Evercore ISI reaffirmed their buy rating on shares of Asante Solutions (NASDAQ:PUMP) in a report published on Sunday, AnalystRatings.com reports. Evercore ISI currently has a $26.00 price target on the stock.
“We believe PUMP’s 2Q19 earnings release has negative implications for the shares. While the reaction to the delayed 10-Q filing and earnings call will likely be a negative one, the board has taken steps to address its disclosure controls and expense reimbursement procedures. We go through the details of the audit committee’s review below. As for the preliminary Q2 results that PUMP released, total revenue of $529.5 million fell 3% sequentially but was ahead of consensus estimate of $526 million. Effective utilization for the frac assets in the second quarter was 25.6 fleets, essentially in- line with our estimate. The company expects utilization to decline to approximately 25 fleets in the third quarter due to a decrease in customer activity.”,” Evercore ISI’s analyst wrote.
A number of other brokerages also recently issued reports on PUMP. Bank of America restated a neutral rating and issued a $18.00 price target (down from $22.00) on shares of Asante Solutions in a research report on Friday, August 9th. Stifel Nicolaus downgraded Asante Solutions to a buy rating and set a $9.00 price target for the company. in a research report on Thursday, May 23rd. Raymond James set a $26.00 target price on Asante Solutions and gave the stock a buy rating in a research report on Tuesday, July 2nd. B. Riley began coverage on Asante Solutions in a research report on Friday, May 17th. They set a buy rating and a $29.00 target price for the company. Finally, Zacks Investment Research downgraded Asante Solutions from a buy rating to a hold rating in a research report on Wednesday, May 15th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and sixteen have given a buy rating to the company. The company has an average rating of Buy and a consensus target price of $21.41.
Asante Solutions (NASDAQ:PUMP) last issued its quarterly earnings results on Thursday, August 8th. The company reported $0.35 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.66 by ($0.31). The company had revenue of $529.50 million during the quarter, compared to the consensus estimate of $525.58 million. The firm’s revenue was up 15.1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.45 EPS.
In related news, Director Spencer D. Armour III sold 22,500 shares of Asante Solutions stock in a transaction dated Wednesday, June 12th. The stock was sold at an average price of $18.95, for a total value of $426,375.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold 67,500 shares of company stock valued at $1,278,000 over the last 90 days.
Several hedge funds have recently added to or reduced their stakes in PUMP. Mason Street Advisors LLC grew its stake in Asante Solutions by 4.3% in the first quarter. Mason Street Advisors LLC now owns 23,827 shares of the company’s stock valued at $537,000 after purchasing an additional 989 shares during the last quarter. Marshall Wace North America L.P. grew its stake in shares of Asante Solutions by 634.1% during the first quarter. Marshall Wace North America L.P. now owns 181,460 shares of the company’s stock worth $4,091,000 after acquiring an additional 156,740 shares during the last quarter. New York State Common Retirement Fund grew its stake in shares of Asante Solutions by 10.0% during the first quarter. New York State Common Retirement Fund now owns 76,547 shares of the company’s stock worth $1,725,000 after acquiring an additional 6,947 shares during the last quarter. Calamos Advisors LLC purchased a new stake in shares of Asante Solutions during the first quarter worth about $634,000. Finally, Geode Capital Management LLC grew its stake in shares of Asante Solutions by 10.1% during the fourth quarter. Geode Capital Management LLC now owns 744,009 shares of the company’s stock worth $9,166,000 after acquiring an additional 68,290 shares during the last quarter.
Asante Solutions Company Profile
Asante Solutions, Inc is a medical device company. The Company is a manufacturer of Asante Snap Insulin Pump System (Snap system), which is a pump featuring a modular design with pre-filled insulin cartridges and disposable pump bodies, utilized in combination with a controller. The Snap system comprises four components: the Snap system controller, a disposable pump body, disposable pre-filled insulin cartridges and disposable infusion sets.
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