Axonics Inc. (AXNX) deserves closer scrutiny

The share price of Axonics Inc. (NASDAQ:AXNX) rose to $56.58 per share on Wednesday from $55.52. While Axonics Inc. has overperformed by 1.91%, investors are advised to look at stock chart patterns for technical insight. Within its last year performance, AXNX fell by -10.97%, with highs and lows ranging from $79.92 to $38.41, whereas the simple moving average fell by -11.74% in the last 200 days.

On March 24, 2023, Needham Upgraded Axonics Inc. (NASDAQ: AXNX) to Buy. A report published by RBC Capital Mkts on October 21, 2022, Initiated its previous ‘Outperform’ rating for AXNX. Jefferies also rated AXNX shares as ‘Hold’, setting a target price of $75 on the company’s shares in an initiating report dated October 12, 2022. Wolfe Research initiated its ‘Outperform’ rating for AXNX, as published in its report on April 06, 2022. BofA Securities’s report from March 02, 2022 suggests a price prediction of $70 for AXNX shares, giving the stock a ‘Buy’ rating. Barclays also rated the stock as ‘Overweight’.

Analysis of Axonics Inc. (AXNX)

Further, the quarter-over-quarter increase in sales is 61.80%, showing a positive trend in the upcoming months.

To gain a thorough understanding of Axonics Inc.’s future performance, several well-rounded types of analysis and research techniques can be used, with equity being among the most crucial. The goal here is to ensure that your current return on equity of -11.80% is sufficient for you to turn a profit off your investment. Taking into account the quick ratio of the company, currently set at 6.30, you can see that the company can cover any debts it may have, which can easily be seen in the annual report of the company.

It is also very valuable to look at average volume as an indicator of volatility for a stock, and AXNX is recording an average volume of 684.02K. On a monthly basis, the volatility of the stock is set at 4.59%, whereas on a weekly basis, it is put at 3.73%, with a gain of 1.02% over the past seven days. Furthermore, long-term investors anticipate a median target price of $81.30, showing growth from the present price of $56.58, which can serve as yet another indication of whether AXNX is worth investing in or should be passed over.

How Do You Analyze Axonics Inc. Shares?

The number of employees owning shares of the company should also be considered in addition to the fundamentals. This is because the values should be in line with investors’ expectations. As such, the current holdings of company stock inside the company are set at 0.70%. This can enable you to see the extent to which executives own the company’s stock.

Are institutional investors increasing their holdings in AXNX shares?

The recent increase in stakes in AXNX appears to be a result of several institutional investors and hedge funds increasing their positions. The Vanguard Group, Inc.’s position in AXNX has increased by 7.51% in the first quarter. The company now owns 5,092,888 shares of the stock, with a value of $306.03 million, following the purchase of 355,545 additional shares during the last quarter. BlackRock Fund Advisors made another increased to its shares in AXNX during the first quarter, upping its stake by 6.87%. During the last quarter, the company dropped down 203,253 additional shares for a total stake of worth $190.04 million, bringing number of shares owned by the company to 3,162,663.

During the first quarter, Bellevue Asset Management AG subtracted a -286,739 position in AXNX. Invesco Advisers, Inc. purchased an additional 0.58 million shares in the last quarter, increasing its holdings by 43.86%, now holding 1.9 million shares worth $114.19 million. At the end of the first quarter, BAMCO, Inc. decreased its AXNX holdings by -3.80% and now holds 1.77 million AXNX shares valued at $106.54 million with the lessened 70100.0 shares during the period.