Zynex (NASDAQ:ZYXI) Stock Price Down 29.2% – Here’s What Happened

Zynex Inc. (NASDAQ:ZYXI) shares dropped 29.2% during trading on Thursday . The stock traded as low as $0.73 and last traded at $0.7786. Approximately 1,129,988 shares changed hands during trading, an increase of 1,023% from the average daily volume of 100,637 shares. The stock had previously closed at $1.10.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. LADENBURG THALM/SH SH upgraded Zynex from a “neutral” rating to a “buy” rating and set a $3.70 price objective for the company in a research note on Friday, August 1st. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Zynex in a report on Wednesday, October 8th. Finally, HC Wainwright downgraded shares of Zynex from a “buy” rating to a “neutral” rating in a research report on Friday, August 1st. One research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $4.90.

Zynex Stock Down 29.2%

The company has a market capitalization of $23.59 million, a PE ratio of -0.83 and a beta of 1.02. The company has a current ratio of 0.62, a quick ratio of 0.45 and a debt-to-equity ratio of 0.56. The firm has a 50 day simple moving average of $1.37 and a two-hundred day simple moving average of $1.85.

Institutional Trading of Zynex

Several hedge funds have recently made changes to their positions in ZYXI. Engineers Gate Manager LP acquired a new position in shares of Zynex during the second quarter worth about $32,000. Y Intercept Hong Kong Ltd purchased a new stake in Zynex in the 2nd quarter valued at approximately $36,000. Virtu Financial LLC acquired a new position in Zynex during the 1st quarter worth approximately $39,000. Deutsche Bank AG increased its position in Zynex by 172.8% during the 1st quarter. Deutsche Bank AG now owns 19,796 shares of the company’s stock worth $44,000 after purchasing an additional 12,540 shares during the period. Finally, XTX Topco Ltd purchased a new position in shares of Zynex during the 2nd quarter worth approximately $47,000. Institutional investors and hedge funds own 29.68% of the company’s stock.

About Zynex

Zynex, Inc, together with its subsidiaries, designs, manufactures, and markets medical devices to treat chronic and acute pain; and activate and exercise muscles for rehabilitative purposes with electrical stimulation. The company offers NexWave, a dual channel, multi-modality interferential current, transcutaneous electrical nerve stimulation, and neuromuscular electrical stimulation (NMES) device that is marketed to physicians and therapists by field sales representatives; NeuroMove, an electromyography and electric stimulation technology device; InWave, an electrical stimulation product for the treatment of female urinary incontinence; E-Wave, an NMES device; M-Wave, an NMES device.