Craig Hallum Forecasts Strong Price Appreciation for CVRx (NASDAQ:CVRX) Stock

CVRx (NASDAQ:CVRX) had its target price increased by stock analysts at Craig Hallum from $20.00 to $22.00 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Craig Hallum’s price target would suggest a potential upside of 24.86% from the stock’s previous close.

Several other research analysts have also weighed in on the company. William Blair upgraded CVRx from a “market perform” rating to an “outperform” rating in a report on Tuesday, January 14th. Canaccord Genuity Group boosted their price objective on CVRx from $17.00 to $22.00 and gave the company a “buy” rating in a research report on Monday, December 9th. Lake Street Capital raised their target price on shares of CVRx from $12.00 to $15.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $14.00 price target on shares of CVRx in a report on Wednesday, October 23rd. Finally, Piper Sandler reissued an “overweight” rating and set a $16.00 price objective (up previously from $13.00) on shares of CVRx in a research report on Wednesday, October 30th. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $17.00.

CVRx Stock Performance

Shares of NASDAQ:CVRX opened at $17.62 on Friday. The firm’s 50 day simple moving average is $14.12 and its 200 day simple moving average is $11.13. CVRx has a fifty-two week low of $6.40 and a fifty-two week high of $29.23. The company has a market capitalization of $427.53 million, a price-to-earnings ratio of -6.53 and a beta of 1.26. The company has a debt-to-equity ratio of 0.76, a current ratio of 11.32 and a quick ratio of 10.23.

CVRx (NASDAQ:CVRX) last issued 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). The firm had revenue of $13.37 million during the quarter, compared to the consensus estimate of $13.28 million. CVRx had a negative net margin of 123.75% and a negative return on equity of 89.06%. During the same period in the previous year, the company posted ($0.43) EPS. As a group, sell-side analysts forecast that CVRx will post -2.62 earnings per share for the current year.

Institutional Investors Weigh In On CVRx

Several institutional investors have recently bought and sold shares of the company. Bank of New York Mellon Corp increased its stake in CVRx by 30.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 37,191 shares of the company’s stock valued at $446,000 after buying an additional 8,741 shares during the last quarter. Rhumbline Advisers grew its holdings in shares of CVRx by 28.8% in the 2nd quarter. Rhumbline Advisers now owns 17,260 shares of the company’s stock valued at $207,000 after acquiring an additional 3,863 shares in the last quarter. Dimensional Fund Advisors LP acquired a new stake in shares of CVRx in the second quarter valued at about $218,000. Marshall Wace LLP bought a new stake in CVRx during the second quarter worth about $495,000. Finally, Squarepoint Ops LLC boosted its position in CVRx by 26.3% during the second quarter. Squarepoint Ops LLC now owns 91,999 shares of the company’s stock valued at $1,103,000 after purchasing an additional 19,165 shares during the last quarter. Institutional investors own 75.27% of the company’s stock.

About CVRx

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.