Shockwave Medical Inc (NASDAQ:SWAV) saw a significant drop in short interest in August. As of August 31st, there was short interest totalling 2,482,400 shares, a drop of 11.1% from the July 31st total of 2,793,700 shares. Based on an average daily volume of 328,500 shares, the days-to-cover ratio is presently 7.6 days. Currently, 14.1% of the company’s stock are sold short.
A number of research firms have commented on SWAV. Canaccord Genuity increased their price target on Shockwave Medical from $50.00 to $65.00 and gave the company a “positive” rating in a research note on Tuesday, June 18th. Zacks Investment Research cut Shockwave Medical from a “hold” rating to a “sell” rating in a research note on Tuesday, July 9th. Finally, Bank of America reiterated a “neutral” rating and issued a $44.00 price target on shares of Shockwave Medical in a research note on Thursday, June 13th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the company. Shockwave Medical presently has an average rating of “Hold” and an average target price of $43.50.
In other Shockwave Medical news, Director Antoine Papiernik sold 650,000 shares of the stock in a transaction dated Wednesday, September 4th. The stock was 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 stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $34.71, for a total value of $2,603,250.00.
Several large investors have recently made changes to their positions in SWAV. FMR LLC purchased a new position in shares of Shockwave Medical in the first quarter worth about $117,477,000. Gilder Gagnon Howe & Co. LLC purchased a new position in shares of Shockwave Medical in the first quarter worth about $44,601,000. Vanguard Group Inc. raised its stake in shares of Shockwave Medical by 1,232.2% in the second quarter. Vanguard Group Inc. now owns 666,096 shares of the company’s stock worth $38,028,000 after purchasing an additional 616,096 shares during the last quarter. JPMorgan Chase & Co. purchased a new position in shares of Shockwave Medical in the first quarter worth about $11,072,000. Finally, BlackRock Inc. purchased a new position in shares of Shockwave Medical in the second quarter worth about $18,115,000. Hedge funds and other institutional investors own 47.96% of the company’s stock.
Shares of NASDAQ:SWAV traded down $1.19 during trading on Friday, hitting $30.35. The stock had a trading volume of 3,242 shares, compared to its average volume of 561,616. Shockwave Medical has a 12-month low of $24.58 and a 12-month high of $68.39. The company has a quick ratio of 8.59, a current ratio of 9.13 and a debt-to-equity ratio of 0.10. The business’s 50-day moving average price is $42.35.
Shockwave Medical (NASDAQ:SWAV) last announced its quarterly earnings data on Monday, August 5th. The company reported ($0.38) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.55) by $0.17. The firm had revenue of $10.00 million during the quarter, compared to analysts’ expectations of $8.29 million. The business’s revenue for the quarter was up 334.8% compared to the same quarter last year. As a group, equities analysts anticipate that Shockwave Medical will post -2.51 EPS for the current fiscal 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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