Canaccord Genuity Group Has Lowered Expectations for Pulmonx (NASDAQ:LUNG) Stock Price

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

A number of other research analysts also recently issued reports on LUNG. Piper Sandler reiterated an “overweight” rating and set a $9.00 price objective (down from $10.00) on shares of Pulmonx in a research note on Thursday. Citigroup started coverage on shares of Pulmonx in a research note on Monday, March 10th. They issued a “buy” rating for the company. Jefferies Financial Group assumed coverage on shares of Pulmonx in a research note on Monday, March 10th. They set a “buy” rating on the stock. D. Boral Capital reiterated a “buy” rating and issued a $17.00 price target on shares of Pulmonx in a research note on Thursday. Finally, Morgan Stanley started coverage on Pulmonx in a research report on Monday, March 10th. They issued an “equal weight” rating on the stock. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, Pulmonx has an average rating of “Moderate Buy” and an average target price of $12.07.

Pulmonx Price Performance

LUNG opened at $3.77 on Thursday. Pulmonx has a 1-year low of $3.61 and a 1-year high of $10.01. The firm’s 50 day simple moving average is $6.43 and its two-hundred day simple moving average is $6.53. The company has a current ratio of 7.70, a quick ratio of 6.77 and a debt-to-equity ratio of 0.40. The company has a market capitalization of $151.73 million, a PE ratio of -2.62 and a beta of 0.61.

Pulmonx (NASDAQ:LUNG) last released its earnings results on Wednesday, May 7th. The company reported ($0.36) earnings per share for the quarter, beating the consensus estimate of ($0.37) by $0.01. The company had revenue of $22.54 million for the quarter, compared to the consensus estimate of $22.03 million. Pulmonx had a negative return on equity of 55.36% and a negative net margin of 67.31%. As a group, equities analysts forecast that Pulmonx will post -1.55 EPS for the current year.

Insiders Place Their Bets

In other Pulmonx news, CEO Steven S. Williamson sold 27,689 shares of the business’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $7.14, for a total transaction of $197,699.46. Following the completion of the transaction, the chief executive officer now owns 194,342 shares in the company, valued at $1,387,601.88. The trade was a 12.47 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Glendon E. French III sold 20,000 shares of the stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $7.85, for a total value of $157,000.00. Following the completion of the sale, the director now owns 991,974 shares in the company, valued at approximately $7,786,995.90. The trade was a 1.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 145,660 shares of company stock valued at $1,128,484 in the last three months. Corporate insiders own 6.80% of the company’s stock.

Institutional Trading of Pulmonx

A number of large investors have recently made changes to their positions in the stock. BNP Paribas Financial Markets bought a new stake in Pulmonx during the 4th quarter valued at about $43,000. R Squared Ltd purchased a new position in shares of Pulmonx during the fourth quarter worth approximately $46,000. ProShare Advisors LLC bought a new stake in shares of Pulmonx during the fourth quarter valued at approximately $72,000. Stifel Financial Corp purchased a new stake in shares of Pulmonx in the fourth quarter valued at approximately $81,000. Finally, Vontobel Holding Ltd. bought a new position in Pulmonx in the first quarter worth approximately $82,000. 91.04% of the stock is owned by hedge funds and other 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.