Arcadia Investment Management Corp MI Lowers Stock Holdings in Axonics, Inc. (NASDAQ:AXNX)

Arcadia Investment Management Corp MI cut its stake in shares of Axonics, Inc. (NASDAQ:AXNX) by 51.1% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 995 shares of the company’s stock after selling 1,038 shares during the period. Arcadia Investment Management Corp MI’s holdings in Axonics were worth $62,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in AXNX. Headlands Technologies LLC acquired a new stake in shares of Axonics in the 4th quarter valued at approximately $53,000. RiverPark Advisors LLC purchased a new stake in shares of Axonics during the 3rd quarter worth $58,000. C M Bidwell & Associates Ltd. lifted its holdings in shares of Axonics by 108.2% in the third quarter. C M Bidwell & Associates Ltd. now owns 1,270 shares of the company’s stock valued at $71,000 after purchasing an additional 660 shares in the last quarter. Sentry Investment Management LLC purchased a new position in shares of Axonics during the 4th quarter worth approximately $125,000. Finally, Covestor Ltd raised its position in shares of Axonics by 40.8% during the 3rd quarter. Covestor Ltd now owns 3,143 shares of the company’s stock worth $176,000 after purchasing an additional 911 shares during the last quarter. 99.48% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on AXNX. Royal Bank of Canada reiterated a “sector perform” rating and set a $71.00 target price on shares of Axonics in a report on Thursday, February 29th. CL King reaffirmed a “neutral” rating on shares of Axonics in a research note on Friday, January 12th. Needham & Company LLC reissued a “hold” rating on shares of Axonics in a research report on Monday. Truist Financial restated a “hold” rating and set a $71.00 target price (down previously from $73.00) on shares of Axonics in a research report on Friday, January 12th. Finally, SVB Leerink reiterated a “market perform” rating and issued a $71.00 price target on shares of Axonics in a report on Friday, January 12th. Eight research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $70.73.

Axonics Stock Up 0.1 %

Shares of NASDAQ AXNX traded up $0.08 on Thursday, hitting $67.40. The company had a trading volume of 223,970 shares, compared to its average volume of 1,171,204. The business has a 50 day moving average of $67.72 and a two-hundred day moving average of $63.59. The firm has a market capitalization of $3.44 billion, a P/E ratio of -210.63 and a beta of 0.60. Axonics, Inc. has a 12-month low of $47.59 and a 12-month high of $69.68.

Axonics (NASDAQ:AXNX) last announced its earnings results on Tuesday, April 30th. The company reported ($0.38) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.32). Axonics had a negative net margin of 4.12% and a negative return on equity of 2.58%. The business had revenue of $91.41 million for the quarter, compared to analyst estimates of $89.79 million. During the same quarter in the prior year, the business earned ($0.19) earnings per share. The firm’s revenue was up 29.4% on a year-over-year basis. On average, sell-side analysts anticipate that Axonics, Inc. will post 0.27 earnings per share for the current year.

About Axonics

Axonics, Inc, a medical technology company, engages in the development and commercialization of novel products for the treatment of bladder and bowel dysfunction. Its sacral neuromodulation (SNM) systems are used to treat patients with overactive bladder (OAB), including urinary urge incontinence and urinary urgency frequency, as well as fecal incontinence (FI) and non-obstructive urinary retention (UR); and rechargeable (R20) and recharge-free (F15) implantable SNM systems that delivers mild electrical pulses to the targeted sacral nerve to restore normal communication to and from the brain to reduce the symptoms of OAB, UR, and FI.