Short Interest in CVRx, Inc. (NASDAQ:CVRX) Grows By 19.4%

CVRx, Inc. (NASDAQ:CVRX - Get Free Report) was the target of a large growth in short interest in the month of May. As of May 15th, there was short interest totalling 1,480,000 shares, a growth of 19.4% from the April 30th total of 1,240,000 shares. Based on an average daily volume of 423,300 shares, the days-to-cover ratio is presently 3.5 days. Currently, 9.6% of the company's shares are short sold.

CVRx Stock Up 1.5%

CVRX stock traded up $0.10 during midday trading on Friday, reaching $6.56. 173,573 shares of the company's stock traded hands, compared to its average volume of 327,901. The company has a market cap of $171.04 million, a price-to-earnings ratio of -2.44 and a beta of 1.30. The firm's fifty day moving average price is $7.04 and its 200-day moving average price is $11.61. The company has a quick ratio of 10.23, a current ratio of 12.06 and a debt-to-equity ratio of 0.69. 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 Thursday, May 8th. The company reported ($0.53) EPS for the quarter, beating analysts' consensus estimates of ($0.56) by $0.03. The business had revenue of $12.35 million during the quarter, compared to analyst estimates of $14.68 million. CVRx had a negative net margin of 116.91% and a negative return on equity of 93.06%. As a group, sell-side analysts forecast that CVRx will post -1.91 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have weighed in on CVRX. JPMorgan Chase & Co. reissued an "underweight" rating and set a $7.00 target price (down previously from $15.00) on shares of CVRx in a research report on Friday, May 9th. Piper Sandler reduced their price objective on shares of CVRx from $20.00 to $12.00 and set an "overweight" rating for the company in a research report on Friday, May 9th. Lake Street Capital reduced their price objective on shares of CVRx from $19.00 to $14.00 and set a "buy" rating for the company in a research report on Tuesday, April 8th. Finally, 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. One analyst has rated the stock with a sell rating and six have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $14.50.

Insider Buying and Selling at CVRx

In other news, Director Kirk G. Nielsen bought 10,966 shares of the firm's stock in a transaction on Thursday, May 15th. The stock was acquired at an average price of $5.45 per share, with a total value of $59,764.70. Following the transaction, the director now owns 1,910,134 shares of the company's stock, valued at $10,410,230.30. This trade represents a 0.58% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In the last 90 days, insiders bought 78,666 shares of company stock valued at $411,031. 13.90% of the stock is currently owned by company insiders.

Institutional Trading of CVRx

A number of hedge funds and other institutional investors have recently bought and sold shares of CVRX. JPMorgan Chase & Co. lifted its stake in CVRx by 10,520.1% during the 4th quarter. JPMorgan Chase & Co. now owns 628,286 shares of the company's stock valued at $7,960,000 after acquiring an additional 622,370 shares in the last quarter. Wells Fargo & Company MN lifted its stake in CVRx by 86.1% during the 4th quarter. Wells Fargo & Company MN now owns 8,894 shares of the company's stock valued at $113,000 after acquiring an additional 4,115 shares in the last quarter. Russell Investments Group Ltd. bought a new position in CVRx during the 4th quarter valued at $455,000. Boothbay Fund Management LLC bought a new position in CVRx during the 4th quarter valued at $127,000. Finally, Barclays PLC lifted its stake in CVRx by 12.1% during the 4th quarter. Barclays PLC now owns 21,378 shares of the company's stock valued at $270,000 after acquiring an additional 2,311 shares in the last quarter. Institutional investors own 75.27% of the company's stock.

CVRx Company Profile

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.