The Vanguard Group, Inc. recently announced the acquisition of new stake in Veracyte Inc (NASDAQ:VCYT). The institutional investor has increased its shareholding in the Healthcare company by 0.32% to 6.94 million shares with purchase of 22213.0 shares. This fresh investment now brings its stake to 9.50% valued currently at $177.66 million. In addition, BlackRock Fund Advisors raised its holdings by 43155.0 to 5.49 million shares. And Dimensional Fund Advisors LP has lifted its position by 14.76% or 0.41 million shares – to 3.21 million shares.
With over 0.45 million Veracyte Inc (VCYT) shares trading Friday and a closing price of $28.27 on the day, the dollar volume was approximately $12.77 million. The shares have shown a positive half year performance of 10.34% and its price on 12/22/23 gained nearly 0.93%. Currently, there are 73.04M common shares owned by the public and among those 72.09M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 9 analysts who have offered their price forecasts for VCYT have a consensus price objective of $32.17. The analysts have set the share’s price value over the next 12 months at a high of $37.00 and a low of $22.00. The average price target is 12.12% above its recent price level and a downside to the estimated low will see the stock lose -28.5% over that period. But an upside of 23.59% will see the stock hit the forecast high price target while median target price for the stock is $34.50.
Insiders at the company have transacted a total of 53 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 20 of these insider trades were purchases, accounting for 471,236 shares. Insider sales of the common stock occurred on 33 occasions, with total insider shares sold totaling 317,789 shares.
The top 3 mutual fund holders in Veracyte Inc are ARK Innovation ETF, Vanguard Explorer Fund, and Nikko AM Global Umbrella Fund – A. ARK Innovation ETF owns 4.21 million shares of the company’s stock, all valued at over $107.81 million. The company sold 32058.0 shares recently to bring their total holdings to about 5.77% of the shares outstanding. Vanguard Explorer Fund bought 10039.0 shares to see its total holdings expand to 3.36 million shares valued at over $86.03 million and representing 4.60% of the shares outstanding. Nikko AM Global Umbrella Fund – A sold 64677.0 shares to bring its total holdings to over 2.36 million shares at a value of $60.47 million. Nikko AM Global Umbrella Fund – A now owns shares totaling to 3.23% of the shares outstanding.
Shares of Veracyte Inc (NASDAQ: VCYT) opened at $28.28, up $0.27 from a prior closing price of $28.01. However, the script later moved the day high at 28.64, up 0.93%. The company’s stock has a 5-day price change of 0.35% and 25.81% over the past three months. VCYT shares are trading 19.13% year to date (YTD), with the 12-month market performance up to 3.63% higher. It has a 12-month low price of $19.52 and touched a high of $30.52 over the same period. VCYT has an average intraday trading volume of 627.11K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 6.44%, 17.31%, and 15.87% respectively.
Institutional ownership of Veracyte Inc (NASDAQ: VCYT) shares accounts for 102.13% of the company’s 73.04M shares outstanding. Mutual fund holders own 33.20%, while other institutional holders and individual stakeholders account for 68.98% and 17.25% respectively.
It has a market capitalization of $2.06B and a beta (3y monthly) value of 1.81. 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 4.54% over the week and 4.68% over the month.
Analysts forecast that Veracyte Inc (VCYT) will achieve an EPS of -$0.1 for the current quarter, -$0.09 for the next quarter and -$0.27 for 2024. The lowest estimate earnings-per-share for the quarter is -$0.14 while analysts give the company a high EPS estimate of -$0.06. Comparatively, EPS for the current quarter was -$0.05 a year ago. Earnings per share for the fiscal year are expected to decrease by -41.08%, and 62.14% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 9 brokerage firm advisors rate Veracyte Inc (VCYT) as a “Strong Buy” at a consensus score of 1.89. Specifically, 6 Wall Street analysts polled rate the stock as a buy, while 2 of the 9 advise that investors “hold,” and 1 rated it as a “Sell.”
