Armistice Capital LLC recently announced the acquisition of new stake in BIOLASE Inc. (NASDAQ:BIOL). The institutional investor has increased its shareholding in the Healthcare company by 142.30% to 6.06 million shares with purchase of 3.56 million shares. This fresh investment now brings its stake to 12.03% valued currently at $2.48 million. In addition, Perkins Capital Management, Inc. raised its holdings by 61900.0 to 1.38 million shares. And The Vanguard Group, Inc. has lifted its position by 3.72% or 36268.0 shares – to 1.01 million shares.
With over 1.97 million BIOLASE Inc. (BIOL) shares trading Monday and a closing price of $0.31 on the day, the dollar volume was approximately $0.61 million. The shares have shown a negative weekly performance of -5.79% and its price on 08/31/20 lost nearly -2.08%. Currently, there are 92.19M common shares owned by the public and among those 83.94M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 3 analysts who have offered their price forecasts for BIOL have a consensus price objective of $1.63. The analysts have set the share’s price value over the next 12 months at a high of $2.00 and a low of $1.15 should the stock experience a downside. Incidentally, analysts’ outlook for the BIOLASE Inc. stock is 1.70 for the next 12 months. But an upside of 84.5% will see the stock hit the forecast high price target while mean target price for the stock is $1.75.
Insiders at the company have transacted a total of 6 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 0 of these insider trades were purchases, accounting for 0 shares. Insider sales of the common stock occurred on 6 occasions, with total insider shares sold totaling 3,078,243 shares.
The top 3 mutual fund holders in BIOLASE Inc. are Vanguard Total Stock Market Index, Vanguard Extended Market Index Fu, and Fidelity Extended Market Index Fu. Vanguard Total Stock Market Index owns 0.82 million shares of the company’s stock, all valued at over $0.33 million. Fidelity Extended Market Index Fu now owns shares totaling to 0.07% of the shares outstanding.
Shares of BIOLASE Inc. (NASDAQ: BIOL) opened at $0.3199, down -$0.0 from a prior closing price of $0.32. However, the script later closed the day at $0.31, down -2.08%. The company’s stock has a 5-day price change of -5.79% and -29.77% over the past three months. BIOL shares are trading -43.75% year to date (YTD), with the 12-month market performance down to -67.27% lower. It has a 12-month low price of $0.21 and touched a high of $1.16 over the same period. Currently, 1.97 million shares have been traded, compared to an average intraday trading volume of 9.02 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -20.50%, -27.83%, and -39.07% respectively.
Institutional ownership of BIOLASE Inc. (NASDAQ: BIOL) shares accounts for 8.60% of the company’s 92.19M shares outstanding. Mutual fund holders own 2.14%, while other institutional holders and individual stakeholders account for 20.69% and 13.19% respectively.
It has a market capitalization of $28.84M and a beta (3y monthly) value of 1.97. The earnings-per-share (ttm) stands at -$0.69. Price movements for the stock have been influenced by the stock’s volatility, which stands at 5.31% over the week and 6.05% over the month.
Analysts forecast that BIOLASE Inc. (BIOL) will achieve an EPS of -$0.06 for the current quarter, -$0.03 for the next quarter and -$0.09 for 2021. The lowest estimate earnings-per-share for the quarter is -$0.06 while analysts give the company a high EPS estimate of -$0.06. Comparatively, EPS for the current quarter was -$0.12 a year ago. Earnings per share for the fiscal year are expected to increase by 28.40%, and 70.00% over the next financial year. EPS should grow at an annualized rate of 20.00% over the next five years, compared to 19.20% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 3 brokerage firm advisors rate BIOLASE Inc. (BIOL) as a “Strong Buy” at a consensus score of 1.70. Specifically, 3 Wall Street analysts polled rate the stock as a buy, while 0 of the 3 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the BIOL, a number of firms have released research notes about the stock. The Benchmark Company stated their Speculative Buy rating for the stock in a research note on June 19, 2019, with the firm’s price target at $2. Singular Research coverage for the BIOLASE Inc. (BIOL) stock in a research note released on April 25, 2017 offered a Buy rating with a price target of $2.50. WallachBeth was of a view on May 13, 2014 that the stock is Hold, while WallachBeth gave the stock Buy rating on November 12, 2013, issuing a price target of $3.50- $2.75. WallachBeth on their part issued Buy rating on August 08, 2013.