Zacks Investment Research Upgrades Avinger (NASDAQ:AVGR) to “Buy”

Avinger (NASDAQ:AVGR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Friday, reports. The brokerage presently has a $1.00 target price on the medical device company’s stock. Zacks Investment Research‘s target price suggests a potential upside of 21.30% from the company’s previous close.

According to Zacks, “Avinger, Inc. is engaged in designing, manufacturing and selling image-guided, catheter-based systems to treat peripheral arterial disease. The company’s product consists of Lightbox imaging console, Wildcat, Kittycat, Ocelot, Ocelot PIXL, Ocelot MVRX and Juicebox. Avinger, Inc. is based in Redwood City, California. “

Separately, B. Riley reissued a “buy” rating and issued a $2.50 price target on shares of Avinger in a report on Wednesday, September 1st.

Shares of Avinger stock opened at $0.82 on Friday. The company has a debt-to-equity ratio of 0.66, a current ratio of 5.20 and a quick ratio of 4.56. The firm has a market cap of $78.61 million, a P/E ratio of -3.17 and a beta of 1.71. The firm has a 50 day simple moving average of $0.90 and a 200 day simple moving average of $1.12. Avinger has a fifty-two week low of $0.21 and a fifty-two week high of $2.67.

Avinger (NASDAQ:AVGR) last issued its quarterly earnings results on Monday, August 9th. The medical device company reported ($0.04) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.04). Avinger had a negative net margin of 160.26% and a negative return on equity of 102.07%. On average, sell-side analysts expect that Avinger will post -0.23 EPS for the current year.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Citadel Advisors LLC acquired a new stake in Avinger during the 1st quarter worth $128,000. Commonwealth Equity Services LLC grew its holdings in Avinger by 335.8% during the 1st quarter. Commonwealth Equity Services LLC now owns 75,272 shares of the medical device company’s stock worth $113,000 after acquiring an additional 58,000 shares during the period. State Street Corp bought a new position in shares of Avinger during the second quarter worth $423,000. Renaissance Technologies LLC bought a new position in shares of Avinger during the second quarter worth $376,000. Finally, Squarepoint Ops LLC bought a new position in shares of Avinger during the second quarter worth $141,000. 11.53% of the stock is owned by hedge funds and other institutional investors.

About Avinger

Avinger, Inc is a commercial-stage medical device company, which engages in the designs, manufactures and sells image-guided, catheter-based systems that are used by physicians to treat patients with peripheral artery disease. Its products include Pantheris, Lightbox, Ocelot, Wildcat, Juicebox, and Kittycat.

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