CVRx (NASDAQ:CVRX) Raised to "Hold" at Wall Street Zen

Key Points

• Wall Street Zen upgraded CVRx from “sell” to “hold,” while the broader analyst consensus remains “Hold” with an average price target of $5.30. Other analysts have recently downgraded the stock and sharply reduced their targets.
• CVRx shares opened at $2.88, well below their 50-day and 200-day moving averages of $4.03 and $5.91, respectively. The company reported a quarterly loss of $0.53 per share, narrowly missing estimates, despite revenue slightly exceeding forecasts.
• COO Brent Binkowski purchased 26,223 shares at an average price of $2.91, increasing his position by 86.57%. Institutional investors and hedge funds own approximately 75.27% of CVRx’s outstanding shares.

CVRx (NASDAQ:CVRX - Get Free Report) was upgraded by stock analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a research report issued to clients and investors on Saturday, Wall Street Zen reports.

CVRX has been the subject of a number of other research reports. Lake Street Capital lowered CVRx from a "buy" rating to a "hold" rating and lowered their price objective for the company from $14.00 to $3.50 in a research note on Friday, August 7th. Weiss Ratings reiterated a "sell (e+)" rating on shares of CVRx in a research note on Monday, August 3rd. Piper Sandler cut CVRx from an "overweight" rating to a "neutral" rating and set a $4.00 target price for the company. in a research note on Friday, August 7th. Craig Hallum lowered shares of CVRx from a "buy" rating to a "hold" rating and set a $4.00 price target for the company. in a research note on Friday, August 7th. Finally, Cantor Fitzgerald cut their price target on shares of CVRx from $13.00 to $5.00 and set an "overweight" rating on the stock in a report on Monday, August 17th. Two equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, CVRx presently has an average rating of "Hold" and an average price target of $5.30.

CVRx Trading Up 0.7%

CVRX opened at $2.88 on Friday. The firm's 50 day moving average is $4.03 and its 200-day moving average is $5.91. CVRx has a 52-week low of $2.20 and a 52-week high of $11.30. The company has a quick ratio of 6.87, a current ratio of 8.04 and a debt-to-equity ratio of 2.94. The firm has a market capitalization of $76.72 million, a P/E ratio of -1.45 and a beta of 0.76.

CVRx (NASDAQ:CVRX - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.53) earnings per share for the quarter, missing analysts' consensus estimates of ($0.52) by ($0.01). CVRx had a negative net margin of 84.93% and a negative return on equity of 152.35%. The firm had revenue of $15.71 million for the quarter, compared to analyst estimates of $15.55 million. Analysts expect that CVRx will post -2 EPS for the current fiscal year.

Insider Activity

In other news, COO Brent Binkowski acquired 26,223 shares of CVRx stock in a transaction that occurred on Thursday, August 13th. The shares were purchased at an average cost of $2.91 per share, for a total transaction of $76,308.93. Following the completion of the purchase, the chief operating officer directly owned 56,514 shares of the company's stock, valued at $164,455.74. This trade represents a 86.57% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Corporate insiders own 16.60% of the company's stock.

Institutional Trading of CVRx

A number of institutional investors and hedge funds have recently modified their holdings of the business. Larson Financial Group LLC boosted its holdings in shares of CVRx by 155.6% in the 4th quarter. Larson Financial Group LLC now owns 5,426 shares of the company's stock valued at $39,000 after buying an additional 3,303 shares during the period. Aaron Wealth Advisors LLC bought a new position in CVRx in the first quarter worth about $101,000. Virtu Financial LLC bought a new position in CVRx in the fourth quarter worth about $79,000. Corient Private Wealth LLC acquired a new position in CVRx in the fourth quarter valued at approximately $81,000. Finally, Deutsche Bank AG bought a new position in shares of CVRx during the second quarter valued at approximately $62,000. 75.27% of the stock is owned by institutional investors and hedge funds.

About CVRx

CVRx, Inc is a clinical-stage medical device company focused on developing a neuromodulation platform therapy for patients with cardiovascular disease. The company's flagship product, the Barostim™ system, delivers targeted electrical stimulation to the carotid baroreceptors with the goal of modulating the body's natural blood pressure control mechanisms. This minimally invasive, implantable therapy is designed to address unmet needs in individuals suffering from hypertension and heart failure.

The Barostim system is currently being evaluated in multiple clinical trials, including studies in resistant hypertension and advanced heart failure.

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