Proto Labs (NYSE:PRLB) Updates Q3 2022 Earnings Guidance

Proto Labs (NYSE:PRLBGet Rating) updated its third quarter 2022 earnings guidance on Monday. The company provided earnings per share guidance of $0.36-$0.44 for the period. The company issued revenue guidance of $121.00 million-$129.00 million, compared to the consensus revenue estimate of $133.27 million.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on PRLB. Craig Hallum dropped their price target on shares of Proto Labs to $42.00 in a research note on Monday. StockNews.com raised shares of Proto Labs from a hold rating to a buy rating in a research note on Monday, August 8th.

Proto Labs Price Performance

Shares of PRLB stock traded down $0.71 during trading hours on Wednesday, hitting $44.59. The company had a trading volume of 577 shares, compared to its average volume of 166,375. The company’s fifty day moving average is $47.43 and its 200 day moving average is $48.99. Proto Labs has a fifty-two week low of $39.36 and a fifty-two week high of $79.27. The stock has a market capitalization of $1.23 billion, a PE ratio of 51.48 and a beta of 1.28.

Proto Labs (NYSE:PRLBGet Rating) last released its earnings results on Friday, August 5th. The industrial products company reported $0.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.39 by $0.07. The company had revenue of $126.90 million for the quarter, compared to analyst estimates of $127.28 million. Proto Labs had a net margin of 4.88% and a return on equity of 2.95%. The firm’s quarterly revenue was up 3.2% on a year-over-year basis. During the same period in the prior year, the business earned $0.47 EPS. Equities analysts forecast that Proto Labs will post 0.79 earnings per share for the current year.

Institutional Investors Weigh In On Proto Labs

A number of hedge funds have recently added to or reduced their stakes in the business. Federated Hermes Inc. raised its holdings in shares of Proto Labs by 63.4% in the 1st quarter. Federated Hermes Inc. now owns 461,748 shares of the industrial products company’s stock valued at $24,426,000 after purchasing an additional 179,112 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Proto Labs by 5.1% in the 1st quarter. Vanguard Group Inc. now owns 2,848,640 shares of the industrial products company’s stock valued at $150,693,000 after buying an additional 137,885 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of Proto Labs by 34.2% in the 1st quarter. Dimensional Fund Advisors LP now owns 426,194 shares of the industrial products company’s stock valued at $22,547,000 after buying an additional 108,638 shares during the last quarter. State Street Corp grew its position in shares of Proto Labs by 8.2% in the 2nd quarter. State Street Corp now owns 1,120,464 shares of the industrial products company’s stock valued at $53,603,000 after buying an additional 85,135 shares during the last quarter. Finally, Lord Abbett & CO. LLC purchased a new position in shares of Proto Labs in the 1st quarter valued at $3,940,000. 93.35% of the stock is currently owned by institutional investors and hedge funds.

About Proto Labs

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Proto Labs, Inc, together with its subsidiaries, operates as an e-commerce driven digital manufacturer of custom prototypes and on-demand production parts in the worldwide. The company offers injection molding; computer numerical control machining; three-dimensional (3D) printing, which include stereolithography, selective laser sintering, direct metal laser sintering, multi jet fusion, polyjet, and carbon DLS processes; and sheet metal fabrication products, including quick-turn and e-commerce-enabled custom sheet metal parts.

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