IDEXX Laboratories, Inc. (NASDAQ:IDXX) Sees Large Growth in Short Interest

IDEXX Laboratories, Inc. (NASDAQ:IDXX) was the target of a large growth in short interest during the month of August. As of August 31st, there was short interest totalling 2,480,000 shares, a growth of 8.3% from the August 15th total of 2,290,000 shares. Currently, 3.0% of the shares of the company are short sold. Based on an average daily volume of 454,100 shares, the short-interest ratio is currently 5.5 days.

IDEXX Laboratories Price Performance

NASDAQ:IDXX traded up $7.41 during trading hours on Tuesday, reaching $457.68. 308,227 shares of the company traded hands, compared to its average volume of 450,667. The firm’s 50-day moving average is $510.75 and its 200-day moving average is $490.76. The stock has a market cap of $37.99 billion, a P/E ratio of 47.80, a P/E/G ratio of 2.61 and a beta of 1.20. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.33 and a quick ratio of 0.89. IDEXX Laboratories has a 1-year low of $317.06 and a 1-year high of $564.73.

IDEXX Laboratories (NASDAQ:IDXX) last announced its earnings results on Tuesday, August 1st. The company reported $2.67 EPS for the quarter, beating analysts’ consensus estimates of $2.43 by $0.24. The firm had revenue of $943.63 million for the quarter, compared to analysts’ expectations of $927.84 million. IDEXX Laboratories had a return on equity of 104.84% and a net margin of 22.52%. Equities research analysts expect that IDEXX Laboratories will post 9.82 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

IDXX has been the topic of several recent analyst reports. Stifel Nicolaus dropped their target price on IDEXX Laboratories from $525.00 to $500.00 and set a “hold” rating on the stock in a research report on Friday. Morgan Stanley boosted their target price on IDEXX Laboratories from $590.00 to $600.00 and gave the stock an “overweight” rating in a research report on Thursday, August 3rd. StockNews.com initiated coverage on IDEXX Laboratories in a research report on Thursday, August 17th. They set a “buy” rating on the stock. Atlantic Securities cut IDEXX Laboratories from an “overweight” rating to a “neutral” rating and set a $610.00 target price on the stock. in a research report on Wednesday, August 2nd. Finally, JPMorgan Chase & Co. boosted their target price on IDEXX Laboratories from $550.00 to $600.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 2nd. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $571.67.

Insider Activity

In other news, CEO Jonathan Jay Mazelsky sold 13,424 shares of the business’s stock in a transaction dated Thursday, August 31st. The stock was sold at an average price of $512.01, for a total value of $6,873,222.24. Following the completion of the sale, the chief executive officer now directly owns 72,925 shares of the company’s stock, valued at approximately $37,338,329.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other IDEXX Laboratories news, EVP Michael Lane sold 16,027 shares of the company’s stock in a transaction that occurred on Thursday, August 3rd. The stock was sold at an average price of $510.00, for a total transaction of $8,173,770.00. Following the completion of the sale, the executive vice president now directly owns 4,034 shares of the company’s stock, valued at approximately $2,057,340. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Jonathan Jay Mazelsky sold 13,424 shares of the company’s stock in a transaction that occurred on Thursday, August 31st. The shares were sold at an average price of $512.01, for a total value of $6,873,222.24. Following the sale, the chief executive officer now directly owns 72,925 shares of the company’s stock, valued at $37,338,329.25. The disclosure for this sale can be found here. In the last three months, insiders sold 52,360 shares of company stock valued at $26,743,411. Insiders own 2.11% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. Victory Capital Management Inc. raised its position in shares of IDEXX Laboratories by 6.1% in the 4th quarter. Victory Capital Management Inc. now owns 149,385 shares of the company’s stock worth $60,943,000 after buying an additional 8,595 shares during the period. Charles Schwab Investment Management Inc. raised its position in IDEXX Laboratories by 3.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 446,371 shares of the company’s stock valued at $182,102,000 after purchasing an additional 12,904 shares during the period. Fifth Third Bancorp raised its position in IDEXX Laboratories by 18.1% in the first quarter. Fifth Third Bancorp now owns 13,535 shares of the company’s stock valued at $6,769,000 after purchasing an additional 2,076 shares during the period. Mn Services Vermogensbeheer B.V. raised its position in IDEXX Laboratories by 4.5% in the first quarter. Mn Services Vermogensbeheer B.V. now owns 42,060 shares of the company’s stock valued at $21,033,000 after purchasing an additional 1,800 shares during the period. Finally, FineMark National Bank & Trust raised its position in IDEXX Laboratories by 13.0% in the first quarter. FineMark National Bank & Trust now owns 616 shares of the company’s stock valued at $308,000 after purchasing an additional 71 shares during the period. Hedge funds and other institutional investors own 86.85% of the company’s stock.

About IDEXX Laboratories

IDEXX Laboratories, Inc develops, manufactures, and distributes products primarily for the companion animal veterinary, livestock and poultry, dairy, and water testing markets worldwide. The company operates through three segments: Companion Animal Group; Water Quality Products; and Livestock, Poultry and Dairy.