23andMe (NASDAQ:ME) Announces Earnings Results, Misses Expectations By $0.03 EPS

23andMe (NASDAQ:MEGet Rating) released its quarterly earnings results on Thursday. The company reported -0.16 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of -0.13 by -0.03, Briefing.com reports. The business had revenue of 100.56 million for the quarter, compared to the consensus estimate of 102.79 million. 23andMe’s revenue was up 13.5% compared to the same quarter last year. 23andMe updated its FY 2023 guidance to EPS.

Shares of NASDAQ ME traded down 0.03 during mid-day trading on Friday, hitting 2.86. 9,237,500 shares of the stock were exchanged, compared to its average volume of 3,314,574. 23andMe has a twelve month low of 2.15 and a twelve month high of 13.68. The stock’s fifty day simple moving average is 3.23 and its two-hundred day simple moving average is 5.18.

Several institutional investors and hedge funds have recently added to or reduced their stakes in ME. Vanguard Group Inc. grew its stake in shares of 23andMe by 259.1% during the first quarter. Vanguard Group Inc. now owns 17,551,125 shares of the company’s stock valued at $67,221,000 after purchasing an additional 12,663,268 shares during the last quarter. Renaissance Technologies LLC bought a new position in 23andMe in the first quarter valued at approximately $7,692,000. BlackRock Inc. boosted its stake in 23andMe by 121.7% in the first quarter. BlackRock Inc. now owns 3,128,372 shares of the company’s stock valued at $11,980,000 after acquiring an additional 1,717,071 shares during the last quarter. Morgan Stanley bought a new position in 23andMe in the second quarter valued at approximately $14,321,000. Finally, State Street Corp boosted its stake in 23andMe by 280.0% in the first quarter. State Street Corp now owns 1,185,035 shares of the company’s stock valued at $4,539,000 after acquiring an additional 873,217 shares during the last quarter. 14.14% of the stock is currently owned by institutional investors and hedge funds.

A number of research analysts have recently commented on the stock. Citigroup cut their price objective on shares of 23andMe from $6.00 to $3.00 and set a “neutral” rating for the company in a research report on Friday. Credit Suisse Group dropped their price target on shares of 23andMe from $11.00 to $7.00 and set an “outperform” rating for the company in a research report on Friday.

About 23andMe (Get Rating)

23andMe Holding Co operates as a consumer genetics and research company. It operates through two segments, Consumer & Research Services and Therapeutics. The Consumer & Research Services segment provides a suite of genetic reports, including information on customers' genetic ancestral origins, personal genetic health risks, and chances of passing on certain rare carrier conditions to their children, as well as reports on how genetics can impact responses to medications based on genetic testing of a saliva sample through its spit kit.

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