MaxCyte (NASDAQ:MXCT) Issues Earnings Results, Misses Estimates By $0.01 EPS

MaxCyte (NASDAQ:MXCT) announced its earnings results on Wednesday. The company reported ($0.12) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.01), FiscalAI reports. MaxCyte had a negative return on equity of 22.12% and a negative net margin of 125.22%.The business had revenue of $6.41 million for the quarter, compared to analyst estimates of $8.37 million.

MaxCyte Price Performance

Shares of NASDAQ:MXCT traded down $0.05 during trading on Thursday, reaching $1.54. 225,720 shares of the company’s stock traded hands, compared to its average volume of 760,134. The stock has a market capitalization of $163.64 million, a P/E ratio of -3.57 and a beta of 1.23. MaxCyte has a 12 month low of $1.26 and a 12 month high of $5.20. The company has a 50 day moving average of $1.57 and a 200-day moving average of $1.90.

Hedge Funds Weigh In On MaxCyte

Several large investors have recently made changes to their positions in MXCT. AXA S.A. lifted its position in shares of MaxCyte by 123.2% during the 2nd quarter. AXA S.A. now owns 2,202,378 shares of the company’s stock worth $4,801,000 after buying an additional 1,215,481 shares during the period. Lazard Asset Management LLC grew its holdings in MaxCyte by 94.2% during the 2nd quarter. Lazard Asset Management LLC now owns 284,498 shares of the company’s stock worth $620,000 after acquiring an additional 137,983 shares during the period. Hsbc Holdings PLC lifted its stake in shares of MaxCyte by 410.2% in the 2nd quarter. Hsbc Holdings PLC now owns 273,218 shares of the company’s stock valued at $598,000 after purchasing an additional 219,662 shares during the period. American Century Companies Inc. increased its holdings in MaxCyte by 10.6% in the second quarter. American Century Companies Inc. now owns 196,686 shares of the company’s stock valued at $429,000 after purchasing an additional 18,848 shares during the last quarter. Finally, Marshall Wace LLP acquired a new position in shares of MaxCyte during the 2nd quarter worth about $282,000. Institutional investors own 68.81% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on MXCT. Wall Street Zen downgraded shares of MaxCyte from a “hold” rating to a “sell” rating in a report on Saturday, August 9th. William Blair downgraded MaxCyte from an “outperform” rating to a “market perform” rating in a research report on Thursday, August 7th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of MaxCyte in a research note on Tuesday. BTIG Research restated a “neutral” rating on shares of MaxCyte in a research report on Monday, August 11th. Finally, Stephens initiated coverage on shares of MaxCyte in a research note on Tuesday, July 22nd. They set an “overweight” rating and a $6.00 price objective for the company. Two investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $7.00.

About MaxCyte

MaxCyte, Inc, a life sciences company, discovers, develops, and commercializes next-generation cell therapies in the United States and internationally. Its products include ExPERT ATx, a static electroporation instrument for small to medium scale transfection; ExPERT STx, a flow electroporation for protein production and drug development, as well as expression of therapeutic targets for cell-based assays; ExPERT GTx, a flow electroporation for large scale transfection in therapeutic applications; and ExPERT VLx for very large volume cell-engineering.