Transcat (NASDAQ:TRNS) Shares Gap Down After Earnings Miss

Transcat, Inc. (NASDAQ:TRNS)’s share price gapped down before the market opened on Tuesday following a weaker than expected earnings announcement. The stock had previously closed at $119.51, but opened at $111.13. Transcat shares last traded at $104.88, with a volume of 18,955 shares traded.

The scientific and technical instruments company reported $0.35 earnings per share for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.12). Transcat had a net margin of 5.69% and a return on equity of 8.48%. The company had revenue of $67.83 million during the quarter, compared to the consensus estimate of $70.30 million. During the same period in the previous year, the business posted $0.41 earnings per share. The firm’s revenue was up 8.0% on a year-over-year basis.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the company. Craig Hallum dropped their price objective on Transcat from $138.00 to $113.00 and set a “buy” rating on the stock in a research note on Wednesday. Northland Securities dropped their price target on Transcat from $130.00 to $110.00 and set a “market perform” rating on the stock in a research report on Wednesday. StockNews.com lowered shares of Transcat from a “hold” rating to a “sell” rating in a research report on Tuesday. HC Wainwright reaffirmed a “buy” rating and set a $156.00 target price on shares of Transcat in a research report on Tuesday. Finally, Oppenheimer reaffirmed an “outperform” rating and set a $130.00 target price (down previously from $155.00) on shares of Transcat in a research report on Wednesday. One analyst has rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, Transcat currently has a consensus rating of “Hold” and a consensus target price of $127.25.

Institutional Trading of Transcat

A number of large investors have recently bought and sold shares of TRNS. DekaBank Deutsche Girozentrale bought a new stake in shares of Transcat in the 2nd quarter worth about $40,000. nVerses Capital LLC bought a new stake in Transcat during the third quarter worth about $60,000. First Horizon Advisors Inc. grew its stake in Transcat by 26.4% during the second quarter. First Horizon Advisors Inc. now owns 599 shares of the scientific and technical instruments company’s stock worth $72,000 after buying an additional 125 shares during the last quarter. Fifth Third Bancorp grew its position in Transcat by 95.8% during the 2nd quarter. Fifth Third Bancorp now owns 656 shares of the scientific and technical instruments company’s stock worth $79,000 after acquiring an additional 321 shares during the last quarter. Finally, Quest Partners LLC bought a new stake in Transcat during the 2nd quarter worth approximately $109,000. 98.34% of the stock is currently owned by institutional investors.

Transcat Stock Performance

The firm has a market capitalization of $905.85 million, a P/E ratio of 58.58 and a beta of 0.67. The stock has a 50-day moving average of $122.86 and a 200 day moving average of $122.18.

Transcat Company Profile

Transcat, Inc provides calibration and laboratory instrument services in the United States, Canada, and internationally. It operates through two segments: Service and Distribution. The Service segment offers calibration, repair, inspection, analytical qualification, preventative maintenance, consulting, and other related services.