CVRx (NASDAQ:CVRX) Given “Overweight” Rating at Piper Sandler

CVRx (NASDAQ:CVRX)‘s stock had its “overweight” rating reaffirmed by analysts at Piper Sandler in a research report issued on Wednesday, Benzinga reports. They presently have a $16.00 target price on the stock, up from their previous target price of $13.00. Piper Sandler’s price target suggests a potential upside of 14.53% from the company’s current price.

Several other analysts also recently commented on CVRX. Craig Hallum decreased their target price on shares of CVRx from $23.00 to $15.00 and set a “buy” rating for the company in a research report on Thursday, July 11th. Lake Street Capital reissued a “buy” rating and set a $12.00 target price on shares of CVRx in a research report on Monday, August 26th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $14.00 price target on shares of CVRx in a research report on Wednesday, October 23rd. Finally, Canaccord Genuity Group increased their price objective on CVRx from $14.00 to $15.00 and gave the company a “buy” rating in a report on Tuesday, July 30th. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, CVRx presently has an average rating of “Moderate Buy” and a consensus target price of $14.17.

CVRx Stock Up 30.1 %

Shares of NASDAQ:CVRX traded up $3.23 during midday trading on Wednesday, hitting $13.97. 938,827 shares of the stock were exchanged, compared to its average volume of 269,622. The company has a market capitalization of $304.35 million, a PE ratio of -5.17 and a beta of 1.26. CVRx has a 52-week low of $6.40 and a 52-week high of $33.13. The company has a debt-to-equity ratio of 0.53, a quick ratio of 8.85 and a current ratio of 10.08. The business’s fifty day simple moving average is $8.85 and its two-hundred day simple moving average is $9.55.

CVRx (NASDAQ:CVRX) last announced its quarterly earnings results on Monday, July 29th. The company reported ($0.65) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.51) by ($0.14). CVRx had a negative net margin of 122.52% and a negative return on equity of 77.62%. The firm had revenue of $11.81 million for the quarter, compared to analyst estimates of $11.84 million. During the same quarter in the prior year, the firm earned ($0.56) earnings per share. As a group, research analysts predict that CVRx will post -2.56 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other CVRx news, CEO Kevin Hykes purchased 30,000 shares of the stock in a transaction on Monday, August 5th. The shares were purchased at an average price of $8.36 per share, with a total value of $250,800.00. Following the acquisition, the chief executive officer now directly owns 30,000 shares of the company’s stock, valued at $250,800. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In the last quarter, insiders bought 38,500 shares of company stock worth $322,545. 18.90% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On CVRx

Hedge funds and other institutional investors have recently modified their holdings of the stock. Silvercrest Asset Management Group LLC grew its position in CVRx by 70.7% in the first quarter. Silvercrest Asset Management Group LLC now owns 253,968 shares of the company’s stock valued at $4,625,000 after acquiring an additional 105,198 shares during the period. Vanguard Group Inc. grew its holdings in shares of CVRx by 5.6% in the 1st quarter. Vanguard Group Inc. now owns 594,312 shares of the company’s stock worth $10,822,000 after purchasing an additional 31,720 shares during the last quarter. Bank of New York Mellon Corp grew its stake in CVRx by 30.7% during the second quarter. Bank of New York Mellon Corp now owns 37,191 shares of the company’s stock worth $446,000 after buying an additional 8,741 shares during the last quarter. Dimensional Fund Advisors LP acquired a new stake in CVRx during the 2nd quarter valued at $218,000. Finally, Marshall Wace LLP bought a new position in shares of CVRx in the second quarter valued at about $495,000. Institutional investors own 75.27% of the company’s stock.

About CVRx

CVRx, Inc, a commercial-stage medical device company, focuses on developing, manufacturing, and commercializing neuromodulation solutions for patients with cardiovascular diseases. The company offers Barostim, a neuromodulation device indicated to improve symptoms for patients with heart failure with reduced ejection fraction or systolic heart failure.