Nanostring Technologies Inc (NASDAQ: NSTG) stock fell -50.00% on Monday to $0.64 against a previous-day closing price of $1.28. With 15.45 million shares changed hands, the volume of the stock remained heavier than its average volume of 1.52 million shares. During the session, the Medical Instruments & Supplies company that operates in wider Healthcare sector, reached to the highest price of $0.8000 whereas the lowest price it dropped to was $0.6156. The 52-week range on NSTG shows that it touched its highest point at $13.20 and its lowest point at $1.02 during that stretch. It currently has a 1-year price target of $5.99. Beta for the stock currently stands at 1.60.
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 NSTG was down-trending over the past week, with a drop of -41.28%, but this was down by -59.37% over a month. Three-month performance dropped to -76.56% while six-month performance fell -89.78%. The stock lost -90.36% in the past year, while it has lost -91.97% so far this year. A look at the trailing 12-month EPS for NSTG yields -3.53 with Next year EPS estimates of -1.75. For the next quarter, that number is -0.53. This implies an EPS growth rate of 9.66% for this year and 43.63% for next year.
Float and Shares Shorts:
At present, 46.72 million NSTG shares are outstanding with a float of 44.26 million shares on hand for trading. On Oct 30, 2023, short shares totaled 13.57 million, which was 28.20% higher than short shares on Sep 28, 2023. In addition to Mr. R. Bradley Gray as the firm’s CEO, President & Director, Mr. K. Thomas Bailey M.B.A. serves as its Chief Financial Officer.
Through their ownership of 95.61% of NSTG’s outstanding shares, institutional investors have majority control over the company. Other institutions hold 80.14% of NSTG, in contrast to 30.47% held by mutual funds. Shares owned by individuals account for 15.60%. As the largest shareholder in NSTG with 8.36% of the stake, Polar Capital LLP holds 3,975,000 shares worth 3,975,000. A second-largest stockholder of NSTG, Blue Water Life Science Advisors, holds 3,751,891 shares, controlling over 7.89% of the firm’s shares. BlackRock Fund Advisors is the third largest shareholder in NSTG, holding 3,591,927 shares or 7.56% stake. With a 7.36% stake in NSTG, the Polar Capital Funds Plc – Biotech is the largest stakeholder. A total of 3,500,000 shares are owned by the mutual fund manager. The Vanguard Total Stock Market ETF, which owns about 2.80% of NSTG stock, is the second-largest Mutual Fund holder. It holds 1,330,066 shares valued at 1.84 million. iShares Russell 2000 ETF holds 2.41% of the stake in NSTG, owning 1,146,279 shares worth 1.58 million.
Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for NSTG 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 NSTG analysts setting a high price target of $15.00 and a low target of $1.40, the average target price over the next 12 months is $5.99. Based on these targets, NSTG could surge 2243.75% to reach the target high and rise by 118.75% to reach the target low. Reaching the average price target will result in a growth of 835.94% from current levels.
Summary of Insider Activity:
Insiders traded NSTG stock several times over the past three months with 2 Buys and 0 Sells. In these transactions, 851 shares were bought while 0 shares were sold. The number of buy transactions has increased to 38 while that of sell transactions has risen to 13 over the past year. The total number of shares bought during that period was 466,282 while 49,389 shares were sold.