IceCure Medical (NASDAQ:ICCM) Stock Price Down 8.9% - Here's What Happened

Key Points

• IceCure Medical's shares dropped 8.9% on Monday, closing at $0.92, with trading volume decreasing by 22% compared to the average.
• Wall Street Zen downgraded IceCure Medical from a "hold" rating to a "sell" rating, while HC Wainwright maintained a "buy" rating with a price target of $2.50.
• Institutional investor XTX Topco Ltd increased its stake in IceCure Medical by 123.7%, now owning approximately 0.11% of the company, valued at around $65,000.

Shares of IceCure Medical Ltd. (NASDAQ:ICCM - Get Free Report) dropped 8.9% during mid-day trading on Monday . The company traded as low as $0.91 and last traded at $0.92. Approximately 1,994,296 shares changed hands during mid-day trading, a decline of 22% from the average daily volume of 2,549,969 shares. The stock had previously closed at $1.01.

Analysts Set New Price Targets

ICCM has been the subject of a number of research reports. Wall Street Zen downgraded shares of IceCure Medical from a "hold" rating to a "sell" rating in a research note on Saturday, July 12th. HC Wainwright reissued a "buy" rating and issued a $2.50 price target on shares of IceCure Medical in a research note on Thursday, May 29th.

IceCure Medical Stock Down 1.1%

The stock's 50 day simple moving average is $1.01 and its two-hundred day simple moving average is $1.15. The firm has a market cap of $52.19 million, a P/E ratio of -3.18 and a beta of 0.32. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.89 and a quick ratio of 1.48.

IceCure Medical (NASDAQ:ICCM - Get Free Report) last announced its earnings results on Wednesday, May 28th. The company reported ($0.06) earnings per share for the quarter, beating analysts' consensus estimates of ($0.08) by $0.02. IceCure Medical had a negative net margin of 467.37% and a negative return on equity of 182.26%. The business had revenue of $0.73 million during the quarter, compared to the consensus estimate of $0.75 million. During the same quarter last year, the firm earned ($0.08) earnings per share. As a group, research analysts forecast that IceCure Medical Ltd. will post -0.28 earnings per share for the current year.

Institutional Investors Weigh In On IceCure Medical

An institutional investor recently raised its position in IceCure Medical stock. XTX Topco Ltd grew its position in shares of IceCure Medical Ltd. (NASDAQ:ICCM - Free Report) by 123.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 58,866 shares of the company's stock after buying an additional 32,555 shares during the quarter. XTX Topco Ltd owned 0.11% of IceCure Medical worth $65,000 as of its most recent filing with the Securities & Exchange Commission. 0.62% of the stock is currently owned by institutional investors and hedge funds.

IceCure Medical Company Profile

IceCure Medical Ltd, a commercial stage medical device company, engages in the research, development, and marketing of cryoablation systems, disposables, and technologies for treating tumors. The company offers ProSense system, a single probe system for the treatment of tumors, as well as associated disposables; and IceSense3 system for ablation indications to urology, oncology, dermatology, gynecology, general surgery, thoracic surgery, and proctology.