CVRx (NASDAQ:CVRX) Earns Overweight Rating from Cantor Fitzgerald

Key Points

• Cantor Fitzgerald has reaffirmed its "overweight" rating for CVRx, setting a target price of $11.00, suggesting a potential upside of 45.7% from the stock's recent closing price.
• CVRx reported a quarterly earnings miss with an EPS of (0.57), below the consensus estimate of (0.52), despite exceeding revenue expectations.
• Insider buying activity includes Director Kirk G. Nielsen purchasing 61,200 shares at an average price of $5.23, increasing his stake in the company significantly.

CVRx (NASDAQ:CVRX - Get Free Report)'s stock had its "overweight" rating reissued by research analysts at Cantor Fitzgerald in a note issued to investors on Tuesday,Benzinga reports. They presently have a $11.00 price objective on the stock. Cantor Fitzgerald's target price indicates a potential upside of 58.50% from the stock's previous close.

A number of other research firms have also commented on CVRX. JPMorgan Chase & Co. reissued an "underweight" rating and issued a $7.00 price target (down from $15.00) on shares of CVRx in a research report on Friday, May 9th. Canaccord Genuity Group reduced their price objective on shares of CVRx from $23.00 to $18.00 and set a "buy" rating for the company in a research report on Tuesday, April 8th. Piper Sandler dropped their target price on shares of CVRx from $20.00 to $12.00 and set an "overweight" rating on the stock in a research report on Friday, May 9th. Lake Street Capital reduced their target price on CVRx from $19.00 to $14.00 and set a "buy" rating for the company in a report on Tuesday, April 8th. Finally, William Blair raised CVRx to a "strong-buy" rating in a research report on Monday, July 7th. One investment analyst has rated the stock with a sell rating, five have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, CVRx currently has an average rating of "Moderate Buy" and an average target price of $14.00.

CVRx Trading Down 1.7%

Shares of CVRX traded down $0.12 during mid-day trading on Tuesday, reaching $6.94. 218,066 shares of the company were exchanged, compared to its average volume of 348,782. The business has a 50 day simple moving average of $6.89 and a two-hundred day simple moving average of $9.42. The company has a debt-to-equity ratio of 0.85, a quick ratio of 13.45 and a current ratio of 11.99. The stock has a market capitalization of $180.95 million, a PE ratio of -3.30 and a beta of 1.27. CVRx has a 52 week low of $4.30 and a 52 week high of $18.55.

CVRx (NASDAQ:CVRX - Get Free Report) last announced its quarterly earnings results on Monday, August 4th. The company reported ($0.57) earnings per share for the quarter, missing the consensus estimate of ($0.52) by ($0.05). The business had revenue of $13.59 million during the quarter, compared to the consensus estimate of $13.22 million. CVRx had a negative net margin of 95.61% and a negative return on equity of 79.31%. On average, analysts predict that CVRx will post -1.91 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Kirk G. Nielsen bought 61,200 shares of the firm's stock in a transaction on Wednesday, May 14th. The stock was acquired at an average cost of $5.23 per share, with a total value of $320,076.00. Following the completion of the transaction, the director directly owned 1,899,168 shares of the company's stock, valued at $9,932,648.64. This represents a 3.33% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders acquired 78,666 shares of company stock worth $411,031 over the last three months. 13.90% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On CVRx

Several large investors have recently added to or reduced their stakes in the company. Larson Financial Group LLC purchased a new stake in CVRx during the first quarter valued at about $28,000. Tower Research Capital LLC TRC raised its position in shares of CVRx by 43.7% in the fourth quarter. Tower Research Capital LLC TRC now owns 3,900 shares of the company's stock valued at $49,000 after purchasing an additional 1,186 shares during the period. GAMMA Investing LLC lifted its stake in shares of CVRx by 1,469.3% during the 1st quarter. GAMMA Investing LLC now owns 4,598 shares of the company's stock valued at $56,000 after buying an additional 4,305 shares in the last quarter. Quarry LP bought a new position in CVRx in the 4th quarter worth approximately $69,000. Finally, Whittier Trust Co. purchased a new position in CVRx in the 1st quarter valued at approximately $73,000. Hedge funds and other 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.