Alere Stock Price Down 14.2% After Earnings Miss (ALR)
Shares of Alere (NYSE:ALR) were down 14.2% during trading on Monday after the company announced weaker than expected quarterly earnings, AmericanBankingNews.com reports. The company traded as low as $34.26 and last traded at $34.28, with a volume of 3,135,272 shares trading hands. The stock had previously closed at $39.95.
The company reported $0.42 earnings per share for the quarter, missing the analysts’ consensus estimate of $0.58 by $0.16. The company had revenue of $738.30 million for the quarter, compared to the consensus estimate of $747.55 million. During the same quarter last year, the company posted $0.64 earnings per share. Alere’s revenue was down 3.4% compared to the same quarter last year.
A number of analysts have recently weighed in on ALR shares. Analysts at Zacks upgraded shares of Alere from an “underperform” rating to a “neutral” rating in a research note on Thursday, July 10th. They now have a $38.70 price target on the stock. Separately, analysts at Canaccord Genuity raised their price target on shares of Alere from $45.00 to $50.00 in a research note on Thursday, July 10th. They now have a “buy” rating on the stock. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $44.12.
The stock has a 50-day moving average of $38.13 and a 200-day moving average of $36.43. The company’s market cap is $2.825 billion.
Alere Inc is a provider of point-of-care diagnostics and services. The Company’s products and services help healthcare practitioners make treatment decisions and improve outcomes for individuals living with chronic disease.
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