Alphabet Inc. Purchases Shares of 1,551,102 Tempus AI, Inc. (NASDAQ:TEM)

Alphabet Inc. acquired a new position in Tempus AI, Inc. (NASDAQ:TEM - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 1,551,102 shares of the company's stock, valued at approximately $54,289,000. Tempus AI accounts for about 2.7% of Alphabet Inc.'s portfolio, making the stock its 12th largest position. Alphabet Inc. owned 0.94% of Tempus AI as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the stock. ARK Investment Management LLC purchased a new position in shares of Tempus AI in the second quarter worth about $18,294,000. EFG Asset Management North America Corp. purchased a new position in shares of Tempus AI in the second quarter worth about $1,333,000. Finally, Northwestern University purchased a new position in shares of Tempus AI in the second quarter worth about $491,000.

Tempus AI Stock Performance

Shares of TEM traded down $7.29 during mid-day trading on Tuesday, reaching $52.09. The company's stock had a trading volume of 1,081,412 shares, compared to its average volume of 1,232,156. Tempus AI, Inc. has a 52 week low of $22.89 and a 52 week high of $77.00. The stock's fifty day moving average price is $44.16.

Tempus AI (NASDAQ:TEM - Get Free Report) last announced its quarterly earnings data on Tuesday, August 6th. The company reported ($6.77) earnings per share for the quarter, missing analysts' consensus estimates of ($4.41) by ($2.36). The firm had revenue of $165.97 million for the quarter, compared to analysts' expectations of $159.10 million. As a group, equities research analysts predict that Tempus AI, Inc. will post -6.51 earnings per share for the current year.

Analyst Ratings Changes

TEM has been the subject of several recent analyst reports. Piper Sandler initiated coverage on shares of Tempus AI in a research note on Monday, August 12th. They set a "neutral" rating and a $40.00 price objective for the company. Morgan Stanley initiated coverage on shares of Tempus AI in a research note on Tuesday, July 9th. They set an "overweight" rating and a $44.00 price objective for the company. Loop Capital initiated coverage on shares of Tempus AI in a research note on Tuesday, July 9th. They set a "buy" rating and a $48.00 price objective for the company. Longbow Research initiated coverage on shares of Tempus AI in a research note on Tuesday, July 9th. They set a "buy" rating and a $48.00 price objective for the company. Finally, Bank of America assumed coverage on shares of Tempus AI in a research note on Tuesday, July 9th. They set a "buy" rating and a $41.00 price objective for the company. One research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $45.56.

Tempus AI Profile

Tempus AI Inc is a technology company advancing precision medicine through the practical application of artificial intelligence principally in healthcare. The company provides AI-enabled precision medicine solutions to physicians to deliver personalized patient care and in parallel facilitates discovery, development and delivery of optimal therapeutics.