Sonendo (NYSE:SONX) Issues Earnings Results, Misses Expectations By $0.02 EPS

Sonendo (NYSE:SONXGet Rating) issued its quarterly earnings data on Tuesday. The company reported ($0.59) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.57) by ($0.02), MarketWatch Earnings reports. Sonendo updated its FY 2022 guidance to EPS.

Shares of SONX stock traded up $0.10 on Wednesday, reaching $2.80. The stock had a trading volume of 100 shares, compared to its average volume of 135,113. The stock’s 50-day moving average price is $3.70. Sonendo has a 12 month low of $2.52 and a 12 month high of $12.24. The company has a debt-to-equity ratio of 0.37, a quick ratio of 6.19 and a current ratio of 6.75.

A number of hedge funds and other institutional investors have recently bought and sold shares of SONX. Norges Bank purchased a new position in Sonendo in the fourth quarter valued at approximately $2,026,000. Marshall Wace LLP bought a new position in shares of Sonendo in the fourth quarter worth approximately $1,422,000. Goldman Sachs Group Inc. bought a new stake in shares of Sonendo during the 4th quarter valued at about $1,043,000. Woodline Partners LP purchased a new position in shares of Sonendo during the 4th quarter valued at about $936,000. Finally, Parametric Portfolio Associates LLC purchased a new position in shares of Sonendo in the fourth quarter worth $473,000. Institutional investors and hedge funds own 80.42% of the company’s stock.

Several research analysts recently commented on SONX shares. Zacks Investment Research cut Sonendo from a “buy” rating to a “hold” rating in a research report on Thursday, February 10th. Morgan Stanley began coverage on Sonendo in a research report on Monday, January 31st. They set an “equal weight” rating and a $6.90 price target for the company. The Goldman Sachs Group reduced their target price on shares of Sonendo from $30.00 to $10.00 and set a “buy” rating on the stock in a research report on Thursday, March 24th. Finally, Piper Sandler decreased their target price on shares of Sonendo from $12.00 to $7.00 in a research report on Wednesday. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, Sonendo has an average rating of “Buy” and a consensus target price of $10.32.

Sonendo Company Profile (Get Rating)

Sonendo, Inc, a commercial-stage medical technology company, develops, manufactures, and commercializes devices for root canal therapy in the United States and Canada. It provides GentleWave, a tooth decay treatment device for cleaning and disinfecting the microscopic spaces within teeth without the need to remove tooth structure.

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