Pulmonx (NASDAQ:LUNG) Price Target Lowered to $8.00 at Wells Fargo & Company

Pulmonx (NASDAQ:LUNG) had its price objective reduced by Wells Fargo & Company from $10.00 to $8.00 in a report published on Wednesday morning,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the stock.

LUNG has been the topic of a number of other research reports. Citigroup reaffirmed a “neutral” rating and set a $7.50 price target (down previously from $17.00) on shares of Pulmonx in a research note on Wednesday. Stifel Nicolaus decreased their price target on Pulmonx from $17.00 to $16.00 and set a “buy” rating for the company in a research note on Thursday, October 31st. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $12.75.

Pulmonx Price Performance

NASDAQ:LUNG traded down $0.11 during trading hours on Wednesday, hitting $6.28. 41,564 shares of the stock traded hands, compared to its average volume of 377,347. Pulmonx has a 1 year low of $5.46 and a 1 year high of $14.84. The company has a quick ratio of 6.77, a current ratio of 7.70 and a debt-to-equity ratio of 0.40. The company has a market cap of $247.98 million, a price-to-earnings ratio of -4.35 and a beta of 0.69. The stock has a 50 day moving average price of $6.61 and a 200 day moving average price of $6.91.

Pulmonx (NASDAQ:LUNG) last announced its quarterly earnings results on Wednesday, October 30th. The company reported ($0.36) EPS for the quarter, beating analysts’ consensus estimates of ($0.43) by $0.07. Pulmonx had a negative return on equity of 53.88% and a negative net margin of 72.01%. The company had revenue of $20.39 million during the quarter, compared to analyst estimates of $20.39 million. During the same period in the prior year, the company earned ($0.39) earnings per share. Sell-side analysts forecast that Pulmonx will post -1.53 EPS for the current fiscal year.

Insider Buying and Selling

In other news, General Counsel David Aaron Lehman sold 5,497 shares of the firm’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $6.19, for a total transaction of $34,026.43. Following the sale, the general counsel now directly owns 197,851 shares in the company, valued at $1,224,697.69. This trade represents a 2.70 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Geoffrey Beran Rose sold 4,376 shares of the company’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $6.18, for a total value of $27,043.68. Following the completion of the transaction, the insider now directly owns 291,057 shares of the company’s stock, valued at $1,798,732.26. The trade was a 1.48 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 49,873 shares of company stock worth $324,070 in the last 90 days. Insiders own 5.70% of the company’s stock.

Institutional Investors Weigh In On Pulmonx

A number of hedge funds have recently modified their holdings of the business. Price T Rowe Associates Inc. MD grew its stake in Pulmonx by 4.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 35,720 shares of the company’s stock valued at $332,000 after acquiring an additional 1,633 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Pulmonx by 12.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 157,902 shares of the company’s stock worth $1,001,000 after purchasing an additional 17,740 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its position in shares of Pulmonx by 7.0% in the second quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 1,059,018 shares of the company’s stock valued at $6,714,000 after purchasing an additional 69,595 shares in the last quarter. Victory Capital Management Inc. increased its holdings in shares of Pulmonx by 1.0% in the second quarter. Victory Capital Management Inc. now owns 834,301 shares of the company’s stock valued at $5,289,000 after purchasing an additional 8,004 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its position in Pulmonx by 13.1% during the second quarter. Renaissance Technologies LLC now owns 301,410 shares of the company’s stock worth $1,911,000 after buying an additional 34,800 shares in the last quarter. 91.04% of the stock is currently owned by institutional investors and hedge funds.

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.