CeriBell (NASDAQ:CBLL) Stock Price Target Raised at Canaccord Genuity Group

Key Points

• Canaccord raised its price target on CeriBell from $26 to $33 and maintained a Buy rating, implying 20.48% upside from the prior close.
• Analyst sentiment is broadly positive: MarketBeat reports a Moderate Buy consensus and an average price target of $28.40.
• CeriBell’s quarterly revenue of $29.34 million slightly beat expectations, but reported EPS of -$0.55 missed the -$0.51 consensus; new product-launch expenses contributed to the loss.

CeriBell (NASDAQ:CBLL - Get Free Report) had its price objective hoisted by research analysts at Canaccord Genuity Group from $26.00 to $33.00 in a note issued to investors on Wednesday, Benzinga reports. The brokerage currently has a "buy" rating on the stock. Canaccord Genuity Group's price target would indicate a potential upside of 20.48% from the stock's previous close.

A number of other equities analysts have also weighed in on CBLL. TD Cowen lifted their price objective on shares of CeriBell from $29.00 to $33.00 and gave the company a "buy" rating in a research report on Friday, October 2nd. Raymond James Financial restated a "strong-buy" rating and issued a $29.00 target price on shares of CeriBell in a research note on Thursday, September 3rd. Weiss Ratings raised shares of CeriBell from a "sell (e+)" rating to a "sell (d-)" rating in a report on Friday, October 16th. BTIG Research reissued a "buy" rating on shares of CeriBell in a report on Wednesday. Finally, Barclays upgraded shares of CeriBell to a "neutral" rating in a research report on Tuesday, August 18th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $28.40.

CeriBell Stock Performance

Shares of NASDAQ CBLL traded down $0.88 during midday trading on Wednesday, reaching $27.39. 1,271,933 shares of the company were exchanged, compared to its average volume of 370,645. The company has a current ratio of 9.18, a quick ratio of 8.79 and a debt-to-equity ratio of 0.16. CeriBell has a 1 year low of $10.94 and a 1 year high of $28.89. The stock has a fifty day simple moving average of $25.06 and a 200 day simple moving average of $20.85. The stock has a market cap of $1.05 billion, a P/E ratio of -15.56 and a beta of 0.86.

CeriBell (NASDAQ:CBLL - Get Free Report) last posted its quarterly earnings data on Tuesday, November 3rd. The company reported ($0.55) EPS for the quarter, missing the consensus estimate of ($0.51) by ($0.04). The company had revenue of $29.34 million for the quarter, compared to analysts' expectations of $29.18 million. CeriBell had a negative net margin of 64.73% and a negative return on equity of 44.85%. On average, research analysts forecast that CeriBell will post -1.96 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Scott Blumberg sold 1,521 shares of the firm's stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $24.02, for a total value of $36,534.42. Following the completion of the transaction, the chief financial officer directly owned 146,600 shares of the company's stock, valued at $3,521,332. This trade represents a 1.03% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Xingjuan Chao sold 20,846 shares of the business's stock in a transaction dated Tuesday, September 15th. The stock was sold at an average price of $25.03, for a total transaction of $521,775.38. Following the completion of the sale, the chief executive officer owned 746,345 shares in the company, valued at $18,681,015.35. This represents a 2.72% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 179,792 shares of company stock worth $4,444,748. 17.70% of the stock is owned by insiders.

Institutional Trading of CeriBell

A number of large investors have recently made changes to their positions in the stock. BlackRock Inc. acquired a new stake in CeriBell during the second quarter worth approximately $37,657,000. KCM Capital Inc raised its holdings in CeriBell by 40.0% in the 1st quarter. KCM Capital Inc now owns 1,400,000 shares of the company's stock valued at $25,662,000 after acquiring an additional 400,000 shares during the last quarter. Bank of New York Mellon Corp acquired a new position in CeriBell in the 2nd quarter valued at $17,437,000. TimesSquare Capital Management LLC purchased a new position in shares of CeriBell during the 2nd quarter worth $15,182,000. Finally, Bank of America Corp DE lifted its stake in shares of CeriBell by 15.3% during the 1st quarter. Bank of America Corp DE now owns 319,837 shares of the company's stock worth $5,863,000 after purchasing an additional 42,340 shares during the period.

Key Headlines Impacting CeriBell

Here are the key news stories impacting CeriBell this week:

• Positive Sentiment: Revenue was $29.34 million, narrowly ahead of analysts’ $29.18 million estimate. Zacks also reported an adjusted loss of $0.48 per share, better than its $0.50-per-share loss consensus. Zacks Q3 results
• Negative Sentiment: Other reports cited a quarterly loss of $0.55 per share, wider than the $0.51 consensus, and a net loss of about $21 million. New product-launch expenses contributed to the larger loss, weighing on investor sentiment. RTTNews report
• Negative Sentiment: CTO Raymond Woo sold 4,887 shares for approximately $131,754. The sale reduced his holdings by 2.35%; insider sales can add to near-term caution, although he retained more than 203,000 shares. SEC insider transaction filing

About CeriBell

CeriBell, Inc is a medical technology company that develops artificial intelligence-enabled neurological diagnostic products. Its technology is designed to help healthcare professionals rapidly identify and monitor seizures, including nonconvulsive seizures that may be difficult to recognize through a standard clinical examination.

The company's primary product is the Ceribell Rapid Response EEG system, a portable electroencephalography platform that combines a wireless EEG recorder, a simplified disposable headband, and software-based analysis tools.

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