Polarityte (PTE) Shares Down 9.8%

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Shares of Polarityte Inc (NASDAQ:PTE) were down 9.8% during trading on Monday . The company traded as low as $6.88 and last traded at $6.91. Approximately 548,741 shares traded hands during mid-day trading, an increase of 57% from the average daily volume of 350,156 shares. The stock had previously closed at $7.66.

A number of analysts recently commented on PTE shares. Zacks Investment Research lowered Polarityte from a “hold” rating to a “sell” rating in a research note on Friday, February 15th. Northland Securities started coverage on Polarityte in a research note on Monday, January 28th. They issued an “outperform” rating and a $50.00 price target for the company. National Securities started coverage on Polarityte in a research note on Monday, January 28th. They issued a “sell” rating and a $5.00 price target for the company. Piper Jaffray Companies set a $30.00 price target on Polarityte and gave the stock a “buy” rating in a research note on Monday, March 18th. Finally, Cantor Fitzgerald set a $65.00 price target on Polarityte and gave the stock a “buy” rating in a research note on Monday, April 8th. Two analysts have rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the company’s stock. Polarityte currently has an average rating of “Hold” and an average target price of $34.00.

The company has a debt-to-equity ratio of 0.07, a current ratio of 5.59 and a quick ratio of 13.76. The stock has a market cap of $170.83 million, a P/E ratio of -1.42 and a beta of 1.37.

Polarityte (NASDAQ:PTE) last announced its quarterly earnings data on Friday, May 10th. The company reported ($1.18) EPS for the quarter, missing the consensus estimate of ($1.01) by ($0.17). The firm had revenue of $1.50 million for the quarter, compared to analysts’ expectations of $1.33 million. Polarityte had a negative net margin of 4,259.44% and a negative return on equity of 86.24%. Polarityte’s quarterly revenue was up 49900.0% compared to the same quarter last year. Analysts anticipate that Polarityte Inc will post -4.32 earnings per share for the current fiscal year.

A number of institutional investors have recently made changes to their positions in PTE. JPMorgan Chase & Co. bought a new position in shares of Polarityte during the first quarter valued at $26,000. Citigroup Inc. bought a new position in shares of Polarityte during the first quarter valued at $40,000. Glassman Wealth Services bought a new position in shares of Polarityte during the first quarter valued at $45,000. Bank of Montreal Can bought a new position in shares of Polarityte during the first quarter valued at $54,000. Finally, American International Group Inc. bought a new position in shares of Polarityte during the first quarter valued at $69,000. 54.93% of the stock is owned by institutional investors and hedge funds.

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Polarityte Company Profile (NASDAQ:PTE)

PolarityTE, Inc, a biotechnology and regenerative biomaterials company, focuses on discovering, designing, and developing a range of regenerative tissue products and biomaterials for the fields of medicine, biomedical engineering, and material sciences in the United States. The company operates in two segments, Regenerative Medicine and Contract Services.

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