Royal Bank of Canada Downgrades Zynex (NASDAQ:ZYXI) to Sector Perform

Zynex (NASDAQ:ZYXI) was downgraded by equities research analysts at Royal Bank of Canada from an “outperform” rating to a “sector perform” rating in a research note issued on Wednesday, MarketBeat Ratings reports. They presently have a $5.50 price target on the stock, down from their previous price target of $11.00. Royal Bank of Canada’s price target indicates a potential upside of 89.66% from the stock’s current price.

A number of other analysts have also recently weighed in on ZYXI. HC Wainwright reaffirmed a “buy” rating and set a $17.00 price objective on shares of Zynex in a research report on Friday, December 6th. LADENBURG THALM/SH SH downgraded Zynex from a “buy” rating to a “neutral” rating in a research note on Wednesday.

Zynex Stock Down 15.0 %

Zynex stock opened at $2.90 on Wednesday. Zynex has a twelve month low of $2.77 and a twelve month high of $13.19. The stock has a 50 day moving average of $7.52 and a two-hundred day moving average of $7.95. The company has a current ratio of 3.94, a quick ratio of 3.15 and a debt-to-equity ratio of 1.66. The stock has a market capitalization of $92.35 million, a price-to-earnings ratio of 19.33 and a beta of 0.81.

Zynex (NASDAQ:ZYXI) last posted its quarterly earnings data on Tuesday, March 11th. The company reported ($0.02) earnings per share for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.11). Zynex had a return on equity of 13.05% and a net margin of 2.49%. The company had revenue of $45.98 million for the quarter, compared to analyst estimates of $53.65 million. During the same period in the previous year, the business posted $0.04 earnings per share. As a group, research analysts expect that Zynex will post 0.2 earnings per share for the current year.

Insider Buying and Selling at Zynex

In other Zynex news, CFO Daniel J. Moorhead sold 10,000 shares of the stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $7.88, for a total transaction of $78,800.00. Following the sale, the chief financial officer now owns 26,299 shares in the company, valued at approximately $207,236.12. This represents a 27.55 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In the last 90 days, insiders have sold 30,000 shares of company stock worth $227,100. 52.13% of the stock is owned by insiders.

Institutional Investors Weigh In On Zynex

Several hedge funds have recently made changes to their positions in the business. Investment Partners Asset Management Inc. boosted its holdings in shares of Zynex by 10.4% during the fourth quarter. Investment Partners Asset Management Inc. now owns 12,942 shares of the company’s stock worth $104,000 after purchasing an additional 1,220 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of Zynex by 3.3% during the third quarter. JPMorgan Chase & Co. now owns 40,985 shares of the company’s stock worth $334,000 after purchasing an additional 1,318 shares during the last quarter. Bank of America Corp DE boosted its holdings in shares of Zynex by 6.2% during the fourth quarter. Bank of America Corp DE now owns 24,114 shares of the company’s stock worth $193,000 after purchasing an additional 1,407 shares during the last quarter. American Century Companies Inc. boosted its holdings in Zynex by 4.4% in the fourth quarter. American Century Companies Inc. now owns 35,696 shares of the company’s stock valued at $286,000 after acquiring an additional 1,516 shares during the last quarter. Finally, Connors Investor Services Inc. boosted its holdings in Zynex by 5.7% in the fourth quarter. Connors Investor Services Inc. now owns 29,858 shares of the company’s stock valued at $239,000 after acquiring an additional 1,608 shares during the last quarter. Institutional investors and hedge funds own 29.68% of the company’s stock.

Zynex Company Profile

Zynex, Inc, together with its subsidiaries, designs, manufactures, and markets medical devices to treat chronic and acute pain; and activate and exercise muscles for rehabilitative purposes with electrical stimulation. The company offers NexWave, a dual channel, multi-modality interferential current, transcutaneous electrical nerve stimulation, and neuromuscular electrical stimulation (NMES) device that is marketed to physicians and therapists by field sales representatives; NeuroMove, an electromyography and electric stimulation technology device; InWave, an electrical stimulation product for the treatment of female urinary incontinence; E-Wave, an NMES device; M-Wave, an NMES device.