AngioDynamics (NASDAQ:ANGO) Hits New 1-Year High on Strong Earnings

AngioDynamics, Inc. (NASDAQ:ANGO - Get Free Report) hit a new 52-week high during mid-day trading on Wednesday following a better than expected earnings announcement. The company traded as high as $12.82 and last traded at $12.33, with a volume of 2066962 shares trading hands. The stock had previously closed at $9.40.

The medical instruments supplier reported ($0.04) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.11) by $0.07. AngioDynamics had a negative return on equity of 5.86% and a negative net margin of 83.95%. The business had revenue of $72.90 million for the quarter, compared to analyst estimates of $70.93 million. During the same period in the prior year, the company posted ($0.05) EPS. The business's revenue was down .1% compared to the same quarter last year.

Analyst Ratings Changes

A number of brokerages recently commented on ANGO. Canaccord Genuity Group lowered their price objective on AngioDynamics from $13.00 to $12.00 and set a "buy" rating for the company in a research note on Friday, October 4th. HC Wainwright restated a "buy" rating and issued a $14.00 price target on shares of AngioDynamics in a research note on Tuesday, December 10th.

Hedge Funds Weigh In On AngioDynamics

Hedge funds have recently modified their holdings of the company. Quarry LP boosted its stake in AngioDynamics by 75.1% during the second quarter. Quarry LP now owns 6,047 shares of the medical instruments supplier's stock valued at $37,000 after buying an additional 2,594 shares in the last quarter. CWM LLC boosted its position in shares of AngioDynamics by 981.3% during the 3rd quarter. CWM LLC now owns 9,732 shares of the medical instruments supplier's stock valued at $76,000 after purchasing an additional 8,832 shares in the last quarter. Wealth Enhancement Advisory Services LLC acquired a new position in shares of AngioDynamics in the 3rd quarter worth approximately $86,000. Mackenzie Financial Corp acquired a new stake in AngioDynamics during the second quarter valued at approximately $80,000. Finally, SG Americas Securities LLC bought a new stake in AngioDynamics during the third quarter worth approximately $103,000. 89.43% of the stock is currently owned by institutional investors and hedge funds.

AngioDynamics Stock Up 37.7 %

The stock has a market cap of $525.80 million, a price-to-earnings ratio of -2.12 and a beta of 0.59. The company's 50-day simple moving average is $7.87 and its 200-day simple moving average is $7.30.

About AngioDynamics

AngioDynamics, Inc, a medical technology company, engages in the design, manufacture, and sale of medical, surgical, and diagnostic devices for the use in treating peripheral vascular disease, and oncology and surgical settings in the United States and internationally. The company offers Auryon Atherectomy system that is designed to deliver an optimized wavelength, pulse width, and amplitude to remove lesions while preserving vessel wall endothelium.