Polarityte Inc (NASDAQ:PTE) was up 5.5% on Wednesday following a stronger than expected earnings report. The stock traded as high as $3.40 and last traded at $3.07, approximately 480,500 shares traded hands during trading. An increase of 43% from the average daily volume of 336,395 shares. The stock had previously closed at $2.91.
The company reported ($0.87) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($1.01) by $0.14. The firm had revenue of $1.40 million during the quarter, compared to analyst estimates of $1.41 million. During the same quarter in the previous year, the business posted ($0.86) earnings per share.
PTE has been the topic of a number of recent analyst reports. Zacks Investment Research downgraded shares of Polarityte from a “buy” rating to a “hold” rating in a research report on Friday, October 18th. Piper Jaffray Companies dropped their target price on shares of Polarityte to $6.00 and set an “overweight” rating on the stock in a research report on Wednesday. Northland Securities set a $20.00 target price on shares of Polarityte and gave the company a “buy” rating in a research report on Friday, October 11th. Oppenheimer set a $14.00 target price on shares of Polarityte and gave the company a “buy” rating in a research report on Wednesday, August 21st. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $8.00 target price on shares of Polarityte in a research report on Wednesday. One analyst has rated the stock with a sell rating, one has given a hold rating and seven have assigned a buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $11.75.
The stock has a market capitalization of $89.24 million, a price-to-earnings ratio of -0.63 and a beta of 1.37. The firm’s fifty day moving average is $3.02 and its 200-day moving average is $5.00. The company has a debt-to-equity ratio of 0.06, a current ratio of 6.72 and a quick ratio of 6.68.
About Polarityte (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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