Sonendo (NYSE:SONX – Get Rating) had its price objective reduced by Morgan Stanley from $6.35 to $5.75 in a research report sent to investors on Friday morning, Benzinga reports. Morgan Stanley currently has an equal weight rating on the stock.
A number of other equities analysts have also weighed in on SONX. Stifel Nicolaus lowered their price target on shares of Sonendo from $4.00 to $3.00 and set a buy rating on the stock in a research report on Tuesday, October 4th. Piper Sandler lowered their price target on shares of Sonendo from $5.00 to $2.50 in a research report on Monday, October 3rd.
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Sonendo Stock Down 1.0 %
Shares of NYSE SONX opened at $1.99 on Friday. The company's 50-day simple moving average is $2.12 and its 200-day simple moving average is $1.69. Sonendo has a 52-week low of $0.86 and a 52-week high of $8.45. The firm has a market cap of $99.02 million, a price-to-earnings ratio of -0.85 and a beta of 2.26. The company has a quick ratio of 7.80, a current ratio of 8.86 and a debt-to-equity ratio of 0.41.
Sonendo (NYSE:SONX – Get Rating) last announced its earnings results on Wednesday, November 9th. The company reported ($0.47) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.39) by ($0.08). Sonendo had a negative net
margin of 152.37% and a negative return on equity of 90.21%. The company had revenue of $9.85 million during the quarter, compared to analyst estimates of $9.17 million. Equities analysts predict that Sonendo will post -1.36 EPS for the current fiscal year.
Insider Buying and Selling
In other news, Director Vamsi Mohan Raj Pudipeddi bought 19,500 shares of Sonendo stock in a transaction on Friday, December 9th. The shares were bought at an average cost of $2.85 per share, with a total value of $55,575.00. Following the completion of the purchase, the director now directly owns 149,182 shares of the company's stock, valued at $425,168.70. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last three months, insiders have sold 12,369 shares of company stock worth $20,466. 11.60% of the stock is owned by insiders.
Hedge Funds Weigh In On Sonendo
Institutional investors have recently bought and sold shares of the company. Bank of America Corp DE raised its stake in Sonendo by 210.6% during the first quarter. Bank of America Corp DE now owns 16,618 shares of the company's stock worth $66,000 after purchasing an additional 11,267 shares during the period. Renaissance Technologies LLC purchased a new stake in shares of Sonendo in the 2nd quarter valued at approximately $31,000. State Street Corp purchased a new stake in shares of Sonendo in the 1st quarter valued at approximately $83,000. Aaron Wealth Advisors LLC purchased a new stake in shares of Sonendo in the 3rd quarter valued at approximately $27,000. Finally, Baird Financial Group Inc. purchased a new stake in shares of Sonendo in the 1st quarter valued at approximately $303,000. 52.06% of the stock is owned by hedge funds and other institutional investors.
Sonendo Company Profile
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Sonendo, Inc, a commercial-stage medical technology company, develops, manufactures, and commercializes devices for root canal therapy in the United States and Canada. It provides GentleWave, a tooth decay treatment device for cleaning and disinfecting the microscopic spaces within teeth without the need to remove tooth structure.
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