Spectranetics Corp (NASDAQ:SPNC) Given “Hold” Rating at Royal Bank Of Canada

Spectranetics Corp (NASDAQ:SPNC)‘s stock had its “hold” rating reissued by equities researchers at Royal Bank Of Canada in a research note issued to investors on Monday, July 24th. They presently have a $27.00 price objective on the medical equipment provider’s stock. Royal Bank Of Canada’s price objective suggests a potential downside of 29.78% from the stock’s previous close.

Other research analysts also recently issued research reports about the stock. Needham & Company LLC reiterated a “buy” rating and issued a $38.50 target price on shares of Spectranetics Corp in a report on Wednesday, June 28th. BidaskClub downgraded shares of Spectranetics Corp from a “strong-buy” rating to a “buy” rating in a report on Saturday, June 10th. Northland Securities reiterated a “buy” rating and issued a $32.00 target price on shares of Spectranetics Corp in a report on Friday, April 28th. Zacks Investment Research upgraded shares of Spectranetics Corp from a “sell” rating to a “hold” rating in a report on Thursday, April 27th. Finally, ValuEngine upgraded shares of Spectranetics Corp from a “sell” rating to a “hold” rating in a report on Friday, June 2nd. Eleven analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. Spectranetics Corp presently has an average rating of “Hold” and a consensus price target of $35.36.

Spectranetics Corp (NASDAQ SPNC) opened at 38.45 on Monday. Spectranetics Corp has a one year low of $19.80 and a one year high of $38.55. The stock has a 50 day moving average price of $37.28 and a 200-day moving average price of $30.10.

Spectranetics Corp (NASDAQ:SPNC) last released its quarterly earnings results on Thursday, August 3rd. The medical equipment provider reported ($0.56) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.27) by $0.29. The business had revenue of $74.71 million for the quarter, compared to the consensus estimate of $73.82 million. Spectranetics Corp had a negative net margin of 32.93% and a negative return on equity of 194.18%. The firm’s revenue for the quarter was up 10.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.35) EPS. Equities research analysts anticipate that Spectranetics Corp will post ($1.16) EPS for the current fiscal year.

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Several hedge funds have recently modified their holdings of the stock. New England Private Wealth Advisors LLC raised its stake in shares of Spectranetics Corp by 0.4% in the first quarter. New England Private Wealth Advisors LLC now owns 26,497 shares of the medical equipment provider’s stock valued at $772,000 after buying an additional 100 shares during the period. Clear Harbor Asset Management LLC raised its stake in shares of Spectranetics Corp by 1.1% in the first quarter. Clear Harbor Asset Management LLC now owns 28,110 shares of the medical equipment provider’s stock valued at $819,000 after buying an additional 300 shares during the period. Rhumbline Advisers raised its position in Spectranetics Corp by 0.6% in the second quarter. Rhumbline Advisers now owns 54,223 shares of the medical equipment provider’s stock worth $2,082,000 after buying an additional 303 shares during the period. Quantitative Systematic Strategies LLC raised its position in Spectranetics Corp by 3.9% in the first quarter. Quantitative Systematic Strategies LLC now owns 11,058 shares of the medical equipment provider’s stock worth $322,000 after buying an additional 416 shares during the period. Finally, The Manufacturers Life Insurance Company raised its position in Spectranetics Corp by 1.4% in the second quarter. The Manufacturers Life Insurance Company now owns 33,602 shares of the medical equipment provider’s stock worth $1,290,000 after buying an additional 473 shares during the period. Institutional investors and hedge funds own 91.95% of the company’s stock.

About Spectranetics Corp

The Spectranetics Corporation develops, manufactures, markets and distributes single-use medical devices used in minimally invasive procedures within the cardiovascular system. The Company’s products are used to cross, prepare and treat arterial blockages in the heart and legs and to manage pacemaker and defibrillator cardiac leads.

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