Mirion Technologies Inc. (NYSE:MIR) stock soared to a 52-week high, reaching $15.76, marking a significant milestone for the company. This peak reflects a robust 1-year change, with the stock value surging by an impressive 90.85%. Investors have shown growing confidence in Mirion Technologies, as the company's strategic initiatives and market position contribute to its strong performance. The 52-week high serves as a testament to the company's resilience and potential for growth in a competitive industry.
In other recent news, Mirion Technologies has reported considerable growth in its third-quarter financial results. The company reported an 8% increase in Q3 2024 revenue, reaching $207 million, with an adjusted EPS of $0.08. Despite a 30% drop in third-quarter orders year-over-year, the company saw significant growth in the nuclear power and cancer care markets.
Mirion Technologies has also reaffirmed its full-year 2024 adjusted EBITDA guidance of $195 million to $205 million and its EPS forecast of $0.37 to $0.42. The company's backlog currently stands at $815 million, up 2% from last year, indicating a robust pipeline, particularly in the nuclear sector.
Citi and Goldman Sachs have both updated their stances on the company, with Citi raising its price target to $18 and Goldman Sachs to $16, both maintaining a Buy rating. They base their adjustments on Mirion's recent financial results and the company's increased organic growth projections for 2024, as well as the growing momentum in nuclear new builds.
Mirion Technologies has secured two major contracts for the Sizewell C project and identified potential new order opportunities worth between $300 million and $400 million by the end of 2025. However, the company faced a setback with the de-booking of half of a Turkish new build award valued at $21 million due to contractual disputes. These are among the recent developments at Mirion Technologies.
InvestingPro Insights
Mirion Technologies Inc.'s (MIR) recent stock performance aligns with several key metrics and insights from InvestingPro. The company's stock has indeed shown remarkable strength, with InvestingPro data revealing a 89.16% price total return over the past year, corroborating the article's mention of a 90.85% surge. This impressive growth is further emphasized by the stock trading at 99.68% of its 52-week high, reinforcing the article's observation of MIR reaching a new peak.
InvestingPro Tips highlight that MIR has demonstrated a "Strong return over the last month" and a "Large price uptick over the last six months," which is consistent with the stock's recent climb to its 52-week high. Additionally, the tip suggesting that "Net income is expected to grow this year" provides a positive outlook that may be contributing to investor confidence.
It's worth noting that while the stock's performance has been strong, InvestingPro also indicates that MIR is "Trading at a high EBITDA valuation multiple," which investors may want to consider in their analysis. For a more comprehensive understanding of MIR's financial health and potential, InvestingPro offers 13 additional tips, providing valuable insights for investors looking to make informed decisions.
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