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

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 lowered shares of Pulmonx (NASDAQ:LUNG - Free Report) from an overweight rating to a neutral rating in a research note published on Thursday, MarketBeat Ratings reports. The brokerage currently has $2.50 price target on the stock, down from their prior price target of $9.00.

A number of other analysts also recently weighed in on LUNG. D. Boral Capital restated a "buy" rating and issued a $17.00 price objective on shares of Pulmonx in a report on Thursday, May 1st. Citigroup dropped their price objective on Pulmonx from $6.50 to $4.15 and set a "neutral" rating on the stock in a research note on Thursday, May 22nd. Finally, Canaccord Genuity Group reduced their target price 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. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $7.66.

Pulmonx Stock Up 5.3%

NASDAQ:LUNG traded up $0.09 during trading hours on Thursday, reaching $1.70. 1,120,380 shares of the stock were exchanged, compared to its average volume of 407,836. The firm has a 50 day moving average of $2.91 and a 200 day moving average of $4.94. Pulmonx has a twelve month low of $1.59 and a twelve month high of $9.37. The company has a debt-to-equity ratio of 0.38, a current ratio of 4.97 and a quick ratio of 4.29. The stock has a market cap of $68.24 million, a PE ratio of -1.18 and a beta of 0.43.

Pulmonx (NASDAQ:LUNG - Get Free Report) last released 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. Pulmonx had a negative return on equity of 66.36% and a negative net margin of 62.88%. The business had revenue of $23.86 million during the quarter, compared to analysts' expectations of $23.46 million. On average, equities analysts expect that Pulmonx will post -1.55 earnings per share for the current year.

Insider Transactions at Pulmonx

In other Pulmonx news, CFO Mehul Joshi sold 8,061 shares of the business's stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $3.13, for a total value of $25,230.93. Following the transaction, the chief financial officer directly owned 213,925 shares in the company, valued at $669,585.25. The trade was a 3.63% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, General Counsel David Aaron Lehman sold 10,457 shares of the company's 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 $32,730.41. Following the completion of the transaction, the general counsel owned 273,039 shares in the company, valued at $854,612.07. This represents a 3.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 43,388 shares of company stock worth $136,044 in the last ninety days. Company insiders own 6.80% of the company's stock.

Hedge Funds Weigh In On Pulmonx

Large investors have recently modified their holdings of the business. American Century Companies Inc. raised its holdings in shares of Pulmonx by 8.8% in the 4th quarter. American Century Companies Inc. now owns 34,738 shares of the company's stock valued at $236,000 after purchasing an additional 2,810 shares in the last quarter. Norges Bank acquired a new stake in Pulmonx in the fourth quarter valued at $1,027,000. Geode Capital Management LLC boosted its holdings in shares of Pulmonx by 1.1% during the fourth quarter. Geode Capital Management LLC now owns 902,240 shares of the company's stock worth $6,128,000 after purchasing an additional 9,454 shares during the last quarter. Trexquant Investment LP boosted its holdings in Pulmonx by 510.1% in the fourth quarter. Trexquant Investment LP now owns 93,700 shares of the company's stock valued at $636,000 after acquiring an additional 78,343 shares during the last quarter. Finally, Wells Fargo & Company MN lifted its position in Pulmonx by 48.7% during the fourth quarter. Wells Fargo & Company MN now owns 18,418 shares of the company's stock valued at $125,000 after buying an additional 6,033 shares in the last quarter. Institutional investors and hedge funds 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.