Asante Solutions (NASDAQ:PUMP) Stock Price Down 26.5% Following Weak Earnings

Asante Solutions Inc (NASDAQ:PUMP)’s stock price fell 26.5% during mid-day trading on Friday following a dissappointing earnings announcement. The company traded as low as $11.59 and last traded at $12.75, 9,552,620 shares changed hands during trading. An increase of 607% from the average session volume of 1,350,357 shares. The stock had previously closed at $17.34.

The company reported $0.35 EPS for the quarter, missing analysts’ consensus estimates of $0.66 by ($0.31). The firm had revenue of $529.50 million during the quarter, compared to the consensus estimate of $525.58 million. Asante Solutions’s revenue for the quarter was up 15.1% on a year-over-year basis. During the same quarter last year, the business posted $0.45 EPS.

A number of research firms have recently commented on PUMP. B. Riley began coverage on Asante Solutions in a report on Friday, May 17th. They issued a “buy” rating and a $29.00 price objective on the stock. Stifel Nicolaus downgraded Asante Solutions to a “buy” rating and set a $9.00 price objective on the stock. in a report on Thursday, May 23rd. BidaskClub downgraded Asante Solutions from a “sell” rating to a “strong sell” rating in a report on Saturday, July 27th. Citigroup downgraded Asante Solutions from a “buy” rating to a “neutral” rating and dropped their target price for the company from $25.00 to $17.60 in a report on Friday. Finally, Bank of America reiterated a “neutral” rating and set a $18.00 target price (down from $22.00) on shares of Asante Solutions in a report on Friday. One research analyst has rated the stock with a sell rating, three have given a hold rating and sixteen have assigned a buy rating to the company. Asante Solutions presently has a consensus rating of “Buy” and a consensus target price of $22.51.

In related news, Director Spencer D. Armour III sold 22,500 shares of the firm’s stock in a transaction dated Thursday, May 23rd. The stock was sold at an average price of $20.60, for a total transaction of $463,500.00. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Over the last quarter, insiders have sold 67,500 shares of company stock worth $1,278,000.

Several large investors have recently made changes to their positions in the stock. Sterling Investment Advisors Ltd. acquired a new stake in Asante Solutions during the 1st quarter valued at approximately $45,000. Amalgamated Bank acquired a new stake in Asante Solutions during the 4th quarter valued at approximately $142,000. Violich Capital Management Inc. acquired a new stake in Asante Solutions during the 1st quarter valued at approximately $203,000. Emerald Advisers LLC acquired a new stake in Asante Solutions during the 1st quarter valued at approximately $208,000. Finally, LS Investment Advisors LLC grew its stake in Asante Solutions by 4.2% during the 1st quarter. LS Investment Advisors LLC now owns 10,846 shares of the company’s stock valued at $244,000 after purchasing an additional 435 shares in the last quarter.

The stock’s 50 day moving average is $18.49.

Asante Solutions Company Profile (NASDAQ:PUMP)

Asante Solutions, Inc is a medical device company. The Company is a manufacturer of Asante Snap Insulin Pump System (Snap system), which is a pump featuring a modular design with pre-filled insulin cartridges and disposable pump bodies, utilized in combination with a controller. The Snap system comprises four components: the Snap system controller, a disposable pump body, disposable pre-filled insulin cartridges and disposable infusion sets.

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