Shockwave Medical, Inc. (NASDAQ:SWAV) Sees Large Decline in Short Interest

Shockwave Medical, Inc. (NASDAQ:SWAV) was the recipient of a significant decline in short interest in the month of April. As of April 15th, there was short interest totalling 1,470,000 shares, a decline of 27.6% from the March 31st total of 2,030,000 shares. Based on an average daily volume of 1,040,000 shares, the days-to-cover ratio is currently 1.4 days.

Shockwave Medical Stock Performance

Shares of NASDAQ:SWAV traded up $1.01 on Friday, hitting $330.00. The company had a trading volume of 575,689 shares, compared to its average volume of 2,009,896. Shockwave Medical has a 1-year low of $157.00 and a 1-year high of $331.58. The stock has a market cap of $12.34 billion, a price-to-earnings ratio of 85.27, a P/E/G ratio of 2.44 and a beta of 0.92. The stock has a 50 day moving average price of $294.88 and a 200 day moving average price of $233.25. The company has a current ratio of 11.76, a quick ratio of 10.73 and a debt-to-equity ratio of 1.09.

Shockwave Medical (NASDAQ:SWAV) last released its quarterly earnings results on Thursday, February 15th. The company reported $1.16 EPS for the quarter, beating the consensus estimate of $0.92 by $0.24. Shockwave Medical had a net margin of 20.17% and a return on equity of 23.97%. The business had revenue of $202.98 million for the quarter, compared to the consensus estimate of $199.43 million. During the same period in the prior year, the company posted $3.71 earnings per share. Shockwave Medical’s revenue was up 41.0% compared to the same quarter last year. Analysts expect that Shockwave Medical will post 4.94 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages have recently commented on SWAV. SVB Leerink reissued a “market perform” rating and issued a $335.00 price objective (down previously from $361.00) on shares of Shockwave Medical in a research report on Monday, April 8th. Morgan Stanley reaffirmed an “equal weight” rating and set a $335.00 price target (up from $285.00) on shares of Shockwave Medical in a research report on Monday, April 8th. CL King reaffirmed a “neutral” rating on shares of Shockwave Medical in a research report on Monday, April 8th. Leerink Partnrs lowered shares of Shockwave Medical from an “outperform” rating to a “market perform” rating in a research report on Friday, April 5th. Finally, Piper Sandler upped their price target on shares of Shockwave Medical from $290.00 to $360.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 2nd. Ten research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat.com, Shockwave Medical currently has a consensus rating of “Hold” and a consensus target price of $309.11.

Insider Activity at Shockwave Medical

In related news, CEO Douglas Evan Godshall sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $231.56, for a total transaction of $2,315,600.00. Following the completion of the transaction, the chief executive officer now owns 162,762 shares in the company, valued at $37,689,168.72. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, Director Laura Francis sold 1,500 shares of the business’s stock in a transaction on Tuesday, March 26th. The shares were sold at an average price of $300.00, for a total value of $450,000.00. Following the sale, the director now owns 3,551 shares of the company’s stock, valued at $1,065,300. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Douglas Evan Godshall sold 10,000 shares of the business’s stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $231.56, for a total transaction of $2,315,600.00. Following the completion of the sale, the chief executive officer now directly owns 162,762 shares in the company, valued at approximately $37,689,168.72. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 89,813 shares of company stock worth $22,863,919. 3.40% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Shockwave Medical

Institutional investors and hedge funds have recently modified their holdings of the business. YHB Investment Advisors Inc. acquired a new position in shares of Shockwave Medical in the first quarter valued at about $28,000. Lindbrook Capital LLC grew its stake in shares of Shockwave Medical by 64.8% in the third quarter. Lindbrook Capital LLC now owns 150 shares of the company’s stock valued at $30,000 after acquiring an additional 59 shares in the last quarter. Riverview Trust Co acquired a new position in shares of Shockwave Medical in the first quarter valued at about $30,000. EverSource Wealth Advisors LLC grew its stake in shares of Shockwave Medical by 297.4% in the third quarter. EverSource Wealth Advisors LLC now owns 155 shares of the company’s stock valued at $31,000 after acquiring an additional 116 shares in the last quarter. Finally, Rise Advisors LLC acquired a new position in shares of Shockwave Medical in the first quarter valued at about $32,000. 95.35% of the stock is currently owned by institutional investors and hedge funds.

About Shockwave Medical

Shockwave Medical, Inc, a medical device company, develops and commercializes intravascular lithotripsy (IVL) technology for the treatment of calcified plaque in patients with peripheral and coronary vascular, and heart valve diseases in the United States and internationally. The company offers products for the treatment of peripheral artery disease (PAD), including M5 IVL catheter and M5+ IVL catheter, which are five-emitter catheters used in IVL system in medium-diameter vessels; S4 IVL catheter, a four-emitter catheter for use in IVL system in small-diameter vessels; and L6 IVL catheter, a six-emitter catheter used for IVL System in large diameter vessels.