Essex Investment Management Co. LLC Makes New $2.04 Million Investment in Pulmonx Corporation (NASDAQ:LUNG)

Essex Investment Management Co. LLC acquired a new position in shares of Pulmonx Corporation (NASDAQ:LUNG - Free Report) during the 1st quarter, according to its most recent filing with the SEC. The institutional investor acquired 303,246 shares of the company's stock, valued at approximately $2,041,000. Essex Investment Management Co. LLC owned 0.75% of Pulmonx at the end of the most recent reporting period.

Several other large investors have also modified their holdings of LUNG. Deerfield Management Company L.P. Series C purchased a new position in Pulmonx in the fourth quarter valued at approximately $10,421,000. Geode Capital Management LLC raised its holdings in Pulmonx by 1.1% in the fourth quarter. Geode Capital Management LLC now owns 902,240 shares of the company's stock valued at $6,128,000 after buying an additional 9,454 shares during the period. Altium Capital Management LLC raised its holdings in Pulmonx by 63.0% in the fourth quarter. Altium Capital Management LLC now owns 815,000 shares of the company's stock valued at $5,534,000 after buying an additional 315,000 shares during the period. Rock Springs Capital Management LP raised its holdings in Pulmonx by 11.7% in the fourth quarter. Rock Springs Capital Management LP now owns 772,151 shares of the company's stock valued at $5,243,000 after buying an additional 80,851 shares during the period. Finally, Dimensional Fund Advisors LP raised its holdings in Pulmonx by 17.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 408,022 shares of the company's stock valued at $2,770,000 after buying an additional 60,489 shares during the period. 91.04% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

LUNG has been the topic of several research reports. Piper Sandler lowered shares of Pulmonx from an "overweight" rating to a "neutral" rating and cut their price target for the company from $9.00 to $2.50 in a report on Thursday. Wells Fargo & Company cut their price target on shares of Pulmonx from $6.00 to $3.00 and set an "equal weight" rating on the stock in a report on Friday. Canaccord Genuity Group cut their price target on shares of Pulmonx from $16.00 to $15.00 and set a "buy" rating on the stock in a report on Thursday, May 1st. Citigroup cut their price target on shares of Pulmonx from $6.50 to $4.15 and set a "neutral" rating on the stock in a report on Thursday, May 22nd. Finally, Stifel Nicolaus dropped their price objective on shares of Pulmonx from $16.00 to $5.00 and set a "buy" rating on the stock in a research note on Thursday. Four research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $7.66.

Pulmonx Stock Down 12.5%

Shares of NASDAQ:LUNG traded down $0.23 during midday trading on Friday, reaching $1.61. The company had a trading volume of 1,872,142 shares, compared to its average volume of 402,956. The company has a debt-to-equity ratio of 0.38, a current ratio of 4.97 and a quick ratio of 4.29. The stock's fifty day moving average price is $2.94 and its 200-day moving average price is $5.00. The stock has a market capitalization of $64.82 million, a P/E ratio of -1.13 and a beta of 0.45. Pulmonx Corporation has a one year low of $1.59 and a one year high of $9.37.

Pulmonx (NASDAQ:LUNG - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The company reported ($0.38) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.40) by $0.02. The business had revenue of $23.86 million during the quarter, compared to analyst estimates of $23.46 million. Pulmonx had a negative net margin of 62.88% and a negative return on equity of 66.36%. Equities research analysts expect that Pulmonx Corporation will post -1.55 earnings per share for the current fiscal year.

Insider Transactions at Pulmonx

In other Pulmonx news, CEO Steven S. Williamson sold 9,923 shares of Pulmonx stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $3.13, for a total value of $31,058.99. Following the completion of the transaction, the chief executive officer owned 366,115 shares of the company's stock, valued at $1,145,939.95. The trade was a 2.64% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Mehul Joshi sold 8,061 shares of Pulmonx stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $3.13, for a total transaction of $25,230.93. Following the completion of the transaction, the chief financial officer directly owned 213,925 shares of the company's stock, valued at approximately $669,585.25. This represents a 3.63% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 43,388 shares of company stock valued at $136,044 over the last quarter. Insiders own 6.80% of the company's stock.

Pulmonx Company Profile

Pulmonx Corporation, a commercial-stage medical technology company, provides minimally invasive devices for the treatment of chronic obstructive pulmonary diseases. The company offers Zephyr Endobronchial Valve, a solution for the treatment of patients with hyperinflation associated with severe emphysema; and Chartis Pulmonary Assessment System, a balloon catheter and console system with flow and pressure sensors that are used to assess the presence of collateral ventilation.