23andMe (NASDAQ:ME) Issues Quarterly Earnings Results, Misses Estimates By $0.03 EPS

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

ME stock opened at 2.86 on Friday. The firm has a 50 day simple moving average of 3.23 and a two-hundred day simple moving average of 5.18. 23andMe has a one year low of 2.15 and a one year high of 13.68.

Several brokerages have commented on ME. Credit Suisse Group lowered their price objective on shares of 23andMe from $11.00 to $7.00 and set an “outperform” rating on the stock in a research report on Friday. Citigroup lowered their price target on shares of 23andMe from $6.00 to $3.00 and set a “neutral” rating on the stock in a research report on Friday.

A number of large investors have recently added to or reduced their stakes in ME. Geneos Wealth Management Inc. bought a new position in 23andMe during the 1st quarter worth $34,000. Salem Investment Counselors Inc. bought a new position in 23andMe during the 1st quarter worth $38,000. Ensign Peak Advisors Inc bought a new position in 23andMe during the 4th quarter worth $45,000. Dynamic Technology Lab Private Ltd bought a new position in 23andMe during the 1st quarter worth $50,000. Finally, Bank of Montreal Can bought a new position in 23andMe during the 1st quarter worth $75,000. 14.14% of the stock is owned by institutional investors and hedge funds.

23andMe Company Profile (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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