Shares of IceCure Medical (NASDAQ:ICCM) have been downgraded from a hold to a sell rating by Wall Street Zen, according to a research note released on May 29, 2024. This change reflects a cautious outlook on the company’s performance amid mixed signals from other analysts.
In contrast, HC Wainwright maintained a bullish stance, reiterating a buy rating and setting a target price of $2.50 for IceCure Medical shares. This divergence in analyst ratings underscores the uncertainty surrounding the company’s future prospects.
IceCure Medical’s recent earnings report, announced on May 28, 2024, revealed a loss of $0.06 earnings per share (EPS), exceeding analysts’ expectations of $0.08. The company’s revenue for the quarter reached $0.73 million, slightly below the forecast of $0.75 million. This performance is a slight improvement compared to the same quarter last year when it reported an EPS loss of $0.08.
Despite the small beat in earnings, IceCure posted a negative net margin of 467.37% and a return on equity of -182.26%, highlighting ongoing financial challenges. Analysts project that IceCure Medical will record an EPS of -0.28 for the current fiscal year, indicating continued difficulties in achieving profitability.
Institutional Investments in IceCure Medical
Recent institutional trading activity has shown a notable shift in investor sentiment. XTX Topco Ltd, a hedge fund, increased its stake in IceCure Medical by 123.7% during the fourth quarter, according to its Form 13F filing with the Securities and Exchange Commission (SEC). The firm now holds 58,866 shares of IceCure Medical, having purchased an additional 32,555 shares during the period. As of the latest SEC filing, XTX Topco Ltd’s holdings are valued at approximately $65,000, representing about 0.11% of the company’s stock. Overall, institutional investors own 0.62% of IceCure Medical shares.
About IceCure Medical
IceCure Medical Ltd is a commercial-stage medical device company focused on developing and marketing cryoablation systems, disposables, and technologies aimed at treating tumors. The company offers the ProSense system, a single-probe solution for tumor treatment, alongside associated disposables. It also provides the IceSense3 system, which caters to various medical fields, including urology, oncology, dermatology, gynecology, general surgery, thoracic surgery, and proctology.
As IceCure Medical navigates these challenging market conditions, the contrasting analyst ratings and recent institutional investments will be closely monitored by investors and stakeholders alike.
