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

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

CVRx Price Performance

CVRX stock 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 company has a current ratio of 10.08, a quick ratio of 8.85 and a debt-to-equity ratio of 0.53. CVRx has a 52 week low of $6.40 and a 52 week high of $33.13. The firm has a market capitalization of $306.53 million, a P/E ratio of -5.21 and a beta of 1.26. The firm has a fifty day simple moving average of $8.96 and a 200 day simple moving average of $9.58.

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

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Lake Street Capital raised their target price on shares of CVRx from $12.00 to $15.00 and gave the stock a “buy” rating in a research note on Wednesday. Craig Hallum cut their target price on shares of CVRx from $23.00 to $15.00 and set a “buy” rating for the company in a research note on Thursday, July 11th. Piper Sandler restated an “overweight” rating and set a $16.00 target price (up previously from $13.00) on shares of CVRx in a research note on Wednesday. Canaccord Genuity Group raised their target price on shares of CVRx from $15.00 to $17.00 and gave the stock a “buy” rating in a research note on Wednesday. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $14.00 price target on shares of CVRx in a research report on Wednesday, October 23rd. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $15.00.

Insider Transactions at CVRx

In other CVRx news, CEO Kevin Hykes purchased 30,000 shares of the stock in a transaction dated Monday, August 5th. The stock was bought at an average price of $8.36 per share, for a total transaction 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 purchase was disclosed in a filing with the SEC, which is available at the SEC website. Insiders acquired a total of 38,500 shares of company stock worth $322,545 in the last quarter. 18.90% of the stock is owned by company insiders.

Institutional Investors Weigh In On CVRx

Several hedge funds have recently added to or reduced their stakes in the business. International Assets Investment Management LLC acquired a new position in shares of CVRx in the 3rd quarter worth approximately $338,000. SG Americas Securities LLC acquired a new position in shares of CVRx in the 3rd quarter worth approximately $108,000. Squarepoint Ops LLC lifted its position in shares of CVRx by 26.3% in the 2nd quarter. Squarepoint Ops LLC now owns 91,999 shares of the company’s stock worth $1,103,000 after purchasing an additional 19,165 shares during the period. Marshall Wace LLP acquired a new position in shares of CVRx in the 2nd quarter worth approximately $495,000. Finally, Dimensional Fund Advisors LP acquired a new position in shares of CVRx during the 2nd quarter valued at $218,000. 75.27% of the stock is currently owned by institutional investors and hedge funds.

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.