Viomi Technology (VIOT) Shares Down 6.5% on Disappointing Earnings

Viomi Technology Co Ltd – (NASDAQ:VIOT)’s share price traded down 6.5% on Thursday after the company announced weaker than expected quarterly earnings. The company traded as low as $7.65 and last traded at $7.93. 680,788 shares traded hands during trading, an increase of 367% from the average session volume of 145,707 shares. The stock had previously closed at $8.48.

The company reported $0.08 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.11 by ($0.03). The firm had revenue of $676.20 million during the quarter, compared to analyst estimates of $682.00 million. The business’s quarterly revenue was up 104.4% on a year-over-year basis.

A number of equities analysts have recently issued reports on the company. Zacks Investment Research downgraded Viomi Technology from a “hold” rating to a “sell” rating in a research report on Thursday, May 9th. ValuEngine downgraded Viomi Technology from a “buy” rating to a “hold” rating in a research report on Monday, February 4th.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Morgan Stanley bought a new position in shares of Viomi Technology during the 3rd quarter worth $16,096,000. FIL Ltd lifted its stake in shares of Viomi Technology by 38.4% during the 1st quarter. FIL Ltd now owns 1,091,703 shares of the company’s stock worth $12,085,000 after purchasing an additional 302,646 shares during the last quarter. CI Investments Inc. lifted its stake in shares of Viomi Technology by 0.5% during the 4th quarter. CI Investments Inc. now owns 753,900 shares of the company’s stock worth $5,880,000 after purchasing an additional 3,900 shares during the last quarter. Norges Bank purchased a new stake in shares of Viomi Technology during the 4th quarter worth $1,365,000. Finally, SG Americas Securities LLC purchased a new stake in shares of Viomi Technology during the 1st quarter worth $647,000. 12.30% of the stock is currently owned by institutional investors and hedge funds.

The company has a market capitalization of $615.78 million and a price-to-earnings ratio of 28.32.

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Viomi Technology Company Profile (NASDAQ:VIOT)

Viomi Technology Co, Ltd, through its subsidiaries, develops and sells Internet-of-things-enabled (IoT-enabled) smart home products in the People's Republic of China. The company offers IoT-enabled smart home products, including smart water purification systems; smart kitchen products, such as refrigerators, oven steamers, dishwashers, range hoods, and gas stoves; and other smart products comprising smart water kettles, washing machines, water heaters, and others.

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