Shockwave Medical Inc (NASDAQ:SWAV) was the recipient of a large decline in short interest in the month of August. As of August 31st, there was short interest totalling 2,482,400 shares, a decline of 11.1% from the July 31st total of 2,793,700 shares. Based on an average daily volume of 328,500 shares, the short-interest ratio is presently 7.6 days. Currently, 14.1% of the shares of the company are sold short.
A number of equities analysts have weighed in on the stock. Canaccord Genuity upped their price objective on shares of Shockwave Medical from $50.00 to $65.00 and gave the stock a “positive” rating in a research report on Tuesday, June 18th. Zacks Investment Research cut shares of Shockwave Medical from a “hold” rating to a “sell” rating in a research report on Tuesday, July 9th. Finally, Bank of America restated a “neutral” rating and set a $44.00 price objective on shares of Shockwave Medical in a research report on Thursday, June 13th. One research analyst has rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $43.50.
In related news, Director Antoine Papiernik sold 650,000 shares of the business’s stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $34.35, for a total value of $22,327,500.00. Also, CFO Dan Puckett sold 75,000 shares of the business’s stock in a transaction on Monday, September 9th. The shares were sold at an average price of $34.71, for a total transaction of $2,603,250.00.
Institutional investors have recently added to or reduced their stakes in the company. Salomon & Ludwin LLC purchased a new stake in shares of Shockwave Medical during the second quarter worth $43,000. Advisory Services Network LLC purchased a new stake in shares of Shockwave Medical during the first quarter worth $26,000. Advisor Group Inc. purchased a new stake in shares of Shockwave Medical during the second quarter worth $56,000. Ladenburg Thalmann Financial Services Inc. grew its holdings in shares of Shockwave Medical by 1,350.0% during the second quarter. Ladenburg Thalmann Financial Services Inc. now owns 1,450 shares of the company’s stock worth $83,000 after buying an additional 1,350 shares in the last quarter. Finally, Strs Ohio purchased a new stake in shares of Shockwave Medical during the second quarter worth $102,000. 47.96% of the stock is owned by institutional investors and hedge funds.
NASDAQ:SWAV traded down $0.87 during trading hours on Friday, reaching $30.67. 918,532 shares of the company were exchanged, compared to its average volume of 566,654. The company has a debt-to-equity ratio of 0.10, a quick ratio of 8.59 and a current ratio of 9.13. The stock has a 50-day moving average of $41.96. Shockwave Medical has a twelve month low of $24.58 and a twelve month high of $68.39.
Shockwave Medical (NASDAQ:SWAV) last posted its quarterly earnings data on Monday, August 5th. The company reported ($0.38) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.55) by $0.17. The company had revenue of $10.00 million for the quarter, compared to analyst estimates of $8.29 million. The business’s revenue was up 334.8% compared to the same quarter last year. Research analysts forecast that Shockwave Medical will post -2.51 earnings per share for the current year.
About Shockwave Medical
ShockWave Medical, Inc, a medical device company, develops and commercializes intravascular lithotripsy technology to treat calcified plaque in patients with peripheral vascular, coronary vascular, and heart valve diseases worldwide. The company offers M5 catheters for treating above-the-knee peripheral artery disease; C2 catheters for treating coronary artery disease; and S4 catheters or treating below-the-knee peripheral artery disease.
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