IDEXX Laboratories, Inc. (NASDAQ:IDXX) Sees Large Growth in Short Interest

IDEXX Laboratories, Inc. (NASDAQ:IDXX - Get Free Report) saw a significant increase in short interest in February. As of February 28th, there was short interest totalling 2,740,000 shares, an increase of 29.9% from the February 13th total of 2,110,000 shares. Based on an average daily trading volume, of 686,900 shares, the short-interest ratio is currently 4.0 days. Approximately 3.4% of the company's stock are sold short.

Insider Buying and Selling at IDEXX Laboratories

In other news, Director M Anne Szostak sold 3,000 shares of IDEXX Laboratories stock in a transaction dated Friday, February 7th. The stock was sold at an average price of $465.94, for a total transaction of $1,397,820.00. Following the sale, the director now owns 3,061 shares in the company, valued at approximately $1,426,242.34. The trade was a 49.50 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP George Fennell sold 9,986 shares of the company's stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $462.53, for a total value of $4,618,824.58. Following the sale, the executive vice president now owns 8,176 shares of the company's stock, valued at $3,781,645.28. This trade represents a 54.98 % decrease in their position. The disclosure for this sale can be found here. 2.11% of the stock is owned by insiders.

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Hedge Funds Weigh In On IDEXX Laboratories

A number of hedge funds have recently modified their holdings of the stock. FSA Wealth Management LLC acquired a new stake in IDEXX Laboratories during the 3rd quarter valued at $25,000. Hurley Capital LLC acquired a new stake in IDEXX Laboratories during the 4th quarter valued at $29,000. Rialto Wealth Management LLC acquired a new stake in IDEXX Laboratories during the 4th quarter valued at $30,000. Retirement Wealth Solutions LLC acquired a new stake in IDEXX Laboratories during the 4th quarter valued at $31,000. Finally, Colonial Trust Co SC increased its holdings in IDEXX Laboratories by 84.8% during the 4th quarter. Colonial Trust Co SC now owns 85 shares of the company's stock valued at $35,000 after purchasing an additional 39 shares in the last quarter. 87.84% of the stock is owned by institutional investors and hedge funds.

IDEXX Laboratories Stock Performance

Shares of IDXX stock traded down $0.39 during mid-day trading on Friday, reaching $420.23. The stock had a trading volume of 227,198 shares, compared to its average volume of 548,685. The firm's 50 day simple moving average is $437.30 and its 200 day simple moving average is $445.53. The company has a quick ratio of 0.95, a current ratio of 1.31 and a debt-to-equity ratio of 0.28. IDEXX Laboratories has a one year low of $398.50 and a one year high of $548.88. The firm has a market cap of $34.18 billion, a PE ratio of 39.40, a P/E/G ratio of 3.41 and a beta of 1.39.

Analysts Set New Price Targets

IDXX has been the topic of a number of recent analyst reports. StockNews.com lowered IDEXX Laboratories from a "buy" rating to a "hold" rating in a report on Saturday, March 15th. Bank of America increased their target price on IDEXX Laboratories from $475.00 to $535.00 and gave the stock a "neutral" rating in a research report on Tuesday, February 4th. Leerink Partners started coverage on IDEXX Laboratories in a report on Monday, December 2nd. They issued an "outperform" rating and a $500.00 price objective on the stock. Barclays raised their price objective on IDEXX Laboratories from $481.00 to $520.00 and gave the company an "overweight" rating in a research note on Tuesday, February 4th. Finally, Piper Sandler lifted their target price on IDEXX Laboratories from $435.00 to $510.00 and gave the stock a "neutral" rating in a research report on Monday, February 10th. Four research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $533.75.

IDEXX Laboratories Company Profile

IDEXX Laboratories, Inc develops, manufactures, and distributes products primarily for the companion animal veterinary, livestock and poultry, dairy, and water testing markets in Africa, the Asia Pacific, Canada, Europe, Latin America, and internationally. The company operates through three segments: Companion Animal Group; Water Quality Products; and Livestock, Poultry and Dairy.