Short Interest in CVRx, Inc. (NASDAQ:CVRX) Grows By 20.6%

CVRx, Inc. (NASDAQ:CVRX) was the target of a large growth in short interest in October. As of October 15th, there was short interest totalling 2,400,000 shares, a growth of 20.6% from the September 30th total of 1,990,000 shares. Based on an average daily volume of 299,300 shares, the days-to-cover ratio is currently 8.0 days. Approximately 19.8% of the company’s stock are short sold.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Canaccord Genuity Group boosted their price target on shares of CVRx from $15.00 to $17.00 and gave the stock a “buy” rating in a report on Wednesday. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $14.00 price objective on shares of CVRx in a report on Wednesday, October 23rd. Lake Street Capital upped their price objective on shares of CVRx from $12.00 to $15.00 and gave the company a “buy” rating in a report on Wednesday. Craig Hallum dropped their price objective on shares of CVRx from $23.00 to $15.00 and set a “buy” rating on the stock in a report on Thursday, July 11th. Finally, Piper Sandler reissued an “overweight” rating and issued a $16.00 price target (up from $13.00) on shares of CVRx in a report on Wednesday. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, CVRx presently has a consensus rating of “Moderate Buy” and an average price target of $15.00.

Insider Buying and Selling at CVRx

In other news, CEO Kevin Hykes bought 30,000 shares of CVRx stock in a transaction dated Monday, August 5th. The stock was purchased at an average price of $8.36 per share, for a total transaction of $250,800.00. Following the purchase, the chief executive officer now directly owns 30,000 shares in the company, valued at $250,800. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last 90 days, insiders acquired 38,500 shares of company stock worth $322,545. 18.90% of the stock is owned by corporate insiders.

Institutional Trading of CVRx

Institutional investors have recently modified their holdings of the company. SG Americas Securities LLC bought a new position in CVRx in the third quarter worth about $108,000. Rhumbline Advisers raised its stake in CVRx by 28.8% in the second quarter. Rhumbline Advisers now owns 17,260 shares of the company’s stock worth $207,000 after buying an additional 3,863 shares in the last quarter. Dimensional Fund Advisors LP bought a new position in shares of CVRx during the second quarter valued at approximately $218,000. International Assets Investment Management LLC bought a new position in shares of CVRx during the third quarter valued at approximately $338,000. Finally, FourWorld Capital Management LLC bought a new position in shares of CVRx during the first quarter valued at approximately $374,000. 75.27% of the stock is currently owned by hedge funds and other institutional investors.

CVRx Trading Up 31.0 %

Shares of NASDAQ CVRX traded up $3.33 during mid-day trading on Wednesday, hitting $14.07. The stock had a trading volume of 1,332,835 shares, compared to its average volume of 271,500. The business has a 50 day moving average price of $8.96 and a two-hundred day moving average price of $9.58. CVRx has a 1 year low of $6.40 and a 1 year high of $33.13. The company has a debt-to-equity ratio of 0.53, a quick ratio of 8.85 and a current ratio of 10.08. The firm has a market cap of $306.53 million, a P/E ratio of -5.21 and a beta of 1.26.

CVRx (NASDAQ:CVRX) last posted its 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). The firm had revenue of $13.37 million for the quarter, compared to analysts’ expectations of $13.28 million. CVRx had a negative return on equity of 77.62% and a negative net margin of 122.52%. During the same quarter in the prior year, the company posted ($0.43) earnings per share. On average, equities analysts anticipate that CVRx will post -2.56 EPS for the current fiscal year.

CVRx Company Profile

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.