Pulmonx (NASDAQ:LUNG) Downgraded to Neutral Rating by Piper Sandler

Key Points

• Pulmonx has been downgraded from an "overweight" to a "neutral" rating by Piper Sandler, with a price target of $2.50, indicating a potential downside of 20.63% from its previous close.
• Multiple analysts have recently revised their price targets for Pulmonx, with Citigroup lowering theirs from $6.50 to $4.15, while Canaccord Genuity maintained a price target of $15.00 with a "buy" rating.
• Pulmonx reported earnings of ($0.38) per share for the last quarter, beating analyst estimates and generating $23.86 million in revenue, compared to expectations of $23.46 million.

Piper Sandler cut shares of Pulmonx (NASDAQ:LUNG - Free Report) from an overweight rating to a neutral rating in a report published on Thursday morning, MarketBeat reports. Piper Sandler currently has $2.50 price target on the stock, down from their prior price target of $9.00.

Other equities analysts have also recently issued reports about the stock. Canaccord Genuity Group decreased their price target on shares of Pulmonx from $16.00 to $15.00 and set a "buy" rating for the company in a research note on Thursday, May 1st. D. Boral Capital reaffirmed a "buy" rating and set a $17.00 price target on shares of Pulmonx in a research note on Thursday, May 1st. Finally, Citigroup decreased their price target on shares of Pulmonx from $6.50 to $4.15 and set a "neutral" rating for the company in a research note on Thursday, May 22nd. Four analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $7.66.

Pulmonx Stock Down 12.5%

Shares of LUNG traded down $0.23 during mid-day trading on Thursday, hitting $1.61. 1,873,679 shares of the company's stock were exchanged, compared to its average volume of 649,469. The company has a market cap of $64.82 million, a PE ratio of -1.13 and a beta of 0.43. Pulmonx has a 52 week low of $1.59 and a 52 week high of $9.37. The company has a 50-day simple moving average of $2.91 and a 200 day simple moving average of $4.96. The company has a debt-to-equity ratio of 0.38, a current ratio of 4.97 and a quick ratio of 4.29.

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

Insider Buying and Selling

In related news, Director Daniel P. Florin acquired 23,321 shares of the business's stock in a transaction dated Thursday, June 5th. The stock was bought at an average price of $3.06 per share, with a total value of $71,362.26. Following the acquisition, the director owned 117,231 shares in the company, valued at $358,726.86. This represents a 24.83% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Steven S. Williamson sold 9,923 shares of the stock in a transaction that occurred 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 sale, the chief executive officer directly owned 366,115 shares of the company's stock, valued at approximately $1,145,939.95. The trade was a 2.64% 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 worth $136,044 in the last quarter. 6.80% of the stock is owned by company insiders.

Institutional Investors Weigh In On Pulmonx

Hedge funds have recently added to or reduced their stakes in the business. ProShare Advisors LLC acquired a new stake in Pulmonx during the 4th quarter valued at $72,000. Vontobel Holding Ltd. acquired a new stake in Pulmonx during the 1st quarter valued at $82,000. Millennium Management LLC lifted its holdings in Pulmonx by 26.6% during the 4th quarter. Millennium Management LLC now owns 183,069 shares of the company's stock valued at $1,243,000 after purchasing an additional 38,425 shares during the last quarter. Renaissance Technologies LLC lifted its holdings in Pulmonx by 38.7% during the 4th quarter. Renaissance Technologies LLC now owns 220,510 shares of the company's stock valued at $1,497,000 after purchasing an additional 61,500 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in Pulmonx by 17.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 408,022 shares of the company's stock valued at $2,770,000 after purchasing an additional 60,489 shares during the last quarter. Institutional investors and hedge funds own 91.04% 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.