As of Tuesday, Veracyte Inc.’s (NASDAQ:VCYT) stock closed at $25.87, down from $26.32 the previous day. While Veracyte Inc. has underperformed by -1.71%, investors are advised to look at stock chart patterns for technical insight. Within its last year performance, VCYT fell by -4.04%, with highs and lows ranging from $33.23 to $14.85, whereas the simple moving average jumped by 17.17% in the last 200 days.
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On January 18, 2023, Raymond James Downgraded Veracyte Inc. (NASDAQ: VCYT) to Mkt Perform. A report published by Scotiabank on January 05, 2023, Initiated its previous ‘Sector Outperform’ rating for VCYT. Stephens also rated VCYT shares as ‘Overweight’, setting a target price of $52 on the company’s shares in an initiating report dated January 07, 2022. Goldman Initiated an Buy rating on November 18, 2021, and assigned a price target of $60. Raymond James initiated its ‘Outperform’ rating for VCYT, as published in its report on June 15, 2021. Needham’s report from February 18, 2021 suggests a price prediction of $88 for VCYT shares, giving the stock a ‘Buy’ rating. Truist also rated the stock as ‘Buy’.
Analysis of Veracyte Inc. (VCYT)
Further, the quarter-over-quarter increase in sales is 25.20%, showing a positive trend in the upcoming months.
One of the most important indicators of Veracyte Inc.’s future performance is equity, which can be evaluated using several well-rounded types of analysis and research techniques. The goal here is to ensure that your current return on equity of -4.00% is sufficient for you to turn a profit off your investment. Taking into account the quick ratio of the company, currently set at 3.90, you can see that the company can cover any debts it may have, which can easily be seen in the annual report of the company.
For any stock, average volume can also provide valuable insight into volatility, and VCYT is recording 945.12K average volume. On a monthly basis, the volatility of the stock is set at 5.98%, whereas on a weekly basis, it is put at 6.62%, with a loss of -3.07% over the past seven days. Furthermore, long-term investors anticipate a median target price of $31.17, showing growth from the present price of $25.87, which can serve as yet another indication of whether VCYT is worth investing in or should be passed over.
How Do You Analyze Veracyte Inc. Shares?
Along with the fundamentals, it is also important to consider how many employees own shares of the company. This is because the values should be in line with investors’ expectations. As such, the current holdings of company stock inside the company are set at 0.70%. This can enable you to see the extent to which executives own the company’s stock.
Are institutional investors increasing their holdings in VCYT shares?
The recent increase in stakes in VCYT appears to be a result of several institutional investors and hedge funds increasing their positions. ARK Investment Management LLC’s position in VCYT has increased by 2.54% in the first quarter. The company now owns 9,081,363 shares of the stock, with a value of $215.5 million, following the purchase of 225,118 additional shares during the last quarter. The Vanguard Group, Inc. made another increased to its shares in VCYT during the first quarter, upping its stake by 0.84%. During the last quarter, the company picked up 55,100 additional shares for a total stake of worth $157.63 million, bringing number of shares owned by the company to 6,642,606.
During the first quarter, Wellington Management Co. LLP added a 8,810 position in VCYT. SSgA Funds Management, Inc. purchased an additional 79565.0 shares in the last quarter, increasing its holdings by 1.55%, now holding 5.22 million shares worth $123.96 million. At the end of the first quarter, BlackRock Fund Advisors decreased its VCYT holdings by -0.64% and now holds 5.08 million VCYT shares valued at $120.65 million with the lessened 32699.0 shares during the period.