In the last trading session, 1.41 million Caredx Inc (NASDAQ:CDNA) shares changed hands as the company’s beta touched 1.31. With the company’s per share price at $9.68 changed hands at $0.15 or 1.57% during last session, the market valuation stood at $523.69M. CDNA’s last price was a discount, traded about -86.36% off its 52-week high of $18.04. The share price had its 52-week low at $4.80, which suggests the last value was 50.41% up since then. When we look at Caredx Inc’s average trading volume, we note the 10-day average is 1.67 million shares, with the 3-month average coming to 922.02K.
Analysts gave the Caredx Inc (CDNA) stock a consensus recommendation rating of an Overweight, calculated at a mean rating of 2.29. If we narrow down to specifics, the data shows that 0 out of 7 analysts rate the stock as a Sell, with a further 1 assigning it an Overweight rating. Of the remaining, 4 recommended CDNA as a Hold, 2 felt it is a Buy and 0 rated the stock as Underweight. Caredx Inc’s EPS for the current quarter is expected to be -$0.28.
Caredx Inc (NASDAQ:CDNA) trade information
Instantly CDNA was in green as seen at the end of in last trading. With action 22.22%, the performance over the past five days has been green. The jump to weekly highs of 9.83 on Monday, 11/20/23 added 1.57% to the stock’s daily price. The company’s shares are showing year-to-date downside of -15.16%, with the 5-day performance at 22.22% in the green. However, in the 30-day time frame, Caredx Inc (NASDAQ:CDNA) is 82.30% up. Looking at the short shares, we see there were 4.5 million shares sold at short interest cover period of 5.12 days.
The consensus price target for the stock as assigned by Wall Street analysts is $10.80, meaning bulls need an upside of 10.37% from its current market value. According to analyst projections, CDNA’s forecast low is $9.00 with $13.00 as the target high. To hit the forecast high, the stock’s price needs a -34.3% plunge from its current level, while the stock would need to tank 7.02% for it to hit the projected low.
Caredx Inc (CDNA) estimates and forecasts
Data shows that the Caredx Inc share is performing relatively much not better than most of its peers within the same industry. As can be gleaned from the statistics, the company’s share value shot 13.22% over the past 6 months, a -141.03% in annual growth rate that is considerably lower than the industry average of 5.70%. Moreover, analysts have looked to lower expectations by upgrading its fiscal year 2023 revenue estimates. The rating firms predict current quarter revenue for Caredx Inc will fall -300.00%, while the growth in revenue is estimated to hit -100.00% for the next quarter. Year-over-year growth is forecast to reach -14.10% down from the last financial year.
Consensus estimates given by 7 financial analysts project the company’s revenue in the current quarter to hit an average of $61.7 million. 7 analysts are of the opinion that Caredx Inc’s revenue for the quarter ending Mar 2024 will be $61.35 million. The company’s revenue for the corresponding quarters a year ago was $82.38 million and $77.26 million respectively. According to analysts, the company will likely register a growth in its current quarter sales, forecast at -25.10%. The estimates for the next quarter sales put growth at -20.60%.
Looking at the company’s year-on-year earnings, data shows that the past 5-year has an earnings growth rate of 9.60%. The 2023 estimates are for Caredx Inc earnings to decrease by -28.61%, but the outlook for the next 5-year period is at 20.00% per year.
Caredx Inc is expected to release its next quarterly earnings report on November 08.
Caredx Inc (NASDAQ:CDNA)’s Major holders
If we look at who the major shareholders are, we find that insiders hold 2.26% of Caredx Inc shares while 105.08% of the shares are in the hands of institutional holders. The share float percentage for the stock currently stands at 107.51%. There are 105.08% institutions holding the Caredx Inc stock share, with ARK Investment Management, LLC the top institutional holder. As of Sep 29, 2023, the company held 12.33% of the shares, roughly 6.68 million CDNA shares worth $46.76 million.
Blackrock Inc. holds the second largest percentage of outstanding shares, with 10.04% or 5.44 million shares worth $46.24 million as of Jun 29, 2023.
Among Mutual Funds, the top two as of Sep 29, 2023 were ARK ETF Tr-ARK Genomic Revolution ETF and SPDR (R) Ser Tr-SPDR (R) S&P (R) Biotech ETF. With 6.62 million shares estimated at $46.35 million under it, the former controlled 12.22% of total outstanding shares. On the other hand, SPDR (R) Ser Tr-SPDR (R) S&P (R) Biotech ETF held about 5.33% of the shares, roughly 2.89 million shares worth around $26.9 million.