Axonics, Inc. (NASDAQ:AXNX), a leading medical technology company, has received a moderate buy rating from eleven ratings firms that cover the company, according to Bloomberg reports. Out of these eleven, one investment analyst has given the stock a hold rating, while the remaining ten have assigned a buy rating to the company. The analysts’ consensus for the average 12-month price target on Axonics stock is $76.36.
On August 23, 2023, Axonics stock opened at $57.52. Over the past year, the stock has traded between a low of $47.59 and a high of $79.92. With a market capitalization of $2.90 billion and a beta of 0.41, Axonics demonstrates its stability and growth potential in the market. The company also boasts a price-to-earnings ratio of -85.85.
Examining its performance over different time periods, Axonics currently has a fifty-day simple moving average of $54.16 and a two hundred-day simple moving average of $54.74.
In terms of institutional investor activity, several hedge funds have recently made adjustments to their stakes in AXNX. Almanack Investment Partners LLC purchased shares during the third quarter with an estimated value of approximately $28,000. Additionally, C M Bidwell & Associates Ltd acquired shares during the second quarter worth around $31,000. Captrust Financial Advisors saw notable growth in their position during the first quarter by acquiring additional shares amounting to 706 shares valued at $44,000 after acquiring an additional 277 shares over the period. Tower Research Capital LLC TRC also expanded its stake by 172.9% during Q1 by adding 928 more shares worth $50,000 to its portfolio.
Lastly, Point72 Hong Kong Ltd entered into a new position during the second quarter that amounted to approximately $50,000. Currently, hedge funds and other institutional investors collectively own 99.41% of the company’s stock.
In its most recent earnings announcement on July 27th, 2023, Axonics reported earnings per share (EPS) of ($0.15) for the quarter, falling short of analysts’ consensus estimates by ($0.03). The quarter saw a negative net margin of 10.06% and a negative return on equity of 5.60%. However, there is some positive news as the firm generated revenue of $92.90 million during the quarter, surpassing analysts’ expectations of $86.45 million. This represented a significant increase of 34.6% compared to the same quarter in the previous year when the company posted EPS of ($0.47).
Looking ahead, research analysts anticipate that Axonics will report an EPS of -0.35 for the current fiscal year.
These ratings and financial figures indicate a generally positive outlook for Axonics Inc., despite missing earnings estimates in its last quarter. As always, investors should conduct their own analysis and consider various factors before making any investment decisions regarding this stock.
Updated on: 03/12/2023
Debt to equity ratio: Neutral
Price to earnings ratio: Strong Buy
Price to book ratio: Strong Buy
DCF: Strong Buy
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Analyst Insights and Insider Transactions Impact Axonics’ Stock Performance
August 23, 2023 – In recent reports on AXNX shares, several equities research analysts have provided their insights into the company’s performance. These analysts include Needham & Company LLC, KeyCorp, Mizuho, Robert W. Baird, and CL King.
Needham & Company LLC raised their price objective on Axonics shares from $73.00 to $76.00 and gave the company a “buy” rating in their report dated July 28th. Similarly, KeyCorp increased their target price from $70.00 to $71.00 and labeled the stock as “overweight” in their research note published on the same day. Mizuho further affirmed a “buy” rating and set a price target of $75.00 on Axonics shares in their research report released on July 14th. Robert W. Baird also revised their price target upwards by a dollar to $70.00 in their research report unveiled on July 28th.
Adding to these assessments is CL King, who initiated coverage of Axonics with a “buy” rating and established a $75.00 price target for the company’s stock on May 23rd.
In other developments within Axonics, CFO Danny L. Dearen conducted a stock transaction involving the sale of 7,999 shares on Friday, May 26th. With an average selling price of $49.46 per share, the total value of this transaction amounted to $395,630.54. Following this sale, Dearen now possesses 9,202 shares of Axonics’ common stock valued at $455,130.92.
Furthermore, insider Alfred J. Ford Jr., executed a stock trade disposing of 14,769 shares at an average price of $62.34 per share on Tuesday, August 15th—making the total transaction worth about $920,699.46. Post-transaction, Ford Jr. retains 34,565 shares in Axonics, valued at $2,154,782.10.
These transactions were disclosed in filings with the SEC and can be accessed through the designated hyperlink on the SEC website. It is noteworthy that insiders within the company have recently sold a collective total of 24,268 shares of Axonics stock, resulting in a combined value of $1,409,345 over the past 90 days. Corporate insiders currently hold approximately 1.85% of Axonics’ outstanding shares.
As August 23rd marks an important date for these developments and assessments around Axonics’ stock and performance, investors and market participants are closely monitoring these reports as they contribute to their decision-making processes and strategies moving forward.