Zacks Investment Research Upgrades Pulmonx (NASDAQ:LUNG) to Hold

Pulmonx (NASDAQ:LUNGGet Rating) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Saturday, Zacks.com reports.

According to Zacks, “Pulmonx Corporation is a medical technology company. It designs, develops, manufactures and markets minimally invasive medical devices for the diagnosis and treatment of chronic obstructive pulmonary diseases. Pulmonx Corporation is based in Redwood City, California. “

A number of other research firms also recently issued reports on LUNG. Canaccord Genuity Group decreased their target price on Pulmonx from $53.00 to $34.00 and set a “buy” rating for the company in a research report on Monday, February 28th. Morgan Stanley decreased their target price on Pulmonx from $37.00 to $30.00 and set an “equal weight” rating for the company in a research report on Friday, February 25th. Bank of America initiated coverage on Pulmonx in a report on Wednesday, March 2nd. They issued a “neutral” rating and a $28.00 price target for the company. Finally, Wells Fargo & Company cut their price target on Pulmonx from $55.00 to $27.00 and set an “equal weight” rating for the company in a report on Thursday, February 24th. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $36.71.

Shares of LUNG opened at $27.26 on Friday. The company has a current ratio of 11.85, a quick ratio of 10.92 and a debt-to-equity ratio of 0.09. The company has a market capitalization of $1.01 billion, a price-to-earnings ratio of -20.81 and a beta of 2.25. The stock has a 50 day moving average of $25.19 and a 200 day moving average of $30.88. Pulmonx has a 12 month low of $18.49 and a 12 month high of $48.77.

Pulmonx (NASDAQ:LUNGGet Rating) last released its earnings results on Wednesday, February 23rd. The company reported ($0.35) earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of ($0.35). Pulmonx had a negative return on equity of 23.15% and a negative net margin of 98.33%. The business had revenue of $13.71 million during the quarter, compared to the consensus estimate of $14.24 million. During the same period last year, the business posted ($0.27) earnings per share. The business’s revenue for the quarter was up 39.5% on a year-over-year basis. As a group, equities research analysts predict that Pulmonx will post -1.54 earnings per share for the current year.

In related news, CEO Glendon E. French III sold 12,500 shares of Pulmonx stock in a transaction on Thursday, February 17th. The stock was sold at an average price of $27.22, for a total transaction of $340,250.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Glendon E. French III sold 1,132 shares of Pulmonx stock in a transaction on Tuesday, March 1st. The shares were sold at an average price of $25.91, for a total value of $29,330.12. The disclosure for this sale can be found here. Insiders sold 26,590 shares of company stock valued at $706,197 over the last ninety days. Corporate insiders own 12.56% of the company’s stock.

A number of hedge funds have recently modified their holdings of LUNG. Morgan Stanley lifted its stake in Pulmonx by 46.1% during the second quarter. Morgan Stanley now owns 65,036 shares of the company’s stock worth $2,870,000 after purchasing an additional 20,533 shares during the last quarter. Royal Bank of Canada lifted its stake in Pulmonx by 113.1% during the second quarter. Royal Bank of Canada now owns 1,839 shares of the company’s stock worth $81,000 after purchasing an additional 976 shares during the last quarter. Parametric Portfolio Associates LLC lifted its stake in Pulmonx by 37.0% during the second quarter. Parametric Portfolio Associates LLC now owns 12,529 shares of the company’s stock worth $553,000 after purchasing an additional 3,385 shares during the last quarter. SG Americas Securities LLC bought a new stake in Pulmonx during the third quarter worth about $346,000. Finally, Cambridge Investment Research Advisors Inc. bought a new stake in Pulmonx during the third quarter worth about $556,000. 90.30% of the stock is owned by hedge funds and other institutional investors.

Pulmonx Company Profile (Get Rating)

Pulmonx Corporation, a medical technology company, provides minimally invasive devices for the treatment of chronic obstructive pulmonary diseases. It offers Zephyr Endobronchial Valve, a solution for the treatment of bronchoscopic in adult 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.

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