ChromaDex Downgraded to Buy Rating by StockNews.com

ChromaDex (NASDAQ:CDXC) has been downgraded from a "strong-buy" rating to a "buy" rating by analysts at StockNews.com in a report released to investors on Friday.

Other analysts have also been active in updating their perspectives on ChromaDex. Recently, Roth Mkm raised their price target on the company from $6.00 to $8.00 while assigning it a "buy" rating. Similarly, HC Wainwright enhanced their price target for ChromaDex from $6.00 to $8.00 and gave it a "buy" rating as well.

ChromaDex Price Performance

On Friday, shares of ChromaDex traded down by $0.27, landing at a price of $6.50. The trading volume for the day was 977,782 shares, exceeding the average volume of 510,949. ChromaDex holds a market capitalization of $496.47 million, a price-to-earnings ratio of 650.65, and has a beta of 1.88. Over the past year, the stock has seen a low of $1.32 and a high of $7.08, with the current 50-day moving average standing at $3.83 and a 200-day moving average at $3.33.

ChromaDex recently released its quarterly earnings report on Thursday, October 31st, indicating an earnings per share (EPS) of $0.02 for the quarter. The firm reported revenues of $25.58 million, surpassing the consensus estimate of $23.70 million. The company registered a return on equity of 4.85% and a net margin of 1.62%. During the corresponding period last year, ChromaDex saw an EPS of ($0.01). Analysts forecast a projected EPS of $0.02 for the current fiscal year.

Insider Buying and Selling at ChromaDex

In other news related to ChromaDex, Director Kristin Patrick sold 23,000 shares on August 23rd at an average price of $3.57. This transaction amassed a total of $82,110. The sale has been reported in a legal filing to the SEC, which is publicly accessible. Insiders currently own about 9.64% of the company's shares.

Changes in Institutional Investments

Several institutional investors and hedge funds have recently adjusted their positions in ChromaDex. For instance, OneDigital Investment Advisors LLC increased its stake by 5.5% during the third quarter, now holding 59,414 shares valued at approximately $217,000 after acquiring an additional 3,097 shares. Miracle Mile Advisors LLC, The Manufacturers Life Insurance Company, Merriman Wealth Management LLC, and Lazard Asset Management LLC also acquired new positions in ChromaDex, making investments of varying amounts during the second quarter. In total, institutional investors hold around 15.41% of the stock.

About ChromaDex

ChromaDex Corporation operates as a bioscience firm dedicated to developing products for healthy aging. The company has three primary segments: Consumer Products, Ingredients, and Analytical Reference Standards and Services. Its research focuses on nicotinamide adenine dinucleotide (NAD+), offering dietary supplements with proprietary ingredients to consumers and distributors, while also developing and commercializing technologies and supplying raw materials to manufacturers focused on consumer products.

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