ShockWave Medical (NASDAQ:SWAV) Trading Down 6.7% After Insider Selling

ShockWave Medical, Inc. (NASDAQ:SWAVGet Rating) dropped 6.7% during trading on Thursday following insider selling activity. The stock traded as low as $264.56 and last traded at $265.72. Approximately 6,539 shares were traded during trading, a decline of 99% from the average daily volume of 485,127 shares. The stock had previously closed at $284.69.

Specifically, VP Trinh Phung sold 3,500 shares of the company’s stock in a transaction that occurred on Friday, August 26th. The stock was sold at an average price of $310.76, for a total value of $1,087,660.00. Following the transaction, the vice president now directly owns 25,063 shares of the company’s stock, valued at approximately $7,788,577.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other ShockWave Medical news, insider Isaac Zacharias sold 4,000 shares of the business’s stock in a transaction on Monday, June 27th. The shares were sold at an average price of $198.00, for a total transaction of $792,000.00. Following the completion of the sale, the insider now directly owns 78,563 shares in the company, valued at approximately $15,555,474. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, VP Trinh Phung sold 3,500 shares of the company’s stock in a transaction on Friday, August 26th. The stock was sold at an average price of $310.76, for a total value of $1,087,660.00. Following the completion of the sale, the vice president now owns 25,063 shares of the company’s stock, valued at $7,788,577.88. The disclosure for this sale can be found here. In the last three months, insiders have sold 108,700 shares of company stock valued at $30,247,696. 3.90% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on SWAV. Morgan Stanley upped their price objective on ShockWave Medical from $201.00 to $255.00 and gave the stock an “equal weight” rating in a research note on Tuesday, August 9th. Wells Fargo & Company upped their price objective on ShockWave Medical from $176.00 to $255.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 9th. Oppenheimer downgraded shares of ShockWave Medical from a “market perform” rating to an “underperform” rating and set a $165.00 target price for the company. in a report on Tuesday, September 6th. Piper Sandler upped their target price on shares of ShockWave Medical from $278.00 to $338.00 and gave the stock an “overweight” rating in a report on Monday, August 29th. Finally, Canaccord Genuity Group upped their target price on shares of ShockWave Medical from $232.00 to $256.00 and gave the stock a “buy” rating in a report on Tuesday, August 9th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $246.50.

ShockWave Medical Price Performance

The firm’s fifty day simple moving average is $263.66 and its 200 day simple moving average is $208.21. The firm has a market cap of $9.26 billion, a P/E ratio of 177.29 and a beta of 1.06. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.41 and a current ratio of 5.32.

ShockWave Medical (NASDAQ:SWAVGet Rating) last released its quarterly earnings data on Monday, August 8th. The company reported $0.68 EPS for the quarter, beating the consensus estimate of $0.43 by $0.25. ShockWave Medical had a net margin of 15.11% and a return on equity of 21.25%. The business had revenue of $120.70 million during the quarter, compared to the consensus estimate of $107.51 million. During the same quarter in the prior year, the firm earned ($0.01) EPS. The business’s revenue was up 115.5% on a year-over-year basis. As a group, analysts forecast that ShockWave Medical, Inc. will post 2.57 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. raised its position in ShockWave Medical by 2.1% during the first quarter. Vanguard Group Inc. now owns 3,311,557 shares of the company’s stock valued at $686,685,000 after purchasing an additional 67,789 shares during the period. Price T Rowe Associates Inc. MD increased its position in ShockWave Medical by 24.3% during the second quarter. Price T Rowe Associates Inc. MD now owns 3,214,678 shares of the company’s stock valued at $614,550,000 after acquiring an additional 627,712 shares during the last quarter. Invesco Ltd. raised its stake in shares of ShockWave Medical by 16.0% in the first quarter. Invesco Ltd. now owns 1,398,211 shares of the company’s stock valued at $289,933,000 after acquiring an additional 192,525 shares during the period. State Street Corp lifted its holdings in shares of ShockWave Medical by 56.5% in the 2nd quarter. State Street Corp now owns 1,125,735 shares of the company’s stock worth $215,207,000 after acquiring an additional 406,327 shares during the last quarter. Finally, Macquarie Group Ltd. boosted its stake in shares of ShockWave Medical by 26.3% during the 2nd quarter. Macquarie Group Ltd. now owns 1,117,137 shares of the company’s stock worth $213,563,000 after purchasing an additional 232,570 shares during the period. Institutional investors own 95.40% of the company’s stock.

About ShockWave Medical

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ShockWave Medical, Inc, a medical device company, engages in developing and commercializing intravascular lithotripsy technology for the treatment of calcified plaque in patients with peripheral vascular, coronary vascular, and heart valve diseases worldwide. The company offers M5 catheters for treating above-the-knee peripheral artery disease (PAD); C2 catheters for treating coronary artery disease; and S4 catheters for treating below-the-knee PAD.

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