Millrace Asset Group Inc. Invests $1.39 Million in Pulmonx Co. (NASDAQ:LUNG)

Millrace Asset Group Inc. bought a new position in shares of Pulmonx Co. (NASDAQ:LUNG - Free Report) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 167,725 shares of the company's stock, valued at approximately $1,390,000. Millrace Asset Group Inc. owned approximately 0.42% of Pulmonx at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Squarepoint Ops LLC increased its stake in Pulmonx by 261.2% during the 2nd quarter. Squarepoint Ops LLC now owns 144,409 shares of the company's stock worth $916,000 after buying an additional 104,432 shares during the period. Sei Investments Co. increased its position in shares of Pulmonx by 2.5% during the first quarter. Sei Investments Co. now owns 72,626 shares of the company's stock worth $673,000 after acquiring an additional 1,800 shares during the last quarter. SG Americas Securities LLC acquired a new position in shares of Pulmonx in the third quarter worth about $102,000. XTX Topco Ltd purchased a new position in Pulmonx in the second quarter valued at about $222,000. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its stake in Pulmonx by 7.0% during the 2nd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 1,059,018 shares of the company's stock valued at $6,714,000 after purchasing an additional 69,595 shares in the last quarter. 91.04% of the stock is currently owned by hedge funds and other institutional investors.

Pulmonx Stock Performance

NASDAQ LUNG traded down $0.15 during trading hours on Tuesday, reaching $6.46. The company's stock had a trading volume of 105,251 shares, compared to its average volume of 386,093. Pulmonx Co. has a 52 week low of $5.46 and a 52 week high of $14.84. The stock has a market cap of $255.11 million, a PE ratio of -4.50 and a beta of 0.68. The company has a current ratio of 7.70, a quick ratio of 6.77 and a debt-to-equity ratio of 0.40. The business has a 50-day simple moving average of $7.04 and a 200 day simple moving average of $7.09.

Pulmonx (NASDAQ:LUNG - Get Free Report) last released its quarterly earnings results on Wednesday, October 30th. The company reported ($0.36) EPS for the quarter, topping the consensus estimate of ($0.43) by $0.07. The business had revenue of $20.39 million during the quarter, compared to analyst estimates of $20.39 million. Pulmonx had a negative net margin of 72.01% and a negative return on equity of 53.88%. During the same quarter in the prior year, the firm earned ($0.39) earnings per share. Equities research analysts predict that Pulmonx Co. will post -1.53 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Glendon E. French III sold 20,000 shares of the firm's stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $8.09, for a total transaction of $161,800.00. Following the transaction, the director now owns 1,111,974 shares in the company, valued at $8,995,869.66. This trade represents a 1.77 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, General Counsel David Aaron Lehman sold 5,765 shares of the company's stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $6.69, for a total value of $38,567.85. Following the completion of the sale, the general counsel now owns 203,348 shares of the company's stock, valued at approximately $1,360,398.12. This trade represents a 2.76 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 50,351 shares of company stock worth $361,494. Insiders own 5.70% of the company's stock.

Wall Street Analysts Forecast Growth

LUNG has been the topic of several recent analyst reports. Canaccord Genuity Group upped their price target on shares of Pulmonx from $15.00 to $16.00 and gave the company a "buy" rating in a report on Thursday, August 1st. Wells Fargo & Company cut their target price on shares of Pulmonx from $14.00 to $10.00 and set an "equal weight" rating on the stock in a research note on Thursday, August 1st. Finally, Stifel Nicolaus decreased their price target on Pulmonx from $17.00 to $16.00 and set a "buy" rating for the company in a research note on Thursday, October 31st. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, Pulmonx currently has a consensus rating of "Moderate Buy" and an average price target of $14.67.

Pulmonx Profile

Pulmonx Corporation, a commercial-stage medical technology company, provides minimally invasive devices for the treatment of chronic obstructive pulmonary diseases. The company offers Zephyr Endobronchial Valve, a solution for the treatment of patients with hyperinflation associated with severe emphysema; and Chartis Pulmonary Assessment System, a balloon catheter and console system with flow and pressure sensors that are used to assess the presence of collateral ventilation.