Rapid Micro Biosystems (NASDAQ:RPID) Stock Price Down 0.6% – Here’s What Happened

Rapid Micro Biosystems, Inc. (NASDAQ:RPID) fell 0.6% during mid-day trading on Monday . The stock traded as low as $1.68 and last traded at $1.70. Approximately 163,421 shares traded hands during trading, an increase of 30% from the average daily volume of 125,646 shares. The stock had previously closed at $1.71.

Analysts Set New Price Targets

RPID has been the topic of several recent analyst reports. Wall Street Zen upgraded Rapid Micro Biosystems from a “strong sell” rating to a “sell” rating in a research report on Sunday, May 31st. Weiss Ratings reissued a “sell (d-)” rating on shares of Rapid Micro Biosystems in a report on Tuesday, April 21st. KeyCorp decreased their price target on Rapid Micro Biosystems from $8.00 to $5.00 and set an “overweight” rating on the stock in a research note on Friday, May 29th. Finally, Lake Street Capital dropped their price objective on Rapid Micro Biosystems from $8.00 to $7.00 and set a “buy” rating on the stock in a report on Friday, May 22nd. Two equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $6.00.

Rapid Micro Biosystems Trading Down 0.6%

The stock has a market cap of $78.49 million, a PE ratio of -1.52 and a beta of 1.45. The business’s fifty day moving average is $2.12 and its 200 day moving average is $3.01. The company has a quick ratio of 1.66, a current ratio of 2.57 and a debt-to-equity ratio of 0.93.

Rapid Micro Biosystems (NASDAQ:RPID) last issued its earnings results on Wednesday, May 13th. The company reported ($0.31) earnings per share for the quarter, missing the consensus estimate of ($0.25) by ($0.06). Rapid Micro Biosystems had a negative return on equity of 131.52% and a negative net margin of 145.81%.The company had revenue of $8.00 million for the quarter, compared to analyst estimates of $7.60 million. As a group, analysts predict that Rapid Micro Biosystems, Inc. will post -0.94 earnings per share for the current year.

Hedge Funds Weigh In On Rapid Micro Biosystems

Several hedge funds have recently bought and sold shares of RPID. Geode Capital Management LLC raised its holdings in Rapid Micro Biosystems by 1.6% during the second quarter. Geode Capital Management LLC now owns 204,079 shares of the company’s stock worth $704,000 after purchasing an additional 3,143 shares during the last quarter. American Century Companies Inc. boosted its position in Rapid Micro Biosystems by 46.1% during the second quarter. American Century Companies Inc. now owns 16,922 shares of the company’s stock worth $58,000 after purchasing an additional 5,341 shares in the last quarter. XTX Topco Ltd acquired a new stake in Rapid Micro Biosystems in the second quarter valued at $144,000. Vanguard Group Inc. raised its stake in shares of Rapid Micro Biosystems by 6.7% during the 3rd quarter. Vanguard Group Inc. now owns 965,018 shares of the company’s stock worth $3,223,000 after buying an additional 60,655 shares during the last quarter. Finally, Evernest Financial Advisors LLC raised its stake in shares of Rapid Micro Biosystems by 355.1% during the 3rd quarter. Evernest Financial Advisors LLC now owns 200,234 shares of the company’s stock worth $669,000 after buying an additional 156,234 shares during the last quarter. 52.60% of the stock is owned by hedge funds and other institutional investors.

About Rapid Micro Biosystems

Rapid Micro Biosystems (NASDAQ: RPID) develops and commercializes automated microbial detection and contamination control solutions for the life sciences industry. Its flagship offering, the Growth Direct® System, leverages digital imaging and proprietary growth indicator plates to identify and count microorganisms more rapidly than traditional culture-based methods. The company’s technology platform is designed to streamline quality control workflows in pharmaceutical, biotechnology and vaccine manufacturing settings, helping clients reduce release times and improve operational efficiency.

In addition to the Growth Direct® System, Rapid Micro Biosystems offers an integrated suite of software and consumables that support automated data capture, analysis and reporting.