Avinger Inc. (AVGR) Short Interest Up 27.5% in September
Avinger Inc. (NASDAQ:AVGR) saw a large increase in short interest in the month of September. As of September 30th, there was short interest totalling 1,250,430 shares, an increase of 27.5% from the September 15th total of 980,669 shares. Approximately 6.4% of the shares of the company are sold short. Based on an average daily volume of 302,474 shares, the days-to-cover ratio is presently 4.1 days.
A number of brokerages recently commented on AVGR. Zacks Investment Research upgraded shares of Avinger from a “sell” rating to a “hold” rating in a research note on Friday, July 1st. Canaccord Genuity reiterated a “buy” rating on shares of Avinger in a research note on Tuesday, July 12th. Finally, BTIG Research restated a “buy” rating and set a $18.00 target price on shares of Avinger in a research report on Friday, July 15th. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Avinger has an average rating of “Buy” and an average price target of $15.75.
Avinger (NASDAQ:AVGR) opened at 4.87 on Friday. Avinger has a 12 month low of $3.55 and a 12 month high of $25.11. The firm’s market cap is $62.54 million. The firm’s 50 day moving average is $4.58 and its 200-day moving average is $8.33.
Avinger (NASDAQ:AVGR) last issued its quarterly earnings data on Monday, August 1st. The medical device company reported ($1.06) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.15) by $0.09. The firm earned $4.70 million during the quarter, compared to analysts’ expectations of $3.05 million. Avinger had a negative net margin of 380.95% and a negative return on equity of 636.94%. On average, equities analysts forecast that Avinger will post ($3.96) EPS for the current year.
In related news, CEO Jeffrey M. Soinski purchased 57,100 shares of the firm’s stock in a transaction that occurred on Tuesday, August 16th. The shares were acquired at an average price of $3.50 per share, for a total transaction of $199,850.00. Following the purchase, the chief executive officer now owns 59,345 shares in the company, valued at $207,707.50. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 30.50% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently modified their holdings of the stock. Schwab Charles Investment Management Inc. purchased a new position in Avinger during the second quarter worth $209,000. Bridgeway Capital Management Inc. purchased a new stake in shares of Avinger during the second quarter worth about $179,000. Allianz Asset Management AG increased its stake in shares of Avinger by 11.5% in the second quarter. Allianz Asset Management AG now owns 81,149 shares of the medical device company’s stock worth $968,000 after buying an additional 8,349 shares during the last quarter. State Street Corp purchased a new stake in shares of Avinger during the second quarter worth about $1,682,000. Finally, Teachers Advisors Inc. purchased a new stake in shares of Avinger during the second quarter worth about $214,000. Hedge funds and other institutional investors own 50.73% of the company’s stock.
Avinger Company Profile
Avinger, Inc is a commercial-stage medical device company. The Company designs, manufactures and sells image-guided, catheter-based systems that are used by physicians to treat patients with peripheral arterial disease (PAD). The Company focuses on introducing products based on its lumivascular platform, which is an intravascular image-guided system.
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