SomaLogic Inc. (NASDAQ: SLGC) stock jumped 1.75% on Friday to $2.33 against a previous-day closing price of $2.29. With 1.3 million shares changed hands, the volume of the stock remained heavier than its average volume of 0.99 million shares. During the session, the Health Information Services company that operates in wider Healthcare sector, reached to the highest price of $2.3600 whereas the lowest price it dropped to was $2.2800. The 52-week range on SLGC shows that it touched its highest point at $3.87 and its lowest point at $1.92 during that stretch. It currently has a 1-year price target of $5.62. Beta for the stock currently stands at 1.67.
Price Performance and Earnings:
Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of SLGC was up-trending over the past week, with a rise of 7.37%, but this was up by 14.22% over a month. Three-month performance dropped to -5.28% while six-month performance fell -5.67%. The stock lost -38.36% in the past year, while it has lost -7.17% so far this year. A look at the trailing 12-month EPS for SLGC yields -0.76 with Next year EPS estimates of -0.59. For the next quarter, that number is -0.18. This implies an EPS growth rate of -23.00% for this year and 11.90% for next year.
Float and Shares Shorts:
At present, 186.74 million SLGC shares are outstanding with a float of 158.78 million shares on hand for trading. On Aug 30, 2023, short shares totaled 10.11 million, which was 5.37% higher than short shares on Jul 30, 2023. In addition to Dr. Stephen A. Williams BS, MB, Ph.D. as the firm’s Chief Medical Officer, Mr. Adam Taich serves as its Interim CEO.
Other institutions hold 35.22% of SLGC, in contrast to 19.73% held by mutual funds. Shares owned by individuals account for 1.27%. As the largest shareholder in SLGC with 6.75% of the stake, ARK Investment Management LLC holds 12,694,225 shares worth 12,694,225. A second-largest stockholder of SLGC, Casdin Capital LLC, holds 12,604,275 shares, controlling over 6.70% of the firm’s shares. BlackRock Fund Advisors is the third largest shareholder in SLGC, holding 9,472,149 shares or 5.04% stake. With a 6.86% stake in SLGC, the ARK Genomic Revolution ETF is the largest stakeholder. A total of 12,891,724 shares are owned by the mutual fund manager. The Vanguard Total Stock Market ETF, which owns about 2.21% of SLGC stock, is the second-largest Mutual Fund holder. It holds 4,157,015 shares valued at 9.19 million. iShares Russell 2000 ETF holds 1.83% of the stake in SLGC, owning 3,434,690 shares worth 7.59 million.
An Overview of Recent Financials:
Understanding a company as a customer does not mean you will understand it as an investor. The wise investor uses quantitative research to analyze metrics such as revenue, net income, and earnings. In its fiscal quarter reported on Jun 29, 2023, SLGC reported revenue of $14.14M and operating income of -$47.38M. The EBITDA in the recently reported quarter was -$45.59M and diluted EPS was -$0.13.
Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for SLGC since 0 analysts follow the stock currently. In the same way, a target price assigned to a stock can also reveal much about its potential. With SLGC analysts setting a high price target of $7.00 and a low target of $3.50, the average target price over the next 12 months is $5.63. Based on these targets, SLGC could surge 200.43% to reach the target high and rise by 50.21% to reach the target low. Reaching the average price target will result in a growth of 141.63% from current levels.
EPS: Estimates vs Actual
It is also common to use earnings estimates to evaluate a firm’s growth potential and to determine trading strategy.
Summary of Insider Activity:
Insiders traded SLGC stock several times over the past three months with 0 Buys and 0 Sells. In these transactions, 0 shares were bought while 0 shares were sold. The number of buy transactions has increased to 11 while that of sell transactions has remained unmoved to 0 over the past year. The total number of shares bought during that period was 326,773 while 0 shares were sold.