Pulmonx Corporation (NASDAQ:LUNG) Short Interest Down 49.2% in June

Pulmonx Corporation (NASDAQ:LUNG) was the recipient of a significant drop in short interest in the month of June. As of June 30th, there was short interest totaling 1,148,892 shares, a drop of 49.2% from the June 15th total of 2,263,505 shares. Based on an average daily volume of 862,593 shares, the days-to-cover ratio is currently 1.3 days. Approximately 2.9% of the shares of the company are short sold.

Hedge Funds Weigh In On Pulmonx

Several hedge funds have recently bought and sold shares of the company. Redhawk Wealth Advisors Inc. boosted its position in Pulmonx by 187.2% during the second quarter. Redhawk Wealth Advisors Inc. now owns 99,648 shares of the company’s stock worth $130,000 after purchasing an additional 64,948 shares in the last quarter. Bank of America Corp DE increased its position in shares of Pulmonx by 60.3% in the first quarter. Bank of America Corp DE now owns 1,166,826 shares of the company’s stock valued at $1,505,000 after buying an additional 439,027 shares in the last quarter. ADAR1 Capital Management LLC increased its position in shares of Pulmonx by 5.4% in the first quarter. ADAR1 Capital Management LLC now owns 374,497 shares of the company’s stock valued at $483,000 after buying an additional 19,087 shares in the last quarter. Renaissance Technologies LLC raised its stake in shares of Pulmonx by 9.7% during the 1st quarter. Renaissance Technologies LLC now owns 320,300 shares of the company’s stock worth $413,000 after buying an additional 28,300 shares during the last quarter. Finally, Sei Investments Co. acquired a new position in shares of Pulmonx during the 1st quarter worth $31,000. 91.04% of the stock is owned by hedge funds and other institutional investors.

Pulmonx Price Performance

Pulmonx stock traded down $0.05 during midday trading on Friday, reaching $1.40. The company’s stock had a trading volume of 108,315 shares, compared to its average volume of 470,917. The firm has a market capitalization of $59.14 million, a PE ratio of -1.08 and a beta of 0.30. Pulmonx has a fifty-two week low of $1.13 and a fifty-two week high of $3.88. The stock’s 50 day simple moving average is $1.42 and its 200 day simple moving average is $1.53. The company has a debt-to-equity ratio of 0.81, a quick ratio of 4.04 and a current ratio of 4.91.

Pulmonx (NASDAQ:LUNG) last announced its quarterly earnings results on Wednesday, April 29th. The company reported ($0.33) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.33). The business had revenue of $20.59 million during the quarter, compared to the consensus estimate of $20.43 million. Pulmonx had a negative net margin of 60.09% and a negative return on equity of 92.94%. On average, equities research analysts forecast that Pulmonx will post -1.13 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the stock. Weiss Ratings reissued a “sell (e+)” rating on shares of Pulmonx in a research note on Monday. Wall Street Zen raised shares of Pulmonx from a “sell” rating to a “hold” rating in a report on Saturday, June 27th. Finally, D. Boral Capital reissued a “buy” rating and set a $14.00 price target on shares of Pulmonx in a report on Thursday, April 30th. Four investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $5.58.

About Pulmonx

Pulmonx Corporation is a commercial-stage medical device company focused on bronchoscopic lung volume reduction for patients suffering from severe emphysema. The company’s flagship therapy, the Zephyr® Endobronchial Valve System, employs one-way valves delivered via a minimally invasive bronchoscopic procedure to collapse diseased portions of the lung, reducing hyperinflation and improving respiratory function. Complementing this treatment, Pulmonx offers the Chartis® Pulmonary Assessment System, which provides clinicians with quantitative measurements of collateral ventilation to aid in patient selection and optimize clinical outcomes.

The Zephyr Valve received the CE mark in Europe in 2008 and FDA approval in the United States in 2018, and it has since been adopted by leading respiratory and thoracic centers across North America and Europe.