Allspring Global Investments Holdings LLC cut its position in shares of Maravai LifeSciences Holdings, Inc. (NASDAQ:MRVI – Get Rating) by 57.1% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 81,125 shares of the company’s stock after selling 108,085 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Maravai LifeSciences were worth $2,071,000 at the end of the most recent quarter.
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Several other institutional investors and hedge funds have also recently added to or reduced their stakes in MRVI. Zions Bancorporation N.A. bought a new stake in shares of Maravai LifeSciences during the first quarter valued at approximately $28,000. China Universal Asset Management Co. Ltd. bought a new stake in Maravai LifeSciences in the 3rd quarter valued at $31,000. SeaCrest Wealth Management LLC acquired a new position in shares of Maravai LifeSciences in the 2nd quarter valued at $32,000. Steward Partners Investment Advisory LLC lifted its holdings in shares of Maravai LifeSciences by 6,670.0% during the 2nd quarter. Steward Partners Investment Advisory LLC now owns 1,354 shares of the company’s stock worth $38,000 after acquiring an additional 1,334 shares during the period. Finally, PenderFund Capital Management Ltd. acquired a new stake in shares of Maravai LifeSciences during the 2nd quarter valued at about $44,000. 48.67% of the stock is currently owned by institutional investors.
Analyst Upgrades and Downgrades
A number of research analysts have commented on MRVI shares. Credit Suisse Group cut their price target on shares of Maravai LifeSciences from $34.00 to $26.00 and set an “outperform” rating for the company in a research note on Thursday, November 3rd. Morgan Stanley dropped their price objective on Maravai LifeSciences from $35.00 to $32.00 and set an “overweight” rating for the company in a research note on Friday, November 4th. Bank of America downgraded shares of Maravai LifeSciences from a “buy” rating to a “neutral” rating and reduced their target price for the company from $32.00 to $17.00 in a research note on Thursday, November 3rd. The Goldman Sachs Group dropped their target price on shares of Maravai LifeSciences from $18.00 to $16.00 and set a “buy” rating for the company in a research report on Tuesday. Finally, Robert W. Baird decreased their price objective on shares of Maravai LifeSciences from $34.00 to $25.00 in a research note on Thursday, November 3rd. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, Maravai LifeSciences presently has a consensus rating of “Moderate Buy” and a consensus price target of $23.00.
Maravai LifeSciences Trading Down 0.5 %
Shares of NASDAQ MRVI opened at $13.96 on Friday. Maravai LifeSciences Holdings, Inc. has a 1-year low of $12.16 and a 1-year high of $41.82. The company has a 50-day moving average of $14.07 and a two-hundred day moving average of $19.76. The company has a market cap of $3.56 billion, a PE ratio of 7.80 and a beta of -0.25. The company has a current ratio of 7.22, a quick ratio of 6.68 and a debt-to-equity ratio of 0.62.
Maravai LifeSciences (NASDAQ:MRVI – Get Rating) last posted its quarterly earnings data on Wednesday, November 2nd. The company reported $0.37 earnings per share for the quarter, topping the consensus estimate of $0.32 by $0.05. Maravai LifeSciences had a net margin of 26.29% and a return on equity of 69.19%. The firm had revenue of $191.26 million during the quarter, compared to analysts’ expectations of $193.83 million. As a group, equities analysts expect that Maravai LifeSciences Holdings, Inc. will post 1.79 earnings per share for the current fiscal year.
About Maravai LifeSciences
Maravai LifeSciences Holdings, Inc, a life sciences company, provides products to enable the development of drug therapies, diagnostics, novel vaccines, and support research on human diseases in the United States and internationally. The company’s products address the key phases of biopharmaceutical development and include nucleic acids for diagnostic and therapeutic applications, antibody-based products to detect impurities during the production of biopharmaceutical products, and products to detect the expression of proteins in tissues of various species.
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