Principal Financial Group Inc. Makes New Investment in CVRx, Inc. (NASDAQ:CVRX)

Principal Financial Group Inc. bought a new position in shares of CVRx, Inc. (NASDAQ:CVRX - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 59,808 shares of the company's stock, valued at approximately $731,000. Principal Financial Group Inc. owned approximately 0.23% of CVRx as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently bought and sold shares of the company. Tower Research Capital LLC TRC lifted 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 acquiring an additional 1,186 shares in the last quarter. GAMMA Investing LLC increased its stake in CVRx by 1,469.3% in the first quarter. GAMMA Investing LLC now owns 4,598 shares of the company's stock valued at $56,000 after purchasing an additional 4,305 shares during the last quarter. Quarry LP acquired a new position in CVRx in the fourth quarter valued at $69,000. MetLife Investment Management LLC acquired a new position in CVRx in the fourth quarter valued at $111,000. Finally, Wells Fargo & Company MN increased its stake in CVRx by 86.1% in the fourth quarter. Wells Fargo & Company MN now owns 8,894 shares of the company's stock valued at $113,000 after purchasing an additional 4,115 shares during the last quarter. 75.27% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. JPMorgan Chase & Co. reiterated an "underweight" rating and issued a $7.00 target price (down from $15.00) on shares of CVRx in a research note on Friday, May 9th. Lake Street Capital dropped their target price on CVRx from $19.00 to $14.00 and set a "buy" rating for the company in a research note on Tuesday, April 8th. William Blair upgraded CVRx to a "strong-buy" rating in a research note on Monday, July 7th. Piper Sandler dropped their target price on CVRx from $20.00 to $12.00 and set an "overweight" rating for the company in a research note on Friday, May 9th. Finally, Canaccord Genuity Group dropped their target price on CVRx from $23.00 to $18.00 and set a "buy" rating for the company in a research note on Tuesday, April 8th. One investment analyst has rated the stock with a sell rating, five have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, CVRx presently has a consensus rating of "Moderate Buy" and an average target price of $14.50.

Insider Buying and Selling

In other CVRx news, Director Kirk G. Nielsen purchased 61,200 shares of CVRx stock in a transaction that occurred on Wednesday, May 14th. The stock was purchased at an average price of $5.23 per share, with a total value of $320,076.00. Following the completion of the acquisition, the director owned 1,899,168 shares of the company's stock, valued at approximately $9,932,648.64. This trade represents a 3.33% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders bought a total of 78,666 shares of company stock valued at $411,031 over the last ninety days. Corporate insiders own 18.90% of the company's stock.

CVRx Trading Up 4.7%

NASDAQ:CVRX traded up $0.38 on Wednesday, hitting $8.45. 26,121 shares of the stock were exchanged, compared to its average volume of 309,050. The stock has a market cap of $220.29 million, a PE ratio of -3.87 and a beta of 1.23. The company has a current ratio of 14.82, a quick ratio of 13.45 and a debt-to-equity ratio of 0.71. The stock has a fifty day moving average of $6.45 and a 200-day moving average of $10.07. CVRx, Inc. has a fifty-two week low of $4.30 and a fifty-two week high of $18.55.

CVRx (NASDAQ:CVRX - Get Free Report) last posted its earnings results on Thursday, May 8th. The company reported ($0.53) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.56) by $0.03. CVRx had a negative return on equity of 79.04% and a negative net margin of 97.49%. The business had revenue of $12.35 million during the quarter, compared to analyst estimates of $14.68 million. As a group, equities analysts expect that CVRx, Inc. will post -1.91 earnings per share for the current fiscal year.

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.