Pulmonx (NASDAQ:LUNG) Downgraded by Wall Street Zen to Sell

Key Points

• Pulmonx's stock rating has been downgraded from "hold" to "sell" by Wall Street Zen, with the average price target now at $7.66.
• Various analysts have adjusted their price objectives, with Lake Street Capital lowering theirs from $12.00 to $8.00 and Citigroup from $6.50 to $4.15.
• Pulmonx shares opened at $1.61, down 12.5%, and the company reported a loss of $0.38 EPS in its latest quarter, surpassing analyst estimates of a loss of $0.40.

Wall Street Zen cut shares of Pulmonx (NASDAQ:LUNG - Free Report) from a hold rating to a sell rating in a research note published on Saturday morning.

Other research analysts have also recently issued research reports about the company. Wells Fargo & Company dropped their price target on Pulmonx from $6.00 to $3.00 and set an "equal weight" rating on the stock in a research report on Friday, August 1st. Lake Street Capital dropped their price objective on Pulmonx from $12.00 to $8.00 and set a "buy" rating on the stock in a report on Thursday, July 31st. D. Boral Capital decreased their target price on Pulmonx from $17.00 to $16.00 and set a "buy" rating on the stock in a research note on Thursday, July 31st. Piper Sandler lowered Pulmonx from an "overweight" rating to a "neutral" rating and decreased their target price for the stock from $9.00 to $2.50 in a research note on Thursday, July 31st. Finally, Canaccord Genuity Group dropped their price objective on 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 assigned a hold rating and five have given a buy rating to the stock. According to MarketBeat, Pulmonx has a consensus rating of "Hold" and a consensus target price of $7.66.

Pulmonx Stock Up 2.1%

Shares of NASDAQ LUNG traded up $0.03 during midday trading on Friday, hitting $1.67. 454,326 shares of the stock traded hands, compared to its average volume of 419,790. The company has a market cap of $68.22 million, a PE ratio of -1.19 and a beta of 0.43. Pulmonx has a one year low of $1.57 and a one year high of $9.37. The business has a 50 day moving average price of $2.86 and a two-hundred day moving average price of $4.88. The company has a debt-to-equity ratio of 0.54, a quick ratio of 4.29 and a current ratio of 5.35.

Pulmonx (NASDAQ:LUNG - Get Free Report) last posted its quarterly earnings data 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 69.76% and a negative net margin of 62.88%. The business had revenue of $23.86 million for the quarter, compared to analysts' expectations of $23.46 million. On average, equities analysts predict that Pulmonx will post -1.55 EPS for the current year.

Insider Buying and Selling

In related news, CFO Mehul Joshi sold 8,061 shares of Pulmonx stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $3.13, for a total value of $25,230.93. Following the sale, the chief financial officer directly owned 213,925 shares in the company, valued at approximately $669,585.25. The trade was a 3.63% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, General Counsel David Aaron Lehman sold 10,457 shares of the business's stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $3.13, for a total value of $32,730.41. Following the transaction, the general counsel owned 273,039 shares in the company, valued at approximately $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 a total of 43,388 shares of company stock worth $136,044 over the last three months. Corporate insiders own 6.80% of the company's stock.

Institutional Trading of Pulmonx

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