Proto Labs (NYSE:PRLB) Shares Gap Up on Strong Earnings

Proto Labs, Inc. (NYSE:PRLB) shares gapped up prior to trading on Friday following a better than expected earnings announcement. The stock had previously closed at $27.40, but opened at $33.75. Proto Labs shares last traded at $35.67, with a volume of 219,690 shares traded.

The industrial products company reported $0.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.32 by $0.15. The firm had revenue of $125.60 million for the quarter, compared to analysts’ expectations of $121.38 million. Proto Labs had a net margin of 4.86% and a return on equity of 3.60%. The firm’s quarterly revenue was down 3.9% on a year-over-year basis. During the same period in the prior year, the company posted $0.31 earnings per share.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on PRLB shares. Cantor Fitzgerald reiterated an “overweight” rating and issued a $44.00 target price on shares of Proto Labs in a research report on Tuesday, July 30th. Needham & Company LLC reaffirmed a “hold” rating on shares of Proto Labs in a report on Friday. Finally, StockNews.com cut shares of Proto Labs from a “strong-buy” rating to a “buy” rating in a report on Monday, August 5th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, Proto Labs presently has an average rating of “Moderate Buy” and a consensus target price of $41.00.

Insider Buying and Selling

In other news, CEO Robert Bodor purchased 3,480 shares of Proto Labs stock in a transaction dated Friday, September 6th. The stock was bought at an average price of $28.68 per share, with a total value of $99,806.40. Following the completion of the acquisition, the chief executive officer now owns 80,878 shares in the company, valued at $2,319,581.04. The trade was a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.20% of the company’s stock.

Hedge Funds Weigh In On Proto Labs

Several hedge funds and other institutional investors have recently made changes to their positions in PRLB. Canada Pension Plan Investment Board acquired a new position in Proto Labs during the 2nd quarter worth $37,000. Innealta Capital LLC acquired a new position in shares of Proto Labs during the second quarter valued at approximately $40,000. Headlands Technologies LLC raised its holdings in Proto Labs by 224.0% during the first quarter. Headlands Technologies LLC now owns 1,873 shares of the industrial products company’s stock worth $67,000 after purchasing an additional 1,295 shares in the last quarter. Meeder Asset Management Inc. acquired a new stake in Proto Labs in the second quarter worth approximately $80,000. Finally, Allspring Global Investments Holdings LLC bought a new position in Proto Labs during the 1st quarter valued at $110,000. 84.54% of the stock is currently owned by institutional investors and hedge funds.

Proto Labs Trading Up 38.8 %

The firm has a 50-day moving average price of $28.84 and a 200-day moving average price of $30.41. The company has a market capitalization of $956.45 million, a price-to-earnings ratio of 39.58 and a beta of 1.31.

About Proto Labs

Proto Labs, Inc, together with its subsidiaries, operates as a digital manufacturer of custom parts in the United States and Europe. The company offers injection molding; computer numerical control machining; three-dimensional printing; and sheet metal fabrication products. It serves developers and engineers, who use 3D computer-aided design software to design products across a range of end-markets.