Short Interest in IDEXX Laboratories, Inc. (NASDAQ:IDXX) Expands By 29.9%

IDEXX Laboratories, Inc. (NASDAQ:IDXX) was the target of a large increase in short interest in 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 short-interest ratio is presently 4.0 days. Currently, 3.4% of the shares of the company are sold short.

IDEXX Laboratories Stock Down 0.7 %

NASDAQ IDXX opened at $419.52 on Wednesday. The business has a fifty day moving average price of $437.74 and a 200 day moving average price of $445.87. IDEXX Laboratories has a one year low of $398.50 and a one 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. The company has a market cap of $34.12 billion, a P/E ratio of 39.32, a P/E/G ratio of 3.41 and a beta of 1.39.

Insiders Place Their Bets

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

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Aptus Capital Advisors LLC grew its holdings in IDEXX Laboratories by 19.4% in the 3rd quarter. Aptus Capital Advisors LLC now owns 629 shares of the company’s stock valued at $318,000 after buying an additional 102 shares in the last quarter. CIBC Asset Management Inc grew its holdings in IDEXX Laboratories by 5.5% in the 3rd quarter. CIBC Asset Management Inc now owns 25,578 shares of the company’s stock valued at $12,923,000 after buying an additional 1,338 shares in the last quarter. Empowered Funds LLC grew its holdings in IDEXX Laboratories by 2.8% in the 3rd quarter. Empowered Funds LLC now owns 1,310 shares of the company’s stock valued at $662,000 after buying an additional 36 shares in the last quarter. Coastline Trust Co purchased a new stake in IDEXX Laboratories in the 3rd quarter valued at $71,000. Finally, Mizuho Securities USA LLC grew its holdings in 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 buying an additional 11,152 shares in the last quarter. 87.84% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the company. Piper Sandler upped their price objective on IDEXX Laboratories from $435.00 to $510.00 and gave the stock a “neutral” rating in a research report on Monday, February 10th. Leerink Partners initiated coverage on IDEXX Laboratories in a research note on Monday, December 2nd. They set an “outperform” rating and a $500.00 target price for the company. Leerink Partnrs raised IDEXX Laboratories to a “strong-buy” rating in a research note on Monday, December 2nd. Barclays upped their target price on IDEXX Laboratories from $481.00 to $520.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 4th. Finally, Bank of America upped their target price on IDEXX Laboratories from $475.00 to $535.00 and gave the stock a “neutral” rating in a research note on Tuesday, February 4th. Four research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $533.75.

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.