Axonics, Inc. (NASDAQ:AXNX) Sees Significant Growth in Short Interest

Axonics, Inc. (NASDAQ:AXNX - Get Free Report) saw a large growth in short interest in April. As of April 15th, there was short interest totalling 4,040,000 shares, a growth of 17.4% from the March 31st total of 3,440,000 shares. Based on an average daily volume of 919,900 shares, the days-to-cover ratio is currently 4.4 days.

Axonics Stock Performance

Axonics stock traded up $0.15 during mid-day trading on Friday, reaching $66.69. The company's stock had a trading volume of 318,433 shares, compared to its average volume of 921,149. Axonics has a 12-month low of $47.59 and a 12-month high of $69.68. The company has a market capitalization of $3.40 billion, a P/E ratio of -512.96 and a beta of 0.56. The firm's fifty day moving average price is $67.90 and its two-hundred day moving average price is $62.79.

Axonics (NASDAQ:AXNX - Get Free Report) last released its quarterly earnings data on Wednesday, February 28th. The company reported $0.13 earnings per share for the quarter, beating analysts' consensus estimates of $0.06 by $0.07. Axonics had a negative net margin of 1.66% and a negative return on equity of 1.00%. The business had revenue of $109.70 million during the quarter, compared to analyst estimates of $107.33 million. During the same period in the previous year, the business earned $0.01 EPS. Axonics's revenue was up 27.7% compared to the same quarter last year. On average, research analysts predict that Axonics will post 0.32 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Royal Bank of Canada reiterated a "sector perform" rating and issued a $71.00 price objective on shares of Axonics in a research note on Thursday, February 29th. Needham & Company LLC reiterated a "hold" rating on shares of Axonics in a research note on Wednesday, January 17th. Wolfe Research lowered shares of Axonics from an "outperform" rating to a "peer perform" rating in a research note on Tuesday, January 9th. Piper Sandler restated a "neutral" rating and set a $71.00 price target (down previously from $75.00) on shares of Axonics in a research note on Friday, January 12th. Finally, Wells Fargo & Company restated an "equal weight" rating and set a $71.00 price target (up previously from $68.00) on shares of Axonics in a research note on Wednesday, January 10th. Eight research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $70.73.

Insider Transactions at Axonics

In related news, insider Karen Noblett sold 11,288 shares of the firm's stock in a transaction dated Wednesday, January 31st. The shares were sold at an average price of $67.74, for a total value of $764,649.12. Following the transaction, the insider now owns 34,428 shares of the company's stock, valued at approximately $2,332,152.72. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Axonics news, CEO Raymond W. Cohen sold 35,161 shares of the stock in a transaction dated Wednesday, January 31st. The shares were sold at an average price of $67.74, for a total value of $2,381,806.14. Following the completion of the sale, the chief executive officer now owns 188,835 shares in the company, valued at approximately $12,791,682.90. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Karen Noblett sold 11,288 shares of the stock in a transaction dated Wednesday, January 31st. The shares were sold at an average price of $67.74, for a total transaction of $764,649.12. Following the completion of the sale, the insider now owns 34,428 shares of the company's stock, valued at approximately $2,332,152.72. The disclosure for this sale can be found here. Insiders have sold 65,837 shares of company stock valued at $4,459,798 in the last 90 days. 1.85% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Stratos Wealth Partners LTD. bought a new position in Axonics in the 4th quarter valued at $1,298,000. Invesco Ltd. boosted its holdings in Axonics by 5.8% in the 3rd quarter. Invesco Ltd. now owns 1,634,984 shares of the company's stock valued at $91,755,000 after purchasing an additional 90,132 shares during the period. Algert Global LLC bought a new position in Axonics in the 3rd quarter valued at $1,313,000. Hedges Asset Management LLC boosted its holdings in Axonics by 6.5% in the 4th quarter. Hedges Asset Management LLC now owns 8,600 shares of the company's stock valued at $535,000 after purchasing an additional 525 shares during the period. Finally, Mackenzie Financial Corp bought a new position in Axonics in the 3rd quarter valued at $68,499,000. 99.48% of the stock is currently owned by hedge funds and other institutional investors.

About Axonics

Axonics, Inc, a medical technology company, engages in the development and commercialization of novel products for the treatment of bladder and bowel dysfunction. Its sacral neuromodulation (SNM) systems are used to treat patients with overactive bladder (OAB), including urinary urge incontinence and urinary urgency frequency, as well as fecal incontinence (FI) and non-obstructive urinary retention (UR); and rechargeable (R20) and recharge-free (F15) implantable SNM systems that delivers mild electrical pulses to the targeted sacral nerve to restore normal communication to and from the brain to reduce the symptoms of OAB, UR, and FI.