Sector Snap: Three-dimensional printing companies
NEW YORK (AP) — Shares of some three-dimensional printing companies climbed Tuesday after Stratasys first-quarter adjusted profit topped Wall Street expectations.
On Monday Stratasys Ltd. — which makes three-dimensional printers that produce models and prototypes — reported adjusted earnings of 43 cents per share on revenue of $97.2 million. Analysts surveyed by FactSet expected 38 cents per share and $98.3 million in revenue.
John Baliotti of Janney Capital Markets said in a client note that new products and materials — which Stratasys now has access to in part because of its acquisition of Israeli rival Objet — should provide the company with new opportunities to help existing customers and attract new customers.
Baliotti reaffirmed a "Buy" rating and $101 price target.
Shares of Stratsys rose $8.23, or 9.6 percent, to $93.57 in midday trading. Earlier in the session, the stock hit an all-time high of $94.90.
Elsewhere in the sector 3D Systems Corp. rose $3.08, or 6.5 percent, to $50.23. The ExOne Co. added $3.09, or 7 percent, to $47.45. Cimatron Ltd. fell 4 cents to $7.50.