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

CVRx (NASDAQ:CVRX) had its price objective hoisted by Lake Street Capital from $12.00 to $15.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Lake Street Capital’s price target indicates a potential upside of 14.33% from the company’s current price.

CVRX has been the topic of several other research reports. Piper Sandler restated an “overweight” rating and issued a $16.00 price objective (up previously from $13.00) on shares of CVRx in a research report on Wednesday. Craig Hallum decreased their target price on CVRx from $23.00 to $15.00 and set a “buy” rating on the stock in a research report on Thursday, July 11th. Cantor Fitzgerald reiterated an “overweight” rating and set a $14.00 target price on shares of CVRx in a research report on Wednesday, October 23rd. Finally, Canaccord Genuity Group increased their target price on CVRx from $15.00 to $17.00 and gave the company a “buy” rating in a research report on Wednesday. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $15.00.

CVRx Price Performance

Shares of NASDAQ:CVRX opened at $13.12 on Wednesday. CVRx has a twelve month low of $6.40 and a twelve month high of $33.13. The company’s 50 day moving average is $9.06 and its 200 day moving average is $9.61. The company has a current ratio of 10.08, a quick ratio of 8.85 and a debt-to-equity ratio of 0.53. The company has a market cap of $285.83 million, a PE ratio of -4.86 and a beta of 1.26.

CVRx (NASDAQ:CVRX) last issued its quarterly earnings results on Tuesday, October 29th. The company reported ($0.57) earnings per share for the quarter, missing the consensus estimate of ($0.45) by ($0.12). CVRx had a negative return on equity of 77.62% and a negative net margin of 122.52%. The business had revenue of $13.37 million during the quarter, compared to analyst estimates of $13.28 million. During the same quarter last year, the company posted ($0.43) EPS. On average, sell-side analysts forecast that CVRx will post -2.56 EPS for the current year.

Insider Buying and Selling at CVRx

In other news, CEO Kevin Hykes bought 30,000 shares of the company’s stock in a transaction on Monday, August 5th. The stock was bought at an average cost of $8.36 per share, with a total value of $250,800.00. Following the transaction, the chief executive officer now directly owns 30,000 shares in the company, valued at $250,800. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders bought a total of 38,500 shares of company stock valued at $322,545 in the last three months. 18.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On CVRx

Several hedge funds and other institutional investors have recently made changes to their positions in CVRX. Silvercrest Asset Management Group LLC lifted its stake in CVRx by 70.7% during the first quarter. Silvercrest Asset Management Group LLC now owns 253,968 shares of the company’s stock worth $4,625,000 after purchasing an additional 105,198 shares during the last quarter. Vanguard Group Inc. lifted its stake in CVRx by 5.6% during the first quarter. Vanguard Group Inc. now owns 594,312 shares of the company’s stock worth $10,822,000 after purchasing an additional 31,720 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in CVRx by 30.7% during the second quarter. Bank of New York Mellon Corp now owns 37,191 shares of the company’s stock worth $446,000 after purchasing an additional 8,741 shares during the last quarter. Dimensional Fund Advisors LP purchased a new stake in CVRx during the second quarter worth approximately $218,000. Finally, SG Americas Securities LLC purchased a new stake in CVRx during the third quarter worth approximately $108,000. Hedge funds and other 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.