Berkeley Lights (NASDAQ:BLI) Trading Down 6.3%

Berkeley Lights, Inc. (NASDAQ:BLI)’s share price dropped 6.3% during trading on Monday . The company traded as low as $23.89 and last traded at $23.89. Approximately 32,875 shares traded hands during mid-day trading, a decline of 97% from the average daily volume of 1,205,869 shares. The stock had previously closed at $25.50.

A number of research firms have weighed in on BLI. Berenberg Bank began coverage on Berkeley Lights in a research report on Wednesday, October 13th. They set a “buy” rating and a $42.00 price target on the stock. KeyCorp cut Berkeley Lights from an “overweight” rating to a “sector weight” rating in a research note on Tuesday, June 29th. Zacks Investment Research raised Berkeley Lights from a “sell” rating to a “hold” rating in a research report on Monday, August 16th. BTIG Research cut their price objective on Berkeley Lights from $70.00 to $65.00 and set a “buy” rating on the stock in a research report on Thursday, August 12th. Finally, Morgan Stanley dropped their price target on Berkeley Lights from $73.00 to $66.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 12th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, Berkeley Lights presently has an average rating of “Buy” and an average price target of $79.14.

The company has a quick ratio of 8.84, a current ratio of 9.30 and a debt-to-equity ratio of 0.08. The stock has a market capitalization of $1.72 billion, a price-to-earnings ratio of -27.98 and a beta of 1.76. The business’s 50-day moving average is $29.89 and its two-hundred day moving average is $40.52.

Berkeley Lights (NASDAQ:BLI) last announced its earnings results on Tuesday, August 10th. The company reported ($0.27) earnings per share for the quarter, missing the consensus estimate of ($0.24) by ($0.03). Berkeley Lights had a negative return on equity of 22.41% and a negative net margin of 69.79%. The business had revenue of $19.25 million for the quarter, compared to analysts’ expectations of $19.75 million. As a group, analysts forecast that Berkeley Lights, Inc. will post -0.92 EPS for the current fiscal year.

In related news, General Counsel Stuart L. Merkadeau sold 7,712 shares of the firm’s stock in a transaction that occurred on Thursday, August 12th. The shares were sold at an average price of $40.21, for a total value of $310,099.52. Following the sale, the general counsel now directly owns 167,615 shares of the company’s stock, valued at $6,739,799.15. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Eric Hobbs sold 15,500 shares of Berkeley Lights stock in a transaction that occurred on Tuesday, July 20th. The shares were sold at an average price of $47.07, for a total transaction of $729,585.00. The disclosure for this sale can be found here. Insiders sold a total of 367,212 shares of company stock valued at $13,683,787 in the last quarter. Insiders own 20.30% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the business. Nisa Investment Advisors LLC bought a new stake in Berkeley Lights in the second quarter worth about $25,000. Lazard Asset Management LLC purchased a new position in Berkeley Lights during the 1st quarter valued at about $45,000. Advisor Group Holdings Inc. grew its stake in Berkeley Lights by 34.5% during the 2nd quarter. Advisor Group Holdings Inc. now owns 1,736 shares of the company’s stock valued at $78,000 after acquiring an additional 445 shares in the last quarter. Panagora Asset Management Inc. bought a new stake in shares of Berkeley Lights in the 1st quarter valued at approximately $108,000. Finally, Advisors Asset Management Inc. grew its stake in shares of Berkeley Lights by 203.3% in the 2nd quarter. Advisors Asset Management Inc. now owns 3,169 shares of the company’s stock valued at $142,000 after buying an additional 2,124 shares in the last quarter. 61.72% of the stock is owned by hedge funds and other institutional investors.

Berkeley Lights Company Profile (NASDAQ:BLI)

Berkeley Lights, Inc, a digital cell biology company, focuses on enabling and accelerating the rapid development and commercialization of biotherapeutics and other cell-based products. The company offers an integrated platform, which comprise of proprietary consumables, including OptoSelect chips and reagent kits, automation systems, and application and workflow software.

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