Cannell Capital LLC Sells 1,005,794 Shares of OraSure Technologies, Inc. (NASDAQ:OSUR)

Cannell Capital LLC reduced its stake in OraSure Technologies, Inc. (NASDAQ:OSUR) by 40.7% during the fourth quarter, according to its most recent filing with the SEC. The fund owned 1,466,229 shares of the medical instruments supplier’s stock after selling 1,005,794 shares during the quarter. OraSure Technologies accounts for approximately 1.1% of Cannell Capital LLC’s portfolio, making the stock its 26th largest holding. Cannell Capital LLC owned 1.97% of OraSure Technologies worth $5,293,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. American Century Companies Inc. boosted its stake in OraSure Technologies by 11.4% in the fourth quarter. American Century Companies Inc. now owns 2,345,837 shares of the medical instruments supplier’s stock valued at $8,468,000 after acquiring an additional 240,224 shares during the last quarter. Geode Capital Management LLC lifted its stake in OraSure Technologies by 2.6% in the fourth quarter. Geode Capital Management LLC now owns 1,844,139 shares of the medical instruments supplier’s stock valued at $6,659,000 after purchasing an additional 46,325 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in OraSure Technologies by 5.8% during the third quarter. JPMorgan Chase & Co. now owns 847,933 shares of the medical instruments supplier’s stock valued at $3,621,000 after purchasing an additional 46,216 shares during the period. Peapod Lane Capital LLC purchased a new stake in OraSure Technologies in the fourth quarter worth $1,730,000. Finally, Empowered Funds LLC raised its stake in shares of OraSure Technologies by 5.1% in the fourth quarter. Empowered Funds LLC now owns 377,906 shares of the medical instruments supplier’s stock valued at $1,364,000 after buying an additional 18,487 shares during the period. 93.50% of the stock is owned by hedge funds and other institutional investors.

OraSure Technologies Trading Down 3.2 %

Shares of NASDAQ OSUR opened at $3.01 on Tuesday. The business has a 50-day moving average of $3.61 and a 200-day moving average of $3.83. The firm has a market capitalization of $225.15 million, a price-to-earnings ratio of 20.07 and a beta of 0.76. OraSure Technologies, Inc. has a 12 month low of $2.69 and a 12 month high of $6.05.

OraSure Technologies declared that its Board of Directors has approved a share repurchase program on Monday, March 24th that allows the company to repurchase $40.00 million in outstanding shares. This repurchase authorization allows the medical instruments supplier to reacquire up to 15.6% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

Separately, StockNews.com lowered shares of OraSure Technologies from a “buy” rating to a “hold” rating in a research report on Tuesday, March 4th.

Insiders Place Their Bets

In related news, Director John P. Kenny bought 47,659 shares of the business’s stock in a transaction that occurred on Thursday, February 27th. The stock was bought at an average cost of $3.17 per share, for a total transaction of $151,079.03. Following the completion of the transaction, the director now owns 70,915 shares of the company’s stock, valued at approximately $224,800.55. The trade was a 204.93 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Kenneth J. Mcgrath purchased 64,000 shares of the stock in a transaction on Thursday, February 27th. The shares were purchased at an average price of $3.15 per share, for a total transaction of $201,600.00. Following the transaction, the chief financial officer now directly owns 371,013 shares of the company’s stock, valued at approximately $1,168,690.95. This represents a 20.85 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased a total of 190,284 shares of company stock valued at $600,348 in the last quarter. Corporate insiders own 3.40% of the company’s stock.

About OraSure Technologies

OraSure Technologies, Inc, together with its subsidiaries, provides point-of-care and home diagnostic tests, specimen collection devices, and microbiome laboratory and analytical services in the United States, Europe, and internationally. The company’s products include InteliSwab COVID-19 rapid test, InteliSwab COVID-19 rapid test pro, InteliSwab COVID-19 rapid test rx, OraQuick Rapid HIV test, OraQuick In-Home HIV test, OraQuick HIV self-test, OraQuick HCV rapid antibody test, OraQuick Ebola rapid antigen test, OraSure oral fluid collection device used in conjunction with screening and confirmatory tests for HIV-1 antibodies; Intercept drug testing systems; immunoassay tests and reagents; and Q.E.D.