Lake Street Capital Reaffirms “Buy” Rating for CVRx (NASDAQ:CVRX)

CVRx (NASDAQ:CVRX)‘s stock had its “buy” rating reaffirmed by equities researchers at Lake Street Capital in a research report issued to clients and investors on Monday, Benzinga reports. They currently have a $12.00 price objective on the stock. Lake Street Capital’s price objective would suggest a potential upside of 25.13% from the stock’s previous close.

Several other equities research analysts have also recently commented on CVRX. William Blair cut shares of CVRx from an “outperform” rating to a “market perform” rating in a research report on Wednesday, May 1st. Canaccord Genuity Group boosted their price objective on shares of CVRx from $14.00 to $15.00 and gave the stock a “buy” rating in a research note on Tuesday, July 30th. Craig Hallum decreased their price target on shares of CVRx from $23.00 to $15.00 and set a “buy” rating on the stock in a research note on Thursday, July 11th. Piper Sandler decreased their target price on CVRx from $15.00 to $13.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 30th. Finally, JPMorgan Chase & Co. downgraded CVRx from an “overweight” rating to a “neutral” rating and reduced their price target for the company from $36.00 to $13.00 in a research note on Wednesday, May 1st. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $13.60.

CVRx Stock Up 9.9 %

CVRX traded up $0.86 during trading on Monday, hitting $9.59. The company had a trading volume of 319,051 shares, compared to its average volume of 263,037. The firm’s 50-day moving average price is $9.70 and its 200 day moving average price is $13.36. CVRx has a one year low of $6.40 and a one year high of $33.13. The company has a market capitalization of $207.11 million, a PE ratio of -3.85 and a beta of 1.25. The company has a quick ratio of 10.87, a current ratio of 12.18 and a debt-to-equity ratio of 0.44.

CVRx (NASDAQ:CVRX) last released its quarterly earnings results on Monday, July 29th. The company reported ($0.65) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.51) by ($0.14). CVRx had a negative return on equity of 72.51% and a negative net margin of 122.52%. The firm had revenue of $11.81 million for the quarter, compared to analyst estimates of $11.84 million. During the same period last year, the company earned ($0.56) EPS. As a group, equities analysts expect that CVRx will post -2.57 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Kevin Hykes bought 30,000 shares of CVRx stock in a transaction that occurred on Monday, August 5th. The shares were acquired at an average cost of $8.36 per share, for a total transaction of $250,800.00. Following the completion of the acquisition, the chief executive officer now directly owns 30,000 shares of the company’s stock, valued at approximately $250,800. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last three months, insiders have purchased 38,500 shares of company stock valued at $322,545. 18.90% of the stock is currently owned by company insiders.

Institutional Trading of CVRx

A number of institutional investors have recently bought and sold shares of CVRX. Johnson & Johnson grew its position in CVRx by 17.4% in the 1st quarter. Johnson & Johnson now owns 4,103,430 shares of the company’s stock valued at $74,723,000 after purchasing an additional 607,855 shares during the period. Vanguard Group Inc. lifted its position in CVRx by 5.6% in the 1st quarter. Vanguard Group Inc. now owns 594,312 shares of the company’s stock valued at $10,822,000 after acquiring an additional 31,720 shares in the last quarter. Silvercrest Asset Management Group LLC lifted its position in CVRx by 70.7% in the 1st 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 in the last quarter. Parkman Healthcare Partners LLC boosted its stake in CVRx by 8.0% during the 4th quarter. Parkman Healthcare Partners LLC now owns 240,000 shares of the company’s stock valued at $7,546,000 after purchasing an additional 17,880 shares during the last quarter. Finally, Squarepoint Ops LLC raised its stake in shares of CVRx by 26.3% in the second quarter. Squarepoint Ops LLC now owns 91,999 shares of the company’s stock worth $1,103,000 after purchasing an additional 19,165 shares during the last quarter. 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.