Insider Buying: Sonendo, Inc. (NYSE:SONX) Director Acquires 75,000 Shares of Stock

Sonendo, Inc. (NYSE:SONX) Director Olav Bergheim acquired 75,000 shares of the company’s stock in a transaction that occurred on Thursday, November 16th. The shares were acquired at an average price of $0.26 per share, with a total value of $19,500.00. Following the completion of the transaction, the director now owns 1,171,373 shares in the company, valued at $304,556.98. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Sonendo Price Performance

SONX stock traded down $0.02 during trading on Friday, reaching $0.24. The company had a trading volume of 434,621 shares, compared to its average volume of 153,244. Sonendo, Inc. has a 52 week low of $0.21 and a 52 week high of $2.95. The business has a 50 day moving average of $0.48 and a 200 day moving average of $0.94. The company has a debt-to-equity ratio of 0.98, a current ratio of 6.83 and a quick ratio of 5.80.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the company. Morgan Stanley dropped their target price on Sonendo from $5.00 to $4.60 and set an “equal weight” rating for the company in a research report on Thursday, November 9th. Piper Sandler lowered their target price on Sonendo from $1.00 to $0.40 and set a “neutral” rating on the stock in a research note on Thursday, November 9th. The Goldman Sachs Group lowered their target price on Sonendo from $1.75 to $1.50 and set a “buy” rating on the stock in a research note on Thursday, November 9th. Finally, Stifel Nicolaus lowered their target price on Sonendo from $3.00 to $1.00 and set a “buy” rating on the stock in a research note on Wednesday, November 1st.

Hedge Funds Weigh In On Sonendo

Institutional investors and hedge funds have recently made changes to their positions in the business. Renaissance Technologies LLC bought a new position in shares of Sonendo during the fourth quarter valued at approximately $30,000. HighTower Advisors LLC bought a new stake in shares of Sonendo during the fourth quarter valued at approximately $31,000. Bank of America Corp DE increased its position in shares of Sonendo by 210.6% during the first quarter. Bank of America Corp DE now owns 16,618 shares of the company’s stock valued at $66,000 after acquiring an additional 11,267 shares in the last quarter. XTX Topco Ltd bought a new stake in shares of Sonendo during the first quarter valued at approximately $39,000. Finally, Bank of New York Mellon Corp bought a new stake in shares of Sonendo during the first quarter valued at approximately $41,000. Institutional investors own 59.92% of the company’s stock.

Sonendo Company Profile

Sonendo, Inc, a commercial-stage medical technology company, develops, manufactures, and commercializes devices for root canal therapy in the United States and Canada. It provides GentleWave, a tooth decay treatment, a technology platform designed for cleaning and disinfecting the microscopic spaces within teeth without the need to remove tooth structure.