Dexcom (DXCM) stock was in the news Friday after the California-based glucose monitoring technology company announced hundreds of layoffs. These latest layoffs will affect roughly 305 employees, with the majority of them based in its home city of San Diego, and are set to start in early November.
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Dexcom intends to cut 196 jobs in San Diego, with 134 of those being operations roles. This comes as the company continues to shift its manufacturing from California to Arizona. This move was first announced last year and brought with it 500 layoffs. Now that work continues as the company seeks to better reorganize its workforce following the manufacturing change.
James McIntosh, CEO of Dexcom, spoke about the layoffs to SFGate. He said, “These changes are focused on reinvesting in key areas that drive future growth and sustainability and are designed to ensure Dexcom remains a leader in health technology — keeping us focused on our mission to empower people to take control of health.”
Dexcom Stock Movement Today
Dexcom stock was flat on Friday, showing investors were largely uncaring about its plans to cut more jobs as it moves operations to Arizona. Traders will also note that DXCM stock has increased 4.01% year-to-date and rallied 17.71% over the past 12 months.
Trading volume was also muted today, with roughly 133,000 shares having changed hands. That’s well below its three-month daily average of about 4.14 million units.
Is Dexcom Stock a Buy, Sell, or Hold?
Turning to Wall Street, the analysts’ consensus rating for Dexcom is Strong Buy, based on 18 Buy and three Hold ratings over the past three months. With that comes an average DXCM stock price target of $101.11, representing a potential 26.03% upside for the shares.
