Proto Labs (NYSE:PRLB) Trading 8.6% Higher – Time to Buy?

Proto Labs, Inc. (NYSE:PRLB) shares rose 8.6% during trading on Friday . The stock traded as high as $38.43 and last traded at $38.89. Approximately 43,591 shares were traded during mid-day trading, a decline of 81% from the average daily volume of 232,715 shares. The stock had previously closed at $35.80.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the company. Needham & Company LLC reaffirmed a “hold” rating on shares of Proto Labs in a report on Friday, February 7th. Cantor Fitzgerald upped their price target on shares of Proto Labs from $40.00 to $50.00 and gave the stock an “overweight” rating in a research note on Monday, February 10th. Finally, StockNews.com cut shares of Proto Labs from a “strong-buy” rating to a “buy” rating in a research note on Thursday, April 24th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $43.67.

Proto Labs Stock Up 7.2 %

The company has a market cap of $912.57 million, a price-to-earnings ratio of 59.06 and a beta of 1.52. The company has a fifty day simple moving average of $35.64 and a two-hundred day simple moving average of $37.81.

Proto Labs (NYSE:PRLB) last released its quarterly earnings data on Friday, May 2nd. The industrial products company reported $0.15 EPS for the quarter, missing the consensus estimate of $0.29 by ($0.14). Proto Labs had a return on equity of 2.44% and a net margin of 3.31%. The business had revenue of $126.21 million during the quarter, compared to analysts’ expectations of $123.71 million. During the same quarter in the prior year, the firm earned $0.40 earnings per share. Proto Labs’s quarterly revenue was down 1.3% on a year-over-year basis. On average, research analysts predict that Proto Labs, Inc. will post 0.81 EPS for the current year.

Proto Labs declared that its Board of Directors has initiated a stock buyback program on Friday, February 7th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the industrial products company to purchase up to 9.8% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Institutional Investors Weigh In On Proto Labs

A number of large investors have recently bought and sold shares of PRLB. Empowered Funds LLC lifted its position in shares of Proto Labs by 544.3% in the fourth quarter. Empowered Funds LLC now owns 95,359 shares of the industrial products company’s stock valued at $3,728,000 after acquiring an additional 80,558 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in Proto Labs by 93.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 139,890 shares of the industrial products company’s stock valued at $4,109,000 after purchasing an additional 67,449 shares in the last quarter. Nordea Investment Management AB boosted its stake in shares of Proto Labs by 76.0% during the 4th quarter. Nordea Investment Management AB now owns 244,987 shares of the industrial products company’s stock worth $9,711,000 after purchasing an additional 105,813 shares during the last quarter. Barclays PLC grew its holdings in shares of Proto Labs by 66.4% during the third quarter. Barclays PLC now owns 42,633 shares of the industrial products company’s stock worth $1,252,000 after buying an additional 17,017 shares in the last quarter. Finally, Rice Hall James & Associates LLC acquired a new position in shares of Proto Labs in the fourth quarter valued at approximately $5,972,000. Institutional investors and hedge funds own 84.54% of the company’s stock.

About Proto Labs

Proto Labs, Inc, together with its subsidiaries, operates as a digital manufacturer of custom parts in the United States and Europe. The company offers injection molding; computer numerical control machining; three-dimensional printing; and sheet metal fabrication products. It serves developers and engineers, who use 3D computer-aided design software to design products across a range of end-markets.