Zacks Investment Research cut shares of Asante Solutions (NASDAQ:PUMP) from a strong-buy rating to a hold rating in a research report report published on Thursday morning.
According to Zacks, “ProPetro Holding Corp. provides oilfield services. It offers hydraulic fracturing and other complementary services to leading upstream oil and gas companies engaged in the exploration and production of North American unconventional oil and natural gas resources. ProPetro Holding Corp. is headquartered in Midland, Texas. “
A number of other equities research analysts have also issued reports on PUMP. Piper Jaffray Companies reissued a buy rating and issued a $14.00 price objective on shares of Asante Solutions in a report on Tuesday, September 19th. BidaskClub raised shares of Asante Solutions from a sell rating to a hold rating in a report on Thursday, September 21st. Jefferies Group initiated coverage on shares of Asante Solutions in a report on Thursday, October 5th. They issued a buy rating and a $18.00 price objective for the company. Royal Bank of Canada set a $20.00 price objective on shares of Asante Solutions and gave the company a buy rating in a report on Sunday, October 22nd. Finally, Credit Suisse Group upped their price objective on shares of Asante Solutions from $17.00 to $20.00 and gave the company an outperform rating in a report on Friday, November 3rd. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, twelve have assigned a buy rating and two have given a strong buy rating to the stock. Asante Solutions has a consensus rating of Buy and a consensus price target of $20.85.
Asante Solutions (NASDAQ:PUMP) last announced its quarterly earnings data on Wednesday, November 1st. The company reported $0.25 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.20 by $0.05. The firm had revenue of $282.70 million during the quarter, compared to analysts’ expectations of $261.69 million. Asante Solutions’s quarterly revenue was up 32.4% compared to the same quarter last year.
In other Asante Solutions news, major shareholder Energy Capital Partners Ii, Ll sold 13,800,000 shares of the stock in a transaction dated Thursday, November 9th. The shares were sold at an average price of $15.07, for a total transaction of $207,966,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.
A number of hedge funds have recently made changes to their positions in PUMP. State Street Corp purchased a new position in Asante Solutions during the second quarter worth about $5,033,000. Balyasny Asset Management LLC purchased a new position in shares of Asante Solutions in the second quarter valued at approximately $4,841,000. Fred Alger Management Inc. purchased a new position in shares of Asante Solutions in the second quarter valued at approximately $3,497,000. Viking Fund Management LLC boosted its stake in shares of Asante Solutions by 29.1% in the third quarter. Viking Fund Management LLC now owns 1,020,000 shares of the company’s stock valued at $14,637,000 after purchasing an additional 230,000 shares during the period. Finally, Bank of New York Mellon Corp purchased a new position in shares of Asante Solutions in the second quarter valued at approximately $1,383,000.
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About Asante Solutions
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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