Its Stock Has Paid Off Big Time For Veracyte Inc

Veracyte Inc (NASDAQ: VCYT) stock jumped 2.19% on Friday to $25.25 against a previous-day closing price of $24.71. With 0.53 million shares changed hands, the volume of the stock remained lighter than its average volume of 0.56 million shares. During the session, the Biotechnology company that operates in wider Healthcare sector, reached to the highest price of $25.40 whereas the lowest price it dropped to was $24.50. The 52-week range on VCYT shows that it touched its highest point at $32.40 and its lowest point at $19.52 during that stretch. It currently has a 1-year price target of $32.17. Beta for the stock currently stands at 1.68.

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 VCYT was up-trending over the past week, with a rise of 13.74%, but this was up by 21.45% over a month. Three-month performance dropped to -2.32% while six-month performance rose 3.53%. The stock lost -8.68% in the past year, while it has gained 6.41% so far this year. A look at the trailing 12-month EPS for VCYT yields -0.69 with Next year EPS estimates of -0.27. For the next quarter, that number is -0.10. This implies an EPS growth rate of -41.08% for this year and 62.14% for next year.

Float and Shares Shorts:

At present, 73.04 million VCYT shares are outstanding with a float of 72.08 million shares on hand for trading. On Oct 30, 2023, short shares totaled 3.26 million, which was 4.46% higher than short shares on Sep 28, 2023. In addition to Mr. Marc A. Stapley as the firm’s CEO & Director, Ms. Rebecca Chambers serves as its Executive VP & CFO.

Institutional Ownership:

Through their ownership of 106.32% of VCYT’s outstanding shares, institutional investors have majority control over the company. Other institutions hold 68.47% of VCYT, in contrast to 34.00% held by mutual funds. Shares owned by individuals account for 17.33%. As the largest shareholder in VCYT with 10.44% of the stake, ARK Investment Management LLC holds 7,593,592 shares worth 7,593,592. A second-largest stockholder of VCYT, Wellington Management Co. LLP, holds 7,067,864 shares, controlling over 9.72% of the firm’s shares. The Vanguard Group, Inc. is the third largest shareholder in VCYT, holding 6,940,026 shares or 9.54% stake. With a 5.85% stake in VCYT, the ARK Innovation ETF is the largest stakeholder. A total of 4,251,991 shares are owned by the mutual fund manager. The Vanguard Explorer Fund, which owns about 4.62% of VCYT stock, is the second-largest Mutual Fund holder. It holds 3,360,522 shares valued at 69.63 million. Nikko AM Global Umbrella Fund – A holds 3.25% of the stake in VCYT, owning 2,362,070 shares worth 48.94 million.

Analysts Ratings:

Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for VCYT 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 VCYT analysts setting a high price target of $37.00 and a low target of $22.00, the average target price over the next 12 months is $32.17. Based on these targets, VCYT could surge 46.53% to reach the target high and fall by -12.87% to reach the target low. Reaching the average price target will result in a growth of 27.41% from current levels.

Summary of Insider Activity:

Insiders traded VCYT stock several times over the past three months with 1 Buys and 5 Sells. In these transactions, 53,182 shares were bought while 12,054 shares were sold. The number of buy transactions has increased to 22 while that of sell transactions has risen to 43 over the past year. The total number of shares bought during that period was 551,236 while 405,876 shares were sold.