Axonics, Inc. (NASDAQ:AXNX), a leading medical technology company specializing in the development of innovative treatments for patients with urinary and bowel dysfunction, has seen an increase in its position held by Guggenheim Capital LLC. According to the recent filing with the Securities & Exchange Commission, Guggenheim Capital LLC has raised its stake in Axonics by 16.1% during the first quarter of this year.
Guggenheim Capital LLC now owns 49,981 shares of Axonics’ stock, indicating an addition of 6,913 shares during this period. This represents approximately 0.10% ownership of the company and is valued at $2,727,000 as per its most recent SEC filing.
Axonics recently released its earnings results for the quarter ended on July 27th. The company reported earnings per share (EPS) of ($0.15), falling short of the consensus estimate of ($0.12) by ($0.03). Additionally, Axonics recorded a negative net margin of 10.06% and a negative return on equity of 5.60%. However, it did achieve revenue of $92.90 million for the quarter, surpassing analyst estimates set at $86.45 million.
Comparing these figures to the same quarter last year, Axonics experienced a significant improvement with a revenue increase of 34.6%. Despite this positive growth, equities analysts anticipate that Axonics will post -0.35 EPS for the current fiscal year.
Axonics remains committed to developing groundbreaking medical solutions to enhance the lives of individuals suffering from urinary and bowel dysfunction disorders. With ongoing research and innovation efforts, the company aims to bring transformative therapies to those in need.
Please note that all information provided is accurate as of August 31, 2023.
In summary, investment firm Guggenheim Capital LLC has multiplied its holdings in Axonics, Inc., highlighting increasing confidence in the company. While the recent earnings report reflected some challenges, Axonics remains focused on its mission to revolutionize patient care through innovative medical treatments.
Updated on: 04/12/2023
Debt to equity ratio: Neutral
Price to earnings ratio: Strong Buy
Price to book ratio: Strong Buy
DCF: Strong Buy
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Axonics: Institutional Investors and Hedge Funds Show Confidence with Increased Holdings
Axonics: Institutional Investors and Hedge Funds Modify Holdings
August 31, 2023
Axonics Inc., a leading medical technology company specializing in the development of innovative solutions for patients with various health conditions, has recently witnessed modifications in holdings by institutional investors and hedge funds. These changes in ownership reflect the growing confidence of investors in the company’s prospects.
Amongst these institutional investors, Vanguard Group Inc. stands out with its significant increase in Axonics shares. In the third quarter, Vanguard Group Inc. grew its position by 32.2%, now owning 4,073,473 shares of the company’s stock worth $286,935,000. This rise can be attributed to an additional purchase of 991,055 shares during the last quarter. Another notable investor is Bellevue Group AG, which grew its position by 9.5% during the first quarter. Bellevue Group AG currently owns 2,049,205 shares valued at $128,280,000 after purchasing an additional 177,191 shares.
In addition to these institutional investors’ support, Norges Bank also entered into a new stake in Axonics during the fourth quarter amounting to approximately $76,440,000. Furthermore, Invesco Ltd bolstered its position by 8.6% during the first quarter and now owns 1,171,343 shares worth $73,326,000 after purchasing an additional 92,445 shares.
State Street Corp added to this collective effort in supporting Axonics by growing its position by 1.1% during the third quarter. State Street Corp now owns a total of 1,014,675 shares valued at $71,474 thousand after acquiring an additional 11,086 shares.
It is noteworthy that hedge funds and other institutional investors collectively account for holding approximately 99.41% of Axonics’ stock.
Various research firms have also weighed in on Axonics, providing insights into the company’s performance. Royal Bank of Canada recently lowered its target price from $85.00 to $75.00, while KeyCorp raised its target price to $71.00 and reaffirmed an “overweight” rating for the stock. Mizuho maintained a “buy” rating and set a $75.00 price objective for Axonics shares.
Similarly, Needham & Company LLC increased their price objective from $73.00 to $76.00, reinforcing their positive outlook on the company’s future growth prospects.
In broader consensus, financial information provider Bloomberg reported that Axonics currently holds a “Moderate Buy” rating with analysts forecasting an average consensus price target of $76.36 for the company’s shares.
In other news, insider Alfred J. Ford, Jr., took part in several transactions involving the sale of Axonics’ stock during mid-August 2023. On Tuesday, August 15th, Ford sold 14,769 shares at an average price of $62.34 per share, resulting in a transaction value totaling $920,699.46.
Furthermore, on Friday, July 28th, Ford sold 1,500 shares at an average price of $62.01 per share, equating to a total transaction worth $93,015.00.
Following these transactions’ completion on August 15th and July 28th respectively, Ford now possesses approximately 34,565 shares valued at $2,1540,,78210
As required by law filing with the Securities & Exchange Commission (SEC), these transactions were disclosed and are easily accessible through the provided links.
Axonics opened trading on Wednesday at a stock value of $56.57 per share. The firm has exhibited steady movement in its fifty-day moving average price ($54.48) as well as its two-hundred-day moving average price ($54.68). Over the past year, Axonics shares have recorded a low of $47.59 and a high of $79.92.
With a market capitalization of $2.85 billion, Axonics maintains a relatively higher price-to-earnings ratio at -84.33 and exhibits a beta of 0.41, indicating lower volatility compared to the overall market.
Overall, these recent developments regarding institutional investors’ increased holdings, positive research firm ratings, and insider transactions reflect an optimistic outlook on Axonics’ future prospects in the medical technology industry. Investors are evidently recognizing the company’s potential for growth and value creation in the coming months.
Please note that all information has been derived from publicly available sources as of August 31, 2023.