Kestra Medical Technologies (NASDAQ:KMTS) Shares Down 8.7% After Earnings Miss

Kestra Medical Technologies, Ltd. (NASDAQ:KMTS)’s stock price fell 8.7% on Wednesday following a weaker than expected earnings announcement. The company traded as low as $19.17 and last traded at $19.3040. 280,326 shares were traded during mid-day trading, a decline of 5% from the average session volume of 295,539 shares. The stock had previously closed at $21.14.

The company reported ($0.61) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.60) by ($0.01). The business had revenue of $24.55 million during the quarter. Kestra Medical Technologies’s quarterly revenue was up 62.7% on a year-over-year basis.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the company. Stifel Nicolaus set a $30.00 target price on Kestra Medical Technologies in a research report on Friday, December 12th. Weiss Ratings reissued a “sell (d-)” rating on shares of Kestra Medical Technologies in a report on Wednesday, December 24th. The Goldman Sachs Group set a $24.00 price target on Kestra Medical Technologies in a research report on Friday, January 16th. Piper Sandler increased their price target on shares of Kestra Medical Technologies from $27.00 to $30.00 and gave the stock an “overweight” rating in a report on Friday, December 12th. Finally, BTIG Research reiterated a “buy” rating and issued a $32.00 price objective on shares of Kestra Medical Technologies in a research report on Wednesday. Six investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Kestra Medical Technologies has an average rating of “Moderate Buy” and a consensus target price of $29.00.

Insider Activity

In related news, insider Brian Daniel Webster sold 15,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 17th. The stock was sold at an average price of $25.60, for a total transaction of $384,000.00. Following the transaction, the insider directly owned 379,786 shares in the company, valued at $9,722,521.60. This trade represents a 3.80% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Traci S. Umberger sold 10,500 shares of the business’s stock in a transaction that occurred on Monday, December 29th. The shares were sold at an average price of $26.69, for a total value of $280,245.00. Following the completion of the sale, the insider owned 136,633 shares of the company’s stock, valued at $3,646,734.77. The trade was a 7.14% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 55,500 shares of company stock valued at $1,405,095 over the last 90 days. 3.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Kestra Medical Technologies

Several hedge funds and other institutional investors have recently modified their holdings of KMTS. Price T Rowe Associates Inc. MD lifted its holdings in Kestra Medical Technologies by 137.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 4,369,429 shares of the company’s stock worth $115,878,000 after buying an additional 2,529,851 shares during the period. Eventide Asset Management LLC lifted its stake in Kestra Medical Technologies by 285.7% in the second quarter. Eventide Asset Management LLC now owns 1,060,557 shares of the company’s stock worth $17,584,000 after acquiring an additional 785,557 shares during the period. Franklin Resources Inc. boosted its holdings in Kestra Medical Technologies by 180.8% in the fourth quarter. Franklin Resources Inc. now owns 951,008 shares of the company’s stock valued at $25,221,000 after acquiring an additional 612,343 shares in the last quarter. Millennium Management LLC purchased a new position in Kestra Medical Technologies during the 1st quarter valued at $11,036,000. Finally, Brown Advisory Inc. lifted its position in shares of Kestra Medical Technologies by 34.1% in the 4th quarter. Brown Advisory Inc. now owns 1,688,356 shares of the company’s stock worth $44,775,000 after purchasing an additional 428,996 shares during the period.

Kestra Medical Technologies Price Performance

The firm’s 50-day moving average is $24.33 and its 200-day moving average is $24.57. The company has a quick ratio of 5.47, a current ratio of 5.47 and a debt-to-equity ratio of 0.26. The company has a market cap of $1.12 billion and a PE ratio of -6.09.

Kestra Medical Technologies Company Profile

We are a commercial-stage, wearable medical device and digital healthcare company focused on transforming patient outcomes in cardiovascular disease using monitoring and therapeutic intervention technologies that are intuitive, intelligent, and connected. We have developed and are commercializing our Cardiac Recovery System platform, a comprehensive and advanced system that integrates monitoring, therapeutic treatment, digital health, and patient support services into a single, unified solution. The cornerstone of our Cardiac Recovery System platform is the ASSURE WCD, a next generation wearable cardioverter defibrillator (“WCD”) used to protect patients at an elevated risk of sudden cardiac arrest (“SCA”), a major public health problem that accounts for approximately 50% of all cardiovascular deaths in the U.S.