Axonics, Inc. (NASDAQ:AXNX) Short Interest Up 5.8% in August

Axonics, Inc. (NASDAQ:AXNX) was the target of a significant growth in short interest in August. As of August 31st, there was short interest totalling 3,480,000 shares, a growth of 5.8% from the August 15th total of 3,290,000 shares. Based on an average daily trading volume, of 337,600 shares, the days-to-cover ratio is presently 10.3 days.

Institutional Trading of Axonics

Hedge funds and other institutional investors have recently made changes to their positions in the company. Maven Securities LTD acquired a new position in Axonics in the second quarter valued at approximately $1,008,000. Granite Bay Wealth Management LLC acquired a new position in shares of Axonics in the 2nd quarter valued at $1,698,000. Algert Global LLC grew its holdings in shares of Axonics by 26.0% during the 2nd quarter. Algert Global LLC now owns 33,847 shares of the company’s stock worth $2,276,000 after purchasing an additional 6,978 shares during the period. Susquehanna Fundamental Investments LLC purchased a new position in shares of Axonics during the 2nd quarter worth $1,208,000. Finally, The Manufacturers Life Insurance Company increased its position in shares of Axonics by 4.7% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 21,485 shares of the company’s stock worth $1,444,000 after purchasing an additional 974 shares during the last quarter. Institutional investors and hedge funds own 99.48% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Needham & Company LLC reissued a “hold” rating on shares of Axonics in a research note on Monday, August 5th. Eight research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, Axonics has a consensus rating of “Hold” and a consensus price target of $69.57.

Axonics Stock Up 0.3 %

Shares of AXNX opened at $69.02 on Tuesday. Axonics has a 52-week low of $48.30 and a 52-week high of $69.68. The stock has a fifty day simple moving average of $68.54 and a two-hundred day simple moving average of $67.90. The company has a market capitalization of $3.53 billion, a PE ratio of -215.69 and a beta of 0.81.

Axonics (NASDAQ:AXNX) last released its quarterly earnings data on Thursday, August 1st. The company reported $0.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.10 by $0.03. Axonics had a negative net margin of 0.42% and a negative return on equity of 0.27%. The firm had revenue of $114.57 million during the quarter, compared to analysts’ expectations of $112.83 million. During the same period last year, the business earned ($0.15) earnings per share. Axonics’s revenue was up 23.3% compared to the same quarter last year. As a group, equities analysts anticipate that Axonics will post 0.24 earnings per share for the current fiscal 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.