Lake Street Capital Cuts Pulmonx (NASDAQ:LUNG) Price Target to $8.00

Key Points

• Lake Street Capital has significantly lowered its price target for Pulmonx (NASDAQ:LUNG) from $12.00 to $8.00, while still maintaining a "buy" rating on the stock, indicating a potential upside of 334.78% from its current price.
• Other analysts have issued varying price targets for Pulmonx, with Stifel Nicolaus setting a target of $5.00 and Canaccord Genuity reducing theirs to $15.00, reflecting mixed sentiment among financial analysts.
• Despite the price target reductions, Pulmonx's stock has experienced high trading volume recently, with nearly 4.63 million shares exchanged during trading on Thursday.

Pulmonx (NASDAQ:LUNG - Get Free Report) had its target price dropped by equities researchers at Lake Street Capital from $12.00 to $8.00 in a report released on Thursday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Lake Street Capital's price target indicates a potential upside of 334.78% from the stock's current price.

Other equities analysts have also issued reports about the company. Stifel Nicolaus reduced their price objective on Pulmonx from $16.00 to $5.00 and set a "buy" rating on the stock in a research report on Thursday. Canaccord Genuity Group reduced their price target on Pulmonx from $16.00 to $15.00 and set a "buy" rating on the stock in a research report on Thursday, May 1st. Citigroup decreased their target price on shares of Pulmonx from $6.50 to $4.15 and set a "neutral" rating on the stock in a research note on Thursday, May 22nd. D. Boral Capital decreased their price objective on shares of Pulmonx from $17.00 to $16.00 and set a "buy" rating on the stock in a research report on Thursday. Finally, Piper Sandler cut Pulmonx from an "overweight" rating to a "neutral" rating and dropped their price objective for the stock from $9.00 to $2.50 in a report on Thursday. Four investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $8.38.

Pulmonx Stock Performance

Pulmonx stock traded down $1.31 during mid-day trading on Thursday, reaching $1.84. 4,630,467 shares of the company's stock were exchanged, compared to its average volume of 392,557. The firm has a market capitalization of $74.08 million, a PE ratio of -1.28 and a beta of 0.45. The business's fifty day simple moving average is $2.97 and its 200 day simple moving average is $5.03. The company has a quick ratio of 4.29, a current ratio of 4.97 and a debt-to-equity ratio of 0.38. Pulmonx has a one year low of $1.75 and a one year high of $9.37.

Pulmonx (NASDAQ:LUNG - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The company reported ($0.38) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.40) by $0.02. The company had revenue of $23.86 million for the quarter, compared to analyst estimates of $23.46 million. Pulmonx had a negative return on equity of 63.69% and a negative net margin of 65.27%. On average, sell-side analysts expect that Pulmonx will post -1.55 earnings per share for the current year.

Insider Activity at Pulmonx

In other Pulmonx news, Director Richard Ferrari sold 8,000 shares of Pulmonx stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $3.16, for a total value of $25,280.00. Following the completion of the sale, the director owned 87,024 shares of the company's stock, valued at approximately $274,995.84. This trade represents a 8.42% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Daniel P. Florin acquired 23,321 shares of the business's stock in a transaction that occurred on Thursday, June 5th. The stock was purchased at an average cost of $3.06 per share, with a total value of $71,362.26. Following the acquisition, the director directly owned 117,231 shares of the company's stock, valued at $358,726.86. This trade represents a 24.83% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold 43,388 shares of company stock worth $136,044 over the last quarter. 6.80% of the stock is currently owned by company insiders.

Institutional Trading of Pulmonx

Large investors have recently modified their holdings of the company. ProShare Advisors LLC purchased a new position in Pulmonx during the fourth quarter valued at $72,000. Vontobel Holding Ltd. purchased a new position in shares of Pulmonx during the first quarter valued at about $82,000. Millennium Management LLC increased its holdings in shares of Pulmonx by 26.6% in the fourth quarter. Millennium Management LLC now owns 183,069 shares of the company's stock worth $1,243,000 after purchasing an additional 38,425 shares during the last quarter. Renaissance Technologies LLC increased its holdings in shares of Pulmonx by 38.7% in the fourth quarter. Renaissance Technologies LLC now owns 220,510 shares of the company's stock worth $1,497,000 after purchasing an additional 61,500 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Pulmonx by 17.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 408,022 shares of the company's stock worth $2,770,000 after purchasing an additional 60,489 shares during the last quarter. Institutional investors own 91.04% of the company's stock.

About Pulmonx

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.

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