Canaccord Genuity Group Cuts Pulmonx (NASDAQ:LUNG) Price Target to $15.00

Pulmonx (NASDAQ:LUNG) had its target price cut by Canaccord Genuity Group from $16.00 to $15.00 in a report released on Thursday morning, Benzinga reports. They currently have a buy rating on the stock.

A number of other brokerages also recently issued reports on LUNG. Wells Fargo & Company reaffirmed an equal weight rating and issued a $14.00 price objective (down from $16.00) on shares of Pulmonx in a research report on Friday, February 23rd. Piper Sandler reaffirmed an overweight rating and set a $17.00 price target on shares of Pulmonx in a research report on Wednesday, April 3rd. Citigroup boosted their price objective on Pulmonx from $16.00 to $17.00 and gave the stock a buy rating in a research report on Friday, February 23rd. Finally, Stifel Nicolaus lifted their target price on Pulmonx from $15.00 to $17.00 and gave the stock a buy rating in a research note on Thursday, February 22nd. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, Pulmonx presently has an average rating of Moderate Buy and an average target price of $16.33.

Pulmonx Stock Up 4.7 %

Shares of NASDAQ:LUNG traded up $0.44 during mid-day trading on Thursday, hitting $9.82. 999,827 shares of the company traded hands, compared to its average volume of 562,070. The stock has a 50-day moving average price of $8.58 and a two-hundred day moving average price of $10.70. Pulmonx has a 12-month low of $7.11 and a 12-month high of $14.84. The stock has a market cap of $378.46 million, a P/E ratio of -6.38 and a beta of 0.66. The company has a current ratio of 6.50, a quick ratio of 5.77 and a debt-to-equity ratio of 0.30.

Pulmonx (NASDAQ:LUNG) last issued its quarterly earnings data on Wednesday, May 1st. The company reported ($0.36) earnings per share for the quarter, beating the consensus estimate of ($0.43) by $0.07. Pulmonx had a negative return on equity of 46.61% and a negative net margin of 80.46%. The business had revenue of $18.85 million for the quarter, compared to analysts’ expectations of $17.54 million. During the same period last year, the business earned ($0.42) EPS. On average, equities research analysts forecast that Pulmonx will post -1.63 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Geoffrey Beran Rose sold 3,097 shares of the business’s stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $9.06, for a total value of $28,058.82. Following the sale, the insider now owns 239,952 shares of the company’s stock, valued at $2,173,965.12. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, insider Geoffrey Beran Rose sold 3,097 shares of Pulmonx stock in a transaction on Friday, March 1st. The stock was sold at an average price of $9.06, for a total value of $28,058.82. Following the completion of the transaction, the insider now directly owns 239,952 shares in the company, valued at $2,173,965.12. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, General Counsel David Aaron Lehman sold 4,351 shares of the stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $9.06, for a total value of $39,420.06. Following the sale, the general counsel now directly owns 145,488 shares in the company, valued at approximately $1,318,121.28. The disclosure for this sale can be found here. Insiders sold 39,032 shares of company stock worth $469,012 over the last quarter. 5.70% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Pulmonx

A number of large investors have recently modified their holdings of the company. Bank of New York Mellon Corp boosted its holdings in Pulmonx by 2.5% in the 3rd quarter. Bank of New York Mellon Corp now owns 159,712 shares of the company’s stock valued at $1,650,000 after purchasing an additional 3,900 shares during the period. New York State Common Retirement Fund raised its position in shares of Pulmonx by 32.7% in the fourth quarter. New York State Common Retirement Fund now owns 17,495 shares of the company’s stock worth $223,000 after buying an additional 4,311 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its stake in Pulmonx by 609.7% during the first quarter. Allspring Global Investments Holdings LLC now owns 8,516 shares of the company’s stock valued at $79,000 after buying an additional 7,316 shares during the period. Quest Partners LLC purchased a new position in Pulmonx during the fourth quarter worth about $94,000. Finally, Strs Ohio bought a new position in Pulmonx in the 3rd quarter worth about $85,000. 91.04% of the stock is currently owned by institutional investors.

Pulmonx Company Profile

Pulmonx Corporation, a commercial-stage medical technology company, provides minimally invasive devices for the treatment of chronic obstructive pulmonary diseases. The company offers Zephyr Endobronchial Valve, a solution for the treatment of patients with hyperinflation associated with severe emphysema; and Chartis Pulmonary Assessment System, a balloon catheter and console system with flow and pressure sensors that are used to assess the presence of collateral ventilation.