Cannon Global Investment Management LLC Makes New $590,000 Investment in Maravai LifeSciences Holdings, Inc. (NASDAQ:MRVI)

Cannon Global Investment Management LLC purchased a new position in shares of Maravai LifeSciences Holdings, Inc. (NASDAQ:MRVI - Free Report) during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 71,000 shares of the company's stock, valued at approximately $590,000. Maravai LifeSciences makes up 0.9% of Cannon Global Investment Management LLC's investment portfolio, making the stock its 25th biggest position.

A number of other hedge funds also recently bought and sold shares of MRVI. Point72 Asset Management L.P. boosted its position in Maravai LifeSciences by 149.6% during the second quarter. Point72 Asset Management L.P. now owns 3,519,561 shares of the company's stock worth $25,200,000 after purchasing an additional 2,109,199 shares in the last quarter. 12 West Capital Management LP lifted its position in shares of Maravai LifeSciences by 13.8% in the first quarter. 12 West Capital Management LP now owns 13,202,988 shares of the company's stock valued at $114,470,000 after acquiring an additional 1,600,000 shares in the last quarter. Mackenzie Financial Corp lifted its position in shares of Maravai LifeSciences by 16.8% in the second quarter. Mackenzie Financial Corp now owns 5,860,641 shares of the company's stock valued at $41,962,000 after acquiring an additional 844,325 shares in the last quarter. Dragoneer Investment Group LLC purchased a new position in shares of Maravai LifeSciences in the second quarter valued at approximately $5,373,000. Finally, Renaissance Technologies LLC lifted its position in shares of Maravai LifeSciences by 20.8% in the second quarter. Renaissance Technologies LLC now owns 3,881,441 shares of the company's stock valued at $27,791,000 after acquiring an additional 668,552 shares in the last quarter. Hedge funds and other institutional investors own 50.25% of the company's stock.

Maravai LifeSciences Trading Up 0.7 %

MRVI stock traded up $0.05 during midday trading on Friday, hitting $7.46. 972,294 shares of the company's stock were exchanged, compared to its average volume of 1,251,616. The business has a 50-day simple moving average of $8.27 and a two-hundred day simple moving average of $8.51. The company has a current ratio of 10.00, a quick ratio of 9.28 and a debt-to-equity ratio of 0.71. The stock has a market capitalization of $1.88 billion, a PE ratio of -7.54 and a beta of 0.02. Maravai LifeSciences Holdings, Inc. has a 1-year low of $4.52 and a 1-year high of $11.56.

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

Wall Street Analysts Forecast Growth

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

About Maravai LifeSciences

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.