (NASDAQ:NSTG)

Posted by Defense World Staff on Aug 15th, 2023

Federated Hermes Inc. increased its stake in NanoString Technologies, Inc. (NASDAQ:NSTG – Free Report) by 8.6% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 457,141 shares of the biotechnology company’s stock after acquiring an additional 36,114 shares during the quarter. Federated Hermes Inc. owned about 0.97% of NanoString Technologies worth $4,526,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Point72 Middle East FZE acquired a new position in NanoString Technologies in the fourth quarter valued at approximately $29,000. Natixis acquired a new position in NanoString Technologies in the fourth quarter valued at approximately $39,000. Point72 Hong Kong Ltd acquired a new position in NanoString Technologies in the second quarter valued at approximately $57,000. Dark Forest Capital Management LP acquired a new position in NanoString Technologies in the fourth quarter valued at approximately $66,000. Finally, Tower Research Capital LLC TRC lifted its stake in NanoString Technologies by 181.5% in the third quarter. Tower Research Capital LLC TRC now owns 5,705 shares of the biotechnology company’s stock valued at $73,000 after buying an additional 3,678 shares during the period. 94.12% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CFO K Thomas Bailey purchased 15,000 shares of the firm’s stock in a transaction that occurred on Friday, May 26th. The stock was acquired at an average price of $5.76 per share, for a total transaction of $86,400.00. Following the completion of the acquisition, the chief financial officer now owns 75,388 shares of the company’s stock, valued at approximately $434,234.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director William Young purchased 35,400 shares of the firm’s stock in a transaction that occurred on Wednesday, May 24th. The stock was acquired at an average price of $5.69 per share, for a total transaction of $201,426.00. Following the completion of the acquisition, the director now owns 46,700 shares of the company’s stock, valued at approximately $265,723. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO K Thomas Bailey purchased 15,000 shares of the firm’s stock in a transaction that occurred on Friday, May 26th. The shares were bought at an average price of $5.76 per share, with a total value of $86,400.00. Following the acquisition, the chief financial officer now directly owns 75,388 shares of the company’s stock, valued at approximately $434,234.88. The disclosure for this purchase can be found here. Over the last 90 days, insiders purchased 80,400 shares of company stock worth $461,826. 3.10% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on NSTG shares. Robert W. Baird dropped their price target on NanoString Technologies from $13.00 to $10.00 and set an “outperform” rating on the stock in a research note on Friday, August 4th. StockNews.com lowered NanoString Technologies from a “hold” rating to a “sell” rating in a research note on Thursday, July 20th. Finally, Morgan Stanley dropped their price target on NanoString Technologies from $15.00 to $14.00 and set an “equal weight” rating on the stock in a research note on Monday, August 7th. One analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $16.83.

Check Out Our Latest Stock Report on NSTG

NanoString Technologies Price Performance

Shares of NASDAQ:NSTG opened at $3.05 on Tuesday. The company has a quick ratio of 2.76, a current ratio of 3.55 and a debt-to-equity ratio of 16.67. NanoString Technologies, Inc. has a twelve month low of $2.93 and a twelve month high of $17.43. The stock’s 50 day moving average is $4.33 and its 200-day moving average is $7.47. The firm has a market capitalization of $145.03 million, a price-to-earnings ratio of -0.86 and a beta of 1.54.

NanoString Technologies (NASDAQ:NSTG – Get Free Report) last issued its earnings results on Thursday, August 3rd. The biotechnology company reported ($0.92) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.70) by ($0.22). NanoString Technologies had a negative return on equity of 548.25% and a negative net margin of 115.14%. The firm had revenue of $44.16 million for the quarter, compared to analyst estimates of $42.45 million. During the same period in the previous year, the company earned ($0.85) earnings per share. NanoString Technologies’s revenue for the quarter was up 37.1% compared to the same quarter last year. Sell-side analysts forecast that NanoString Technologies, Inc. will post -2.68 EPS for the current fiscal year.

NanoString Technologies Company Profile

(Free Report)

NanoString Technologies, Inc develops, manufactures, and sells technology for scientific and clinical information in the fields of genomics and proteomics in the Americas, Europe, the Middle East, and the Asia Pacific. The company offers nCounter Analysis System, an automated, multi-application, digital detection, and counting system.