Geode Capital Management LLC Grows Position in CVRx, Inc. (NASDAQ:CVRX)

Geode Capital Management LLC raised its position in CVRx, Inc. (NASDAQ:CVRX) by 2.2% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 295,124 shares of the company’s stock after buying an additional 6,443 shares during the quarter. Geode Capital Management LLC owned approximately 1.22% of CVRx worth $2,600,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. Rhumbline Advisers increased its stake in CVRx by 28.8% in the second quarter. Rhumbline Advisers now owns 17,260 shares of the company’s stock valued at $207,000 after purchasing an additional 3,863 shares during the period. Jane Street Group LLC grew its holdings in shares of CVRx by 36.1% during the third quarter. Jane Street Group LLC now owns 19,038 shares of the company’s stock worth $168,000 after buying an additional 5,053 shares during the last quarter. Bank of New York Mellon Corp increased its position 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 acquiring an additional 8,741 shares during the period. SG Americas Securities LLC purchased a new stake in CVRx during the 3rd quarter valued at approximately $108,000. Finally, Barclays PLC lifted its position in CVRx by 312.5% during the 3rd quarter. Barclays PLC now owns 19,067 shares of the company’s stock worth $169,000 after acquiring an additional 14,445 shares during the period. 75.27% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. Craig Hallum boosted their target price on CVRx from $15.00 to $20.00 and gave the company a “buy” rating in a report on Monday, November 4th. Lake Street Capital upped their price objective on shares of CVRx from $12.00 to $15.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Piper Sandler reaffirmed an “overweight” rating and issued a $16.00 target price (up previously from $13.00) on shares of CVRx in a report on Wednesday, October 30th. Cantor Fitzgerald reissued an “overweight” rating and set a $14.00 target price on shares of CVRx in a research note on Wednesday, October 23rd. Finally, Canaccord Genuity Group lifted their price target on CVRx from $17.00 to $22.00 and gave the company a “buy” rating in a research note on Monday, December 9th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $16.67.

CVRx Stock Performance

NASDAQ CVRX opened at $14.19 on Wednesday. The business has a 50 day moving average price of $13.96 and a 200 day moving average price of $10.88. The company has a market capitalization of $344.31 million, a P/E ratio of -5.26 and a beta of 1.26. CVRx, Inc. has a 1-year low of $6.40 and a 1-year high of $30.38. 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 announced its quarterly earnings results on Tuesday, October 29th. The company reported ($0.57) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.45) by ($0.12). CVRx had a negative net margin of 123.75% and a negative return on equity of 89.06%. The firm had revenue of $13.37 million during the quarter, compared to analysts’ expectations of $13.28 million. During the same quarter in the prior year, the business earned ($0.43) EPS. Sell-side analysts expect that CVRx, Inc. will post -2.62 EPS for the current fiscal year.

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.