IDEXX Laboratories, Inc. (NASDAQ:IDXX) Sees Large Growth in Short Interest

IDEXX Laboratories, Inc. (NASDAQ:IDXX) was the recipient of a large increase in short interest during the month of January. As of January 15th, there was short interest totalling 1,500,000 shares, an increase of 7.1% from the December 31st total of 1,400,000 shares. Based on an average trading volume of 645,100 shares, the days-to-cover ratio is currently 2.3 days. Approximately 1.9% of the company’s stock are sold short.

IDEXX Laboratories Stock Performance

NASDAQ:IDXX opened at $469.04 on Tuesday. The stock has a 50-day simple moving average of $424.12 and a two-hundred day simple moving average of $453.55. IDEXX Laboratories has a 52-week low of $398.50 and a 52-week high of $583.39. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.03 and a current ratio of 1.42. The firm has a market capitalization of $38.41 billion, a PE ratio of 45.23, a P/E/G ratio of 3.64 and a beta of 1.37.

Insiders Place Their Bets

In related news, Director Sophie V. Vandebroek sold 344 shares of the firm’s stock in a transaction on Wednesday, November 27th. The stock was sold at an average price of $420.44, for a total value of $144,631.36. Following the transaction, the director now owns 905 shares in the company, valued at approximately $380,498.20. This trade represents a 27.54 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 2.18% of the company’s stock.

Hedge Funds Weigh In On IDEXX Laboratories

Hedge funds have recently made changes to their positions in the business. Chicago Partners Investment Group LLC lifted its position in shares of IDEXX Laboratories by 16.7% in the third quarter. Chicago Partners Investment Group LLC now owns 672 shares of the company’s stock worth $340,000 after buying an additional 96 shares in the last quarter. National Pension Service lifted its position in shares of IDEXX Laboratories by 7.3% in the third quarter. National Pension Service now owns 185,972 shares of the company’s stock worth $93,957,000 after buying an additional 12,647 shares in the last quarter. Insight Wealth Strategies LLC lifted its position in shares of IDEXX Laboratories by 230.5% in the fourth quarter. Insight Wealth Strategies LLC now owns 10,096 shares of the company’s stock worth $4,174,000 after buying an additional 7,041 shares in the last quarter. Larson Financial Group LLC lifted its position in shares of IDEXX Laboratories by 17,238.5% in the third quarter. Larson Financial Group LLC now owns 2,254 shares of the company’s stock worth $1,139,000 after buying an additional 2,241 shares in the last quarter. Finally, Quest Partners LLC lifted its position in shares of IDEXX Laboratories by 4,059.4% in the third quarter. Quest Partners LLC now owns 2,870 shares of the company’s stock worth $1,450,000 after buying an additional 2,801 shares in the last quarter. Institutional investors own 87.84% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. Leerink Partnrs upgraded IDEXX Laboratories to a “strong-buy” rating in a report on Monday, December 2nd. Morgan Stanley lowered their target price on IDEXX Laboratories from $559.00 to $550.00 and set an “overweight” rating for the company in a report on Wednesday, January 29th. Piper Sandler reiterated a “neutral” rating and issued a $435.00 target price (down from $520.00) on shares of IDEXX Laboratories in a report on Monday, November 4th. Stifel Nicolaus lowered their target price on IDEXX Laboratories from $510.00 to $500.00 and set a “hold” rating for the company in a report on Thursday, October 10th. Finally, Leerink Partners assumed coverage on IDEXX Laboratories in a report on Monday, December 2nd. They issued an “outperform” rating and a $500.00 target price for the company. Two equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $517.29.

About IDEXX Laboratories

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.