ClearPoint Neuro, Inc. (NASDAQ:CLPT) Shares Sold by Essex Investment Management Co. LLC

Key Points

• Essex Investment Management Co. LLC reduced its stake in ClearPoint Neuro by 19.9%, selling 81,363 shares during the first quarter and maintaining ownership of 327,459 shares worth approximately $3.89 million.
• ClearPoint Neuro's stock price has been recently downgraded from a "hold" to a "sell" rating by Wall Street Zen, while Stifel Nicolaus raised their price target from $19.00 to $25.00.
• ClearPoint Neuro reported a quarterly loss of ($0.22) EPS, which was below analysts' consensus estimates, despite revenue exceeding expectations at $8.49 million.

Essex Investment Management Co. LLC decreased its position in ClearPoint Neuro, Inc. (NASDAQ:CLPT - Free Report) by 19.9% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 327,459 shares of the company's stock after selling 81,363 shares during the quarter. Essex Investment Management Co. LLC owned 1.17% of ClearPoint Neuro worth $3,893,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Tower Research Capital LLC TRC purchased a new stake in ClearPoint Neuro in the fourth quarter valued at approximately $93,000. State of Wyoming purchased a new stake in ClearPoint Neuro in the fourth quarter valued at approximately $145,000. Occudo Quantitative Strategies LP purchased a new stake in ClearPoint Neuro in the fourth quarter valued at approximately $155,000. Two Sigma Investments LP purchased a new stake in ClearPoint Neuro in the fourth quarter valued at approximately $159,000. Finally, Cannon Global Investment Management LLC purchased a new stake in ClearPoint Neuro in the first quarter valued at approximately $143,000. Hedge funds and other institutional investors own 30.08% of the company's stock.

ClearPoint Neuro Trading Down 3.8%

Shares of CLPT stock traded down $0.40 on Friday, reaching $10.01. 191,980 shares of the stock were exchanged, compared to its average volume of 305,905. The business's 50 day moving average price is $11.75 and its 200 day moving average price is $13.50. The company has a market capitalization of $280.03 million, a price-to-earnings ratio of -13.15 and a beta of 0.92. ClearPoint Neuro, Inc. has a twelve month low of $6.25 and a twelve month high of $19.22.

ClearPoint Neuro (NASDAQ:CLPT - Get Free Report) last issued its earnings results on Tuesday, May 13th. The company reported ($0.22) EPS for the quarter, missing analysts' consensus estimates of ($0.15) by ($0.07). The firm had revenue of $8.49 million for the quarter, compared to analyst estimates of $8.21 million. ClearPoint Neuro had a negative return on equity of 78.09% and a negative net margin of 64.51%. Equities research analysts forecast that ClearPoint Neuro, Inc. will post -0.66 earnings per share for the current year.

Insiders Place Their Bets

In other ClearPoint Neuro news, CEO Joseph Burnett sold 21,247 shares of the company's stock in a transaction on Monday, June 9th. The shares were sold at an average price of $13.29, for a total value of $282,372.63. Following the completion of the transaction, the chief executive officer owned 243,522 shares in the company, valued at $3,236,407.38. This represents a 8.02% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Timothy T. Richards sold 10,000 shares of the company's stock in a transaction on Tuesday, June 10th. The shares were sold at an average price of $13.28, for a total transaction of $132,800.00. Following the completion of the transaction, the director owned 77,381 shares of the company's stock, valued at $1,027,619.68. This represents a 11.44% decrease in their position. The disclosure for this sale can be found here. Insiders own 6.97% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on CLPT shares. Stifel Nicolaus upped their price objective on ClearPoint Neuro from $8.00 to $9.00 and gave the stock a "buy" rating in a research report on Friday. Wall Street Zen lowered ClearPoint Neuro from a "hold" rating to a "sell" rating in a research report on Saturday, July 12th.

ClearPoint Neuro Profile

ClearPoint Neuro, Inc operates as a medical device company primarily in the United States. It develops and commercializes platforms for performing minimally invasive surgical procedures in the brain under magnetic resonance imaging guided interventions. The company offers ClearPoint system, an integrated system for the insertion of deep brain stimulation electrodes, biopsy needles, and laser catheters, as well as the infusion of pharmaceuticals into the brain.