Maravai LifeSciences (NASDAQ:MRVI) Stock Price Down 4.6% - Here's What Happened

Maravai LifeSciences Holdings, Inc. (NASDAQ:MRVI - Get Free Report)'s share price traded down 4.6% during mid-day trading on Tuesday . The stock traded as low as $8.11 and last traded at $8.11. 543,295 shares traded hands during trading, a decline of 76% from the average session volume of 2,236,886 shares. The stock had previously closed at $8.50.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. The Goldman Sachs Group reduced their target price on shares of Maravai LifeSciences from $8.00 to $7.00 and set a "neutral" rating for the company in a report on Tuesday, October 8th. UBS Group raised their price target on shares of Maravai LifeSciences from $8.50 to $11.00 and gave the company a "neutral" rating in a research report on Thursday, August 8th. Royal Bank of Canada restated an "outperform" rating and set a $15.00 price target on shares of Maravai LifeSciences in a research report on Friday, August 16th. Morgan Stanley lowered shares of Maravai LifeSciences from an "overweight" rating to an "equal weight" rating and dropped their price target for the company from $11.00 to $10.00 in a research report on Tuesday, August 13th. Finally, Wells Fargo & Company assumed coverage on shares of Maravai LifeSciences in a research report on Tuesday, August 27th. They set an "overweight" rating and a $10.00 price target on the stock. Three analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $10.67.

Maravai LifeSciences Trading Down 7.3 %

The company's 50-day moving average price is $8.53 and its 200-day moving average price is $8.57. The firm has a market cap of $1.99 billion and a price-to-earnings ratio of -7.96. The company has a quick ratio of 9.28, a current ratio of 10.00 and a debt-to-equity ratio of 0.71.

Maravai LifeSciences (NASDAQ:MRVI - Get Free Report) last announced its earnings results on Wednesday, August 7th. The company reported ($0.08) earnings per share (EPS) for the quarter. Maravai LifeSciences had a negative net margin of 47.41% and a negative return on equity of 4.78%. The company had revenue of $73.40 million during the quarter, compared to analyst estimates of $71.64 million. During the same quarter last year, the business earned ($0.06) EPS. The firm's revenue for the quarter was up 6.5% compared to the same quarter last year. Equities analysts expect that Maravai LifeSciences Holdings, Inc. will post -0.17 EPS for the current fiscal year.

Hedge Funds Weigh In On Maravai LifeSciences

A number of institutional investors and hedge funds have recently bought and sold shares of MRVI. Los Angeles Capital Management LLC acquired a new position in Maravai LifeSciences during the first quarter worth about $187,000. Norden Group LLC acquired a new position in Maravai LifeSciences during the first quarter worth about $290,000. Principal Financial Group Inc. boosted its position in Maravai LifeSciences by 3,349.6% during the first quarter. Principal Financial Group Inc. now owns 410,197 shares of the company's stock worth $3,556,000 after acquiring an additional 398,306 shares during the last quarter. Quent Capital LLC boosted its position in Maravai LifeSciences by 26,315.8% during the first quarter. Quent Capital LLC now owns 15,057 shares of the company's stock worth $131,000 after acquiring an additional 15,000 shares during the last quarter. Finally, Jennison Associates LLC acquired a new position in Maravai LifeSciences during the first quarter worth about $3,415,000. 50.25% of the stock is currently owned by institutional investors and hedge funds.

Maravai LifeSciences Company Profile

Maravai LifeSciences Holdings, Inc, a life sciences company, provides products to enable the development of drug therapies, diagnostics, novel vaccines, and support research on human diseases worldwide. The company's products address the key phases of biopharmaceutical development and include nucleic acids for diagnostic and therapeutic applications, antibody-based products to detect impurities during the production of biopharmaceutical products, and products to detect the expression of proteins in tissues of various species.