23andMe (NASDAQ:ME) Stock Price Down 6.4% After Analyst Downgrade

Shares of 23andMe Holding Co. (NASDAQ:ME – Get Rating) fell 6.4% during mid-day trading on Friday after Citigroup lowered their price target on the stock from $3.75 to $2.50. The company traded as low as $1.83 and last traded at $1.91. 719,667 shares changed hands during mid-day trading, a decline of 64% from the average session volume of 2,021,664 shares. The stock had previously closed at $2.04.

Hedge Funds Weigh In On 23andMe

Institutional investors have recently bought and sold shares of the stock. Clear Harbor Asset Management LLC bought a new position in 23andMe in the 4th quarter worth $26,000. Ameriprise Financial Inc. bought a new stake in 23andMe during the first quarter valued at about $26,000. Walleye Capital LLC bought a new stake in 23andMe during the second quarter valued at about $28,000. Cornerstone Wealth Management LLC bought a new stake in 23andMe during the first quarter valued at about $28,000. Finally, Geneos Wealth Management Inc. bought a new stake in 23andMe during the first quarter valued at about $34,000. 29.49% of the stock is owned by institutional investors.

23andMe Stock Up 2.0 %

The stock has a fifty day simple moving average of $2.11 and a 200 day simple moving average of $2.44. The firm has a market capitalization of $951.08 million, a P/E ratio of -2.93 and a beta of 1.37.

23andMe (NASDAQ:ME – Get Rating) last posted its quarterly earnings results on Thursday, May 25th. The company reported ($0.14) EPS for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.01. The business had revenue of $92.38 million for the quarter, compared to analysts’ expectations of $88.40 million. 23andMe had a negative return on equity of 36.26% and a negative net margin of 103.07%. The business’s quarterly revenue was down 8.1% on a year-over-year basis. During the same period last year, the firm earned ($0.16) earnings per share.

23andMe Company Profile

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23andMe Holding Co operates as a consumer genetics testing 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.