Polarityte (NASDAQ:PTE) Shares Up 19.4% on Better-Than-Expected Earnings

Polarityte Inc (NASDAQ:PTE)’s stock price shot up 19.4% on Thursday following a stronger than expected earnings report. The stock traded as high as $5.11 and last traded at $4.73, 1,027,974 shares changed hands during trading. An increase of 203% from the average session volume of 339,762 shares. The stock had previously closed at $3.96.

The company reported ($0.92) earnings per share for the quarter, beating the consensus estimate of ($1.05) by $0.13. The company had revenue of $1.32 million for the quarter, compared to the consensus estimate of $1.57 million. During the same quarter last year, the business posted ($0.74) earnings per share. Polarityte’s revenue was up 312.5% on a year-over-year basis.

Several brokerages have weighed in on PTE. HC Wainwright began coverage on Polarityte in a research note on Monday, July 8th. They set a “buy” rating and a $8.00 price objective on the stock. Northland Securities set a $50.00 price objective on Polarityte and gave the company a “buy” rating in a research note on Friday, May 10th. National Securities dropped their price objective on Polarityte from $5.00 to $3.00 and set a “sell” rating on the stock in a research note on Monday, May 13th. Zacks Investment Research upgraded Polarityte from a “sell” rating to a “buy” rating and set a $6.25 price objective on the stock in a research note on Thursday, July 11th. Finally, Oppenheimer dropped their price objective on Polarityte from $24.00 to $14.00 and set an “outperform” rating on the stock in a research note on Friday. One equities research analyst has rated the stock with a sell rating and eight have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $25.28.

In other Polarityte news, CFO Paul Elliot Mann bought 35,000 shares of the stock in a transaction dated Wednesday, June 5th. The shares were bought at an average cost of $5.33 per share, for a total transaction of $186,550.00. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Steve Gorlin sold 53,700 shares of Polarityte stock in a transaction on Monday, June 10th. The stock was sold at an average price of $5.94, for a total value of $318,978.00. The disclosure for this sale can be found here. Insiders have bought a total of 54,000 shares of company stock worth $293,680 over the last quarter. Company insiders own 43.30% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Comprehensive Portfolio Management LLC acquired a new position in shares of Polarityte in the first quarter valued at $232,000. Oppenheimer & Co. Inc. acquired a new position in shares of Polarityte in the first quarter valued at about $427,000. Bank of Montreal Can acquired a new position in shares of Polarityte in the first quarter valued at about $54,000. Rhumbline Advisers acquired a new position in shares of Polarityte in the first quarter valued at about $132,000. Finally, Advisor Group Inc. acquired a new position in shares of Polarityte in the first quarter valued at about $2,242,000. Institutional investors own 41.73% of the company’s stock.

The company has a debt-to-equity ratio of 0.07, a current ratio of 5.59 and a quick ratio of 5.55. The firm’s 50 day moving average price is $5.20. The firm has a market cap of $97.90 million, a price-to-earnings ratio of -0.96 and a beta of 1.41.

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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