OraSure Technologies (NASDAQ:OSUR) Upgraded to Hold at StockNews.com

StockNews.com upgraded shares of OraSure Technologies (NASDAQ:OSUR) from a sell rating to a hold rating in a research note published on Saturday.

OraSure Technologies Trading Down 1.2%

Shares of OraSure Technologies stock opened at $2.43 on Friday. The firm’s 50 day simple moving average is $3.08 and its two-hundred day simple moving average is $3.56. The firm has a market capitalization of $181.76 million, a price-to-earnings ratio of 16.20 and a beta of 0.42. OraSure Technologies has a 12-month low of $2.36 and a 12-month high of $5.08.

OraSure Technologies announced that its Board of Directors has approved a share buyback program on Monday, March 24th that permits the company to buyback $40.00 million in shares. This buyback authorization permits the medical instruments supplier to reacquire up to 15.6% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s board believes its stock is undervalued.

Insider Buying and Selling at OraSure Technologies

In other OraSure Technologies news, CEO Manner Carrie Eglinton acquired 78,625 shares of the business’s stock in a transaction dated Thursday, February 27th. The shares were purchased at an average price of $3.15 per share, for a total transaction of $247,668.75. Following the completion of the purchase, the chief executive officer now directly owns 1,259,664 shares of the company’s stock, valued at $3,967,941.60. The trade was a 6.66% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Kenneth J. Mcgrath bought 64,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 27th. The shares were acquired at an average price of $3.15 per share, with a total value of $201,600.00. Following the completion of the transaction, the chief financial officer now directly owns 371,013 shares of the company’s stock, valued at $1,168,690.95. This trade represents a 20.85% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders have bought 190,284 shares of company stock worth $600,348. 3.90% of the stock is currently owned by insiders.

Hedge Funds Weigh In On OraSure Technologies

Several institutional investors and hedge funds have recently modified their holdings of OSUR. Tower Research Capital LLC TRC grew its holdings in OraSure Technologies by 202.3% during the fourth quarter. Tower Research Capital LLC TRC now owns 7,821 shares of the medical instruments supplier’s stock worth $28,000 after acquiring an additional 5,234 shares during the period. Causeway Capital Management LLC purchased a new stake in OraSure Technologies in the 4th quarter worth approximately $36,000. Raymond James Financial Inc. acquired a new stake in shares of OraSure Technologies during the 4th quarter worth approximately $37,000. Boothbay Fund Management LLC purchased a new position in shares of OraSure Technologies during the 4th quarter valued at approximately $42,000. Finally, Gotham Asset Management LLC acquired a new position in shares of OraSure Technologies in the 4th quarter valued at $43,000. Institutional investors and hedge funds own 93.50% of the company’s stock.

About OraSure Technologies

OraSure Technologies, Inc, together with its subsidiaries, provides point-of-care and home diagnostic tests, specimen collection devices, and microbiome laboratory and analytical services in the United States, Europe, and internationally. The company’s products include InteliSwab COVID-19 rapid test, InteliSwab COVID-19 rapid test pro, InteliSwab COVID-19 rapid test rx, OraQuick Rapid HIV test, OraQuick In-Home HIV test, OraQuick HIV self-test, OraQuick HCV rapid antibody test, OraQuick Ebola rapid antigen test, OraSure oral fluid collection device used in conjunction with screening and confirmatory tests for HIV-1 antibodies; Intercept drug testing systems; immunoassay tests and reagents; and Q.E.D.