Sonendo, Inc. (NYSE:SONX) Short Interest Update

Sonendo, Inc. (NYSE:SONXGet Rating) was the recipient of a large decline in short interest in May. As of May 15th, there was short interest totalling 336,100 shares, a decline of 25.0% from the April 30th total of 448,200 shares. Approximately 2.8% of the company’s stock are short sold. Based on an average trading volume of 145,800 shares, the short-interest ratio is currently 2.3 days.

SONX has been the subject of several research analyst reports. The Goldman Sachs Group reduced their target price on Sonendo from $30.00 to $10.00 and set a “buy” rating for the company in a research note on Thursday, March 24th. Piper Sandler reduced their price objective on shares of Sonendo from $12.00 to $7.00 in a research note on Wednesday, May 11th. Morgan Stanley assumed coverage on shares of Sonendo in a research report on Monday, January 31st. They issued an “equal weight” rating and a $6.90 target price for the company. Finally, Zacks Investment Research raised shares of Sonendo from a “sell” rating to a “hold” rating in a research report on Wednesday, May 25th. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, Sonendo presently has a consensus rating of “Buy” and a consensus price target of $10.32.

SONX stock traded down $0.14 during trading on Monday, hitting $2.83. 2,261 shares of the company’s stock traded hands, compared to its average volume of 138,460. Sonendo has a 52 week low of $2.50 and a 52 week high of $12.24. The stock has a fifty day moving average price of $3.27 and a two-hundred day moving average price of $5.65. The company has a quick ratio of 6.02, a current ratio of 6.86 and a debt-to-equity ratio of 0.46.

Sonendo (NYSE:SONXGet Rating) last posted its quarterly earnings results on Tuesday, May 10th. The company reported ($0.59) EPS for the quarter, missing the consensus estimate of ($0.57) by ($0.02). Research analysts predict that Sonendo will post -2.24 EPS for the current year.

In other news, CEO Bjarne Bergheim purchased 11,748 shares of the company’s stock in a transaction that occurred on Wednesday, May 25th. The shares were purchased at an average price of $2.60 per share, with a total value of $30,544.80. Following the purchase, the chief executive officer now directly owns 921,097 shares of the company’s stock, valued at approximately $2,394,852.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Vamsi Mohan Raj Pudipeddi acquired 50,000 shares of the firm’s stock in a transaction on Friday, May 13th. The stock was purchased at an average cost of $2.65 per share, with a total value of $132,500.00. Following the completion of the transaction, the director now owns 50,000 shares in the company, valued at $132,500. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 170,151 shares of company stock worth $462,595 and have sold 12,304 shares worth $34,205. Insiders own 11.60% of the company’s stock.

A number of hedge funds have recently modified their holdings of SONX. State Street Corp bought a new position in Sonendo during the 1st quarter worth $83,000. Baird Financial Group Inc. bought a new position in shares of Sonendo during the first quarter worth about $303,000. Vanguard Group Inc. increased its holdings in shares of Sonendo by 12.1% in the 1st quarter. Vanguard Group Inc. now owns 447,738 shares of the company’s stock worth $1,795,000 after acquiring an additional 48,171 shares during the period. Nicholas Investment Partners LP bought a new stake in Sonendo in the 1st quarter valued at about $270,000. Finally, Wealthsource Partners LLC acquired a new position in Sonendo during the 1st quarter valued at about $40,000. Institutional investors own 80.42% of the company’s stock.

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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