Lake Street Capital Issues Pessimistic Forecast for CVRx (NASDAQ:CVRX) Stock Price

CVRx (NASDAQ:CVRX) had its target price dropped by stock analysts at Lake Street Capital from $3.50 to $1.50 in a report issued on Friday, Benzinga reports. The brokerage presently has a “hold” rating on the stock. Lake Street Capital‘s target price would indicate a potential upside of 72.67% from the company’s current price.

CVRX has been the subject of a number of other reports. Craig Hallum cut CVRx from a “buy” rating to a “hold” rating and set a $4.00 price objective for the company. in a research note on Friday, August 7th. Weiss Ratings reissued a “sell (e+)” rating on shares of CVRx in a research note on Friday, October 30th. Piper Sandler cut CVRx from an “overweight” rating to a “neutral” rating and set a $4.00 target price for the company. in a report on Friday, August 7th. Wall Street Zen downgraded CVRx from a “hold” rating to a “sell” rating in a research report on Saturday. Finally, Canaccord Genuity Group lowered shares of CVRx from a “buy” rating to a “hold” rating and cut their price target for the stock from $5.00 to $2.00 in a research note on Friday. One research analyst has rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, CVRx presently has a consensus rating of “Hold” and an average price target of $3.30.

CVRx Price Performance

Shares of CVRX opened at $0.87 on Friday. The firm has a 50-day simple moving average of $2.08 and a two-hundred day simple moving average of $5.16. The stock has a market cap of $23.14 million, a PE ratio of -0.43 and a beta of 0.81. CVRx has a 1-year low of $0.77 and a 1-year high of $10.28. The company has a debt-to-equity ratio of 4.24, a current ratio of 6.80 and a quick ratio of 5.71.

CVRx (NASDAQ:CVRX) last issued its quarterly earnings data on Thursday, November 5th. The company reported ($0.52) EPS for the quarter, missing the consensus estimate of ($0.50) by ($0.02). The company had revenue of $13.83 million during the quarter, compared to analyst estimates of $13.93 million. CVRx had a negative return on equity of 208.45% and a negative net margin of 88.28%. As a group, analysts forecast that CVRx will post -2.00 EPS for the current year.

Insider Transactions at CVRx

In other news, COO Brent Binkowski purchased 26,223 shares of the firm’s stock in a transaction that occurred on Thursday, August 13th. The stock was bought at an average price of $2.91 per share, for a total transaction of $76,308.93. Following the completion of the purchase, the chief operating officer directly owned 56,514 shares of the company’s stock, valued at $164,455.74. The trade was a 86.57% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 16.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On CVRx

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Deutsche Bank AG acquired a new position in shares of CVRx during the 2nd quarter worth about $62,000. Renaissance Technologies LLC acquired a new stake in shares of CVRx during the 1st quarter worth about $183,000. Bank of America Corp DE acquired a new stake in shares of CVRx during the 2nd quarter worth about $102,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in CVRx during the second quarter worth approximately $107,000. Finally, Bank of New York Mellon Corp lifted its stake in CVRx by 7.4% during the first quarter. Bank of New York Mellon Corp now owns 38,542 shares of the company’s stock worth $365,000 after purchasing an additional 2,649 shares during the last quarter. 75.27% of the stock is currently owned by institutional investors and hedge funds.

About CVRx

CVRx, Inc (NASDAQ: CVRX) is a medical device company focused on developing and commercializing neuromodulation therapies for patients with cardiovascular diseases. The company’s technology is designed to activate the body’s natural nervous system pathways to help regulate cardiovascular function.

CVRx’s primary product is the Barostim system, an implantable device that delivers electrical stimulation to baroreceptors located near the carotid arteries. By influencing signals between the cardiovascular system and the brain, Barostim is intended to reduce excessive sympathetic nervous system activity and improve symptoms and function in certain patients with heart failure.