Caredx Inc (NASDAQ: CDNA) stock jumped 4.38% on Friday to $9.53 against a previous-day closing price of $9.13. With 1.37 million shares changed hands, the volume of the stock remained heavier than its average volume of 0.91 million shares. During the session, the Diagnostics & Research company that operates in wider Healthcare sector, reached to the highest price of $9.69 whereas the lowest price it dropped to was $9.28. The 52-week range on CDNA shows that it touched its highest point at $18.04 and its lowest point at $4.80 during that stretch. It currently has a 1-year price target of $10.80. Beta for the stock currently stands at 1.28.
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 CDNA was up-trending over the past week, with a rise of 28.61%, but this was up by 80.49% over a month. Three-month performance surged to 10.56% while six-month performance rose 24.09%. The stock lost -30.13% in the past year, while it has lost -16.48% so far this year. A look at the trailing 12-month EPS for CDNA yields -1.68 with Next year EPS estimates of -1.54. For the next quarter, that number is -0.47. This implies an EPS growth rate of -28.61% for this year and 17.03% for next year. EPS is expected to grow by 20.00% annually over the next five years; however, over the past five years, the company experienced an annual growth rate of 9.60%.
Float and Shares Shorts:
At present, 53.53 million CDNA shares are outstanding with a float of 51.63 million shares on hand for trading. On Oct 30, 2023, short shares totaled 4.5 million, which was 8.32% higher than short shares on Sep 28, 2023. In addition to Mr. Abhishek Jain as the firm’s CFO & Principal Accounting Officer, Dr. Peter Maag Ph.D. serves as its Executive Director.
Through their ownership of 105.08% of CDNA’s outstanding shares, institutional investors have majority control over the company. Other institutions hold 49.87% of CDNA, in contrast to 49.32% held by mutual funds. Shares owned by individuals account for 16.18%. As the largest shareholder in CDNA with 12.33% of the stake, ARK Investment Management LLC holds 6,679,323 shares worth 6,679,323. A second-largest stockholder of CDNA, BlackRock Fund Advisors, holds 4,232,402 shares, controlling over 7.81% of the firm’s shares. The Vanguard Group, Inc. is the third largest shareholder in CDNA, holding 4,053,415 shares or 7.48% stake. With a 12.01% stake in CDNA, the ARK Genomic Revolution ETF is the largest stakeholder. A total of 6,506,278 shares are owned by the mutual fund manager. The SPDR S&P Biotech ETF, which owns about 4.89% of CDNA stock, is the second-largest Mutual Fund holder. It holds 2,645,908 shares valued at 14.31 million. Nikko AM Global Umbrella Fund – A holds 3.78% of the stake in CDNA, owning 2,048,864 shares worth 11.08 million.
Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for CDNA 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 CDNA analysts setting a high price target of $13.00 and a low target of $9.00, the average target price over the next 12 months is $10.80. Based on these targets, CDNA could surge 36.41% to reach the target high and fall by -5.56% to reach the target low. Reaching the average price target will result in a growth of 13.33% from current levels.
Summary of Insider Activity:
Insiders traded CDNA stock several times over the past three months with 4 Buys and 5 Sells. In these transactions, 366,156 shares were bought while 10,902 shares were sold. The number of buy transactions has increased to 33 while that of sell transactions has risen to 50 over the past year. The total number of shares bought during that period was 1,162,686 while 158,055 shares were sold.