ClearPoint Neuro (NASDAQ:CLPT) Shares Down 2.6% – Here’s Why

ClearPoint Neuro, Inc. (NASDAQ:CLPT)’s share price dropped 2.6% on Friday . The company traded as low as $14.10 and last traded at $14.12. 466,957 shares traded hands during mid-day trading, a decline of 18% from the average session volume of 570,697 shares. The stock had previously closed at $14.49.

Analyst Ratings Changes

CLPT has been the subject of several research reports. B. Riley Financial boosted their price objective on ClearPoint Neuro from $20.00 to $30.00 and gave the stock a “buy” rating in a research note on Thursday, June 18th. Weiss Ratings restated a “sell (d-)” rating on shares of ClearPoint Neuro in a research report on Friday, July 17th. Finally, Stifel Nicolaus set a $16.00 price target on ClearPoint Neuro in a research note on Tuesday, June 9th. Two investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $23.00.

ClearPoint Neuro Trading Down 2.6%

The company’s 50 day moving average price is $15.06 and its two-hundred day moving average price is $13.09. The company has a debt-to-equity ratio of 2.63, a current ratio of 5.79 and a quick ratio of 4.88. The stock has a market capitalization of $423.46 million, a PE ratio of -13.98 and a beta of 1.23.

ClearPoint Neuro (NASDAQ:CLPT) last posted its quarterly earnings results on Wednesday, May 13th. The company reported ($0.32) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.04). The business had revenue of $12.13 million for the quarter, compared to analyst estimates of $11.97 million. ClearPoint Neuro had a negative return on equity of 140.96% and a negative net margin of 71.57%. As a group, analysts expect that ClearPoint Neuro, Inc. will post -1.05 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Lynnette C. Fallon sold 5,091 shares of the company’s stock in a transaction that occurred on Wednesday, May 20th. The stock was sold at an average price of $11.14, for a total value of $56,713.74. Following the completion of the sale, the director directly owned 48,227 shares in the company, valued at $537,248.78. This represents a 9.55% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Timothy T. Richards sold 5,415 shares of the stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $12.17, for a total value of $65,900.55. Following the completion of the sale, the director directly owned 87,198 shares of the company’s stock, valued at approximately $1,061,199.66. This represents a 5.85% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 108,349 shares of company stock valued at $1,796,118. 6.94% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Commonwealth Equity Services LLC grew its holdings in shares of ClearPoint Neuro by 1.7% in the fourth quarter. Commonwealth Equity Services LLC now owns 65,557 shares of the company’s stock valued at $897,000 after purchasing an additional 1,109 shares during the period. Price T Rowe Associates Inc. MD raised its stake in ClearPoint Neuro by 4.7% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 26,791 shares of the company’s stock worth $367,000 after purchasing an additional 1,204 shares during the period. Caitong International Asset Management Co. Ltd acquired a new position in ClearPoint Neuro in the 4th quarter valued at about $25,000. BNP Paribas Financial Markets boosted its holdings in ClearPoint Neuro by 2,435.2% in the 2nd quarter. BNP Paribas Financial Markets now owns 2,231 shares of the company’s stock valued at $27,000 after purchasing an additional 2,143 shares during the last quarter. Finally, Russell Investments Group Ltd. grew its stake in shares of ClearPoint Neuro by 1,079.0% in the 3rd quarter. Russell Investments Group Ltd. now owns 2,358 shares of the company’s stock valued at $51,000 after buying an additional 2,158 shares during the period. Hedge funds and other institutional investors own 30.08% of the company’s stock.

About ClearPoint Neuro

ClearPoint Neuro, Inc is a medical technology company specializing in the development and commercialization of an MRI-guided therapy platform for minimally invasive neurosurgical procedures. Headquartered in Cambridge, Massachusetts, the company’s flagship ClearPoint® SmartFrame™ system enables surgeons to perform accurate and efficient intracranial interventions by providing real-time magnetic resonance imaging feedback. This technology is designed to improve patient safety and outcomes in treatments ranging from deep brain stimulation electrode placement to laser ablation of epileptic foci and brain tumors.

The ClearPoint System integrates hardware, software and imaging capabilities to guide instruments through the brain with submillimeter precision.