23andMe (NASDAQ:ME) Price Target Lowered to $0.47 at Citigroup

23andMe (NASDAQ:ME) had its price target reduced by Citigroup from $0.85 to $0.47 in a research report sent to investors on Tuesday, Benzinga reports. They currently have a neutral rating on the stock.

23andMe Price Performance

NASDAQ ME opened at $0.51 on Tuesday. 23andMe has a 12 month low of $0.35 and a 12 month high of $2.21. The business has a fifty day simple moving average of $0.54 and a 200 day simple moving average of $0.73.

23andMe (NASDAQ:ME) last released its quarterly earnings results on Wednesday, February 7th. The company reported ($0.17) earnings per share for the quarter. 23andMe had a negative net margin of 210.48% and a negative return on equity of 52.99%. The firm had revenue of $44.75 million for the quarter, compared to the consensus estimate of $56.30 million.

Insider Activity

In other news, insider Kathy L. Hibbs sold 38,548 shares of the firm’s stock in a transaction on Thursday, January 25th. The stock was sold at an average price of $0.73, for a total transaction of $28,140.04. Following the completion of the sale, the insider now directly owns 1,280,349 shares of the company’s stock, valued at approximately $934,654.77. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders sold a total of 154,192 shares of company stock valued at $88,660 over the last three months. Corporate insiders own 27.55% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of ME. Vanguard Group Inc. lifted its stake in 23andMe by 259.1% in the first quarter. Vanguard Group Inc. now owns 17,551,125 shares of the company’s stock valued at $67,221,000 after purchasing an additional 12,663,268 shares during the last quarter. BlackRock Inc. raised its stake in shares of 23andMe by 41.0% in the third quarter. BlackRock Inc. now owns 16,102,036 shares of the company’s stock valued at $46,053,000 after buying an additional 4,683,691 shares during the period. Voya Investment Management LLC lifted its position in shares of 23andMe by 127.0% during the 4th quarter. Voya Investment Management LLC now owns 5,517,344 shares of the company’s stock valued at $5,040,000 after buying an additional 3,086,866 shares during the last quarter. State Street Corp grew its stake in shares of 23andMe by 201.0% during the 2nd quarter. State Street Corp now owns 3,567,075 shares of the company’s stock worth $8,846,000 after acquiring an additional 2,382,040 shares during the period. Finally, Renaissance Technologies LLC purchased a new stake in 23andMe in the 1st quarter worth about $7,692,000. 36.10% of the stock is owned by institutional investors.

About 23andMe

23andMe Holding Co operates as a consumer genetics testing company. The company operates in two segments, Consumer & Research Services and Therapeutics. The Consumer & Research Services segment provides a suite of genetic reports, including information on customers' genetic ancestral origins, personal genetic health risks, and chances of passing on certain rare carrier conditions to their children, as well as reports on how genetics can impact responses to medications.