Cardiovascular Systems (CSII) Cut to Hold at Zacks Investment Research

Cardiovascular Systems (NASDAQ:CSII) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Monday.

According to Zacks, “Cardiovascular Systems exited second-quarter fiscal 2018 on a solid note with year-over-year increase in revenues at both CAD and PAD businesses. Also, the expansion is gross margin was impressive. Moreover, the company is putting efforts in product innovation through R&D investments. The market is also looking forward to the recently-launched coronary device in Japan, reflecting the company’s focus on international expansion. On the flip side, Cardiovascular Systems faces cutthroat competition in the niche space. Coming to profitability, Cardio Vascular incurred net loss in the recently-reported second quarter. In fact, the company has a long history of net losses since inception. Also, the lowered revenue guidance for fiscal 2018 is discouraging. Over the past year, Cardiovascular Systems has been trading below the broader industry.”

Several other analysts also recently weighed in on CSII. Needham & Company LLC reiterated a “buy” rating and issued a $36.00 price objective (down previously from $37.00) on shares of Cardiovascular Systems in a research report on Thursday, October 26th. Raymond James Financial reiterated a “hold” rating on shares of Cardiovascular Systems in a research report on Monday, December 4th. William Blair reiterated a “market perform” rating on shares of Cardiovascular Systems in a research report on Thursday, December 21st. BidaskClub downgraded Cardiovascular Systems from a “sell” rating to a “strong sell” rating in a report on Wednesday, December 27th. Finally, ValuEngine downgraded Cardiovascular Systems from a “hold” rating to a “sell” rating in a report on Friday, February 2nd. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $27.00.

Shares of Cardiovascular Systems (CSII) traded down $0.60 on Monday, reaching $22.40. The company’s stock had a trading volume of 788,500 shares, compared to its average volume of 292,395. The stock has a market capitalization of $744.09, a price-to-earnings ratio of -223.98 and a beta of 2.32. The company has a debt-to-equity ratio of 0.18, a quick ratio of 3.83 and a current ratio of 4.30. Cardiovascular Systems has a 1-year low of $21.03 and a 1-year high of $33.11.

Cardiovascular Systems (NASDAQ:CSII) last announced its quarterly earnings data on Wednesday, February 7th. The medical device company reported ($0.01) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.04) by $0.03. Cardiovascular Systems had a negative return on equity of 0.51% and a negative net margin of 1.62%. The firm had revenue of $52.63 million during the quarter, compared to the consensus estimate of $53.39 million. During the same quarter in the previous year, the company posted $0.03 earnings per share. The business’s revenue was up 5.2% on a year-over-year basis. equities research analysts anticipate that Cardiovascular Systems will post -0.07 EPS for the current year.

Several institutional investors have recently made changes to their positions in CSII. The Manufacturers Life Insurance Company raised its holdings in Cardiovascular Systems by 1.2% in the second quarter. The Manufacturers Life Insurance Company now owns 25,114 shares of the medical device company’s stock worth $809,000 after purchasing an additional 299 shares in the last quarter. UBS Asset Management Americas Inc. raised its holdings in Cardiovascular Systems by 9.5% in the second quarter. UBS Asset Management Americas Inc. now owns 9,193 shares of the medical device company’s stock worth $296,000 after purchasing an additional 800 shares in the last quarter. Voya Investment Management LLC raised its holdings in Cardiovascular Systems by 7.7% in the second quarter. Voya Investment Management LLC now owns 15,836 shares of the medical device company’s stock worth $510,000 after purchasing an additional 1,127 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in Cardiovascular Systems by 34.5% in the second quarter. JPMorgan Chase & Co. now owns 8,239 shares of the medical device company’s stock worth $265,000 after purchasing an additional 2,115 shares in the last quarter. Finally, Wells Fargo & Company MN raised its holdings in Cardiovascular Systems by 8.4% in the third quarter. Wells Fargo & Company MN now owns 47,253 shares of the medical device company’s stock worth $1,330,000 after purchasing an additional 3,648 shares in the last quarter. Institutional investors own 74.22% of the company’s stock.

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About Cardiovascular Systems

Cardiovascular Systems, Inc is a medical technology company. The Company is engaged in treating patients suffering from peripheral and coronary artery diseases, including those with arterial calcium. The Company develops an orbital atherectomy technology for both peripheral and coronary commercial applications.

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