Canaccord Genuity Group Forecasts Strong Price Appreciation for CVRx (NASDAQ:CVRX) Stock

CVRx (NASDAQ:CVRX) had its price objective lifted by equities research analysts at Canaccord Genuity Group from $15.00 to $17.00 in a research note issued on Wednesday, Benzinga reports. The firm currently has a “buy” rating on the stock. Canaccord Genuity Group’s target price would indicate a potential upside of 29.57% from the company’s current price.

A number of other analysts have also recently commented on CVRX. Cantor Fitzgerald restated an “overweight” rating and issued a $14.00 price objective on shares of CVRx in a research report on Wednesday, October 23rd. Lake Street Capital reiterated a “buy” rating and issued a $12.00 target price on shares of CVRx in a research note on Monday, August 26th. Craig Hallum cut their target price on shares of CVRx from $23.00 to $15.00 and set a “buy” rating for the company in a research note on Thursday, July 11th. Finally, Piper Sandler restated an “overweight” rating and set a $16.00 price objective (up from $13.00) on shares of CVRx in a research report on Wednesday. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $15.00.

CVRx Trading Down 6.8 %

Shares of CVRx stock opened at $13.12 on Wednesday. The company’s fifty day simple moving average is $9.06 and its 200-day simple moving average is $9.61. The company has a market cap of $285.83 million, a price-to-earnings ratio of -4.86 and a beta of 1.26. The company has a current ratio of 10.08, a quick ratio of 8.85 and a debt-to-equity ratio of 0.53. CVRx has a 1 year low of $6.40 and a 1 year high of $33.13.

CVRx (NASDAQ:CVRX) last announced its earnings results on Tuesday, October 29th. The company reported ($0.57) EPS for the quarter, missing the consensus estimate of ($0.45) by ($0.12). CVRx had a negative return on equity of 77.62% and a negative net margin of 122.52%. The business had revenue of $13.37 million during the quarter, compared to analyst estimates of $13.28 million. During the same period in the previous year, the firm earned ($0.43) earnings per share. As a group, sell-side analysts expect that CVRx will post -2.56 EPS for the current year.

Insiders Place Their Bets

In other CVRx news, CEO Kevin Hykes purchased 30,000 shares of the stock in a transaction dated Monday, August 5th. The shares were bought at an average price of $8.36 per share, with a total value of $250,800.00. Following the completion of the transaction, the chief executive officer now directly owns 30,000 shares in the company, valued at approximately $250,800. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Over the last quarter, insiders have acquired 38,500 shares of company stock valued at $322,545. Insiders own 18.90% of the company’s stock.

Hedge Funds Weigh In On CVRx

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. SG Americas Securities LLC bought a new position in CVRx in the 3rd quarter worth $108,000. Rhumbline Advisers boosted its holdings in shares of CVRx by 28.8% in the second quarter. Rhumbline Advisers now owns 17,260 shares of the company’s stock worth $207,000 after buying an additional 3,863 shares during the last quarter. Dimensional Fund Advisors LP purchased a new position in shares of CVRx in the second quarter worth approximately $218,000. FourWorld Capital Management LLC bought a new stake in CVRx during the 1st quarter worth approximately $374,000. Finally, Bank of New York Mellon Corp raised its stake in CVRx by 30.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 37,191 shares of the company’s stock worth $446,000 after acquiring an additional 8,741 shares during the period. Hedge funds and other institutional investors own 75.27% of the company’s stock.

CVRx Company Profile

CVRx, Inc, a commercial-stage medical device company, focuses on developing, manufacturing, and commercializing neuromodulation solutions for patients with cardiovascular diseases. The company offers Barostim, a neuromodulation device indicated to improve symptoms for patients with heart failure with reduced ejection fraction or systolic heart failure.