CVRx, Inc. (NASDAQ:CVRX) Receives $13.60 Average Target Price from Brokerages

CVRx, Inc. (NASDAQ:CVRX) has been assigned a consensus recommendation of “Moderate Buy” from the six research firms that are covering the company, MarketBeat.com reports. Two research analysts have rated the stock with a hold rating and four have issued a buy rating on the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $13.60.

CVRX has been the subject of a number of recent research reports. Lake Street Capital reissued a “buy” rating and set a $12.00 price target on shares of CVRx in a research report on Monday, August 26th. Canaccord Genuity Group lifted their target price on shares of CVRx from $14.00 to $15.00 and gave the company a “buy” rating in a report on Tuesday, July 30th. Craig Hallum cut their price target on CVRx from $23.00 to $15.00 and set a “buy” rating on the stock in a research note on Thursday, July 11th. Finally, Piper Sandler lowered their price objective on CVRx from $15.00 to $13.00 and set an “overweight” rating for the company in a research note on Tuesday, July 30th.

Insider Activity

In other news, CEO Kevin Hykes acquired 30,000 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The stock was bought at an average cost of $8.36 per share, for a total transaction of $250,800.00. Following the acquisition, the chief executive officer now directly owns 30,000 shares in the company, valued at $250,800. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders have bought a total of 38,500 shares of company stock worth $322,545 over the last 90 days. 18.90% of the stock is currently owned by insiders.

Hedge Funds Weigh In On CVRx

A number of hedge funds have recently bought and sold shares of CVRX. Federated Hermes Inc. purchased a new position in shares of CVRx during the 4th quarter valued at $102,000. Trexquant Investment LP bought a new position in CVRx in the 4th quarter worth approximately $426,000. Jump Financial LLC purchased a new stake in CVRx during the 4th quarter valued at approximately $499,000. Rhumbline Advisers raised its position in shares of CVRx by 28.8% during the second quarter. Rhumbline Advisers now owns 17,260 shares of the company’s stock valued at $207,000 after buying an additional 3,863 shares during the last quarter. Finally, Dimensional Fund Advisors LP purchased a new position in shares of CVRx in the second quarter worth $218,000. Hedge funds and other institutional investors own 75.27% of the company’s stock.

CVRx Price Performance

CVRX stock opened at $8.42 on Tuesday. The firm has a 50-day moving average of $9.36 and a 200 day moving average of $12.46. The company has a debt-to-equity ratio of 0.53, a current ratio of 10.08 and a quick ratio of 8.85. The company has a market cap of $181.84 million, a P/E ratio of -3.41 and a beta of 1.27. CVRx has a 1 year low of $6.40 and a 1 year high of $33.13.

CVRx (NASDAQ:CVRX) last released its earnings results on Monday, July 29th. The company reported ($0.65) EPS for the quarter, missing analysts’ consensus estimates of ($0.51) by ($0.14). The firm had revenue of $11.81 million during the quarter, compared to analysts’ expectations of $11.84 million. CVRx had a negative net margin of 122.52% and a negative return on equity of 77.62%. During the same quarter in the previous year, the business earned ($0.56) EPS. On average, sell-side analysts forecast that CVRx will post -2.57 EPS for the current 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.