Price T Rowe Associates Inc. MD Reduces Position in Pulmonx Co. (NASDAQ:LUNG)

Price T Rowe Associates Inc. MD lessened its stake in shares of Pulmonx Co. (NASDAQ:LUNG) by 21.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 33,585 shares of the company’s stock after selling 9,423 shares during the quarter. Price T Rowe Associates Inc. MD owned approximately 0.09% of Pulmonx worth $229,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Connor Clark & Lunn Investment Management Ltd. boosted its stake in shares of Pulmonx by 44.8% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 83,941 shares of the company’s stock valued at $570,000 after purchasing an additional 25,988 shares during the period. SG Americas Securities LLC lifted its stake in Pulmonx by 27.0% in the fourth quarter. SG Americas Securities LLC now owns 15,555 shares of the company’s stock worth $106,000 after acquiring an additional 3,310 shares during the period. Renaissance Technologies LLC lifted its stake in Pulmonx by 38.7% in the fourth quarter. Renaissance Technologies LLC now owns 220,510 shares of the company’s stock worth $1,497,000 after acquiring an additional 61,500 shares during the period. XTX Topco Ltd purchased a new stake in Pulmonx in the fourth quarter worth $146,000. Finally, American Century Companies Inc. lifted its stake in Pulmonx by 8.8% in the fourth quarter. American Century Companies Inc. now owns 34,738 shares of the company’s stock worth $236,000 after acquiring an additional 2,810 shares during the period. Hedge funds and other institutional investors own 91.04% of the company’s stock.

Insider Activity

In other news, Director Glendon E. French III sold 55,453 shares of the firm’s stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $8.28, for a total transaction of $459,150.84. Following the completion of the transaction, the director now directly owns 1,011,974 shares in the company, valued at $8,379,144.72. This trade represents a 5.20% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Geoffrey Beran Rose sold 5,779 shares of Pulmonx stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $7.13, for a total value of $41,204.27. Following the completion of the sale, the insider now owns 285,278 shares of the company’s stock, valued at $2,034,032.14. The trade was a 1.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 145,660 shares of company stock worth $1,128,484 over the last three months. 6.80% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

LUNG has been the subject of a number of research analyst reports. Jefferies Financial Group initiated coverage on Pulmonx in a research note on Monday, March 10th. They issued a “buy” rating for the company. D. Boral Capital reaffirmed a “buy” rating and issued a $17.00 price target on shares of Pulmonx in a research note on Thursday, May 1st. Piper Sandler reaffirmed an “overweight” rating and issued a $9.00 price target (down previously from $10.00) on shares of Pulmonx in a research note on Thursday, May 1st. Morgan Stanley initiated coverage on Pulmonx in a research note on Monday, March 10th. They issued an “equal weight” rating for the company. Finally, Canaccord Genuity Group dropped their price target on Pulmonx from $16.00 to $15.00 and set a “buy” rating for the company in a research note on Thursday, May 1st. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, Pulmonx has a consensus rating of “Moderate Buy” and a consensus target price of $12.07.

Pulmonx Price Performance

LUNG opened at $3.43 on Friday. The stock has a fifty day simple moving average of $5.50 and a two-hundred day simple moving average of $6.33. 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 cap of $138.08 million, a price-to-earnings ratio of -2.38 and a beta of 0.65. Pulmonx Co. has a 12-month low of $3.18 and a 12-month high of $9.37.

Pulmonx (NASDAQ:LUNG) last issued its quarterly 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. Pulmonx had a negative return on equity of 55.36% and a negative net margin of 67.31%. The firm had revenue of $22.54 million during the quarter, compared to the consensus estimate of $22.03 million. Research analysts predict that Pulmonx Co. will post -1.55 earnings per share for the current fiscal year.

Pulmonx 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.