Deep Track Capital LP recently announced the acquisition of new stake in Ardelyx Inc. (NASDAQ:ARDX). This fresh investment now brings its stake to 9.61% valued currently at $22.29 million. In addition, Janus Henderson Investors US LLC raised its holdings by 8.25 million to 8.25 million shares. And The Vanguard Group, Inc. has lifted its position by 9.83% or 0.51 million shares – to 5.69 million shares.
With over 24.31 million Ardelyx Inc. (ARDX) shares trading Monday and a closing price of $2.07 on the day, the dollar volume was approximately $50.33 million. The shares have shown a positive half year performance of 216.90% and its price on 11/21/22 lost nearly -0.48%. Currently, there are 187.46M common shares owned by the public and among those 182.86M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 7 analysts who have offered their price forecasts for ARDX have a consensus price objective of $5.85. The analysts have set the share’s price value over the next 12 months at a high of $10.00 and a low of $1.60. The average price target is 64.62% above its recent price level and a downside to the estimated low will see the stock lose -29.37% over that period. But an upside of 79.3% will see the stock hit the forecast high price target while median target price for the stock is $6.75.
Insiders at the company have transacted a total of 95 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 19 of these insider trades were purchases, accounting for 1,199,675 shares. Insider sales of the common stock occurred on 76 occasions, with total insider shares sold totaling 6,371,346 shares.
The top 3 mutual fund holders in Ardelyx Inc. are Vanguard Total Stock Market Index, Vanguard Extended Market Index Fu, and Candoris ICAV – Orchard US Small. Vanguard Total Stock Market Index owns 3.94 million shares of the company’s stock, all valued at over $5.92 million. The company bought an additional 55281.0 shares recently to bring their total holdings to about 2.55% of the shares outstanding. Vanguard Extended Market Index Fu bought 0.23 million shares to see its total holdings expand to 1.82 million shares valued at over $2.73 million and representing 1.18% of the shares outstanding. Candoris ICAV – Orchard US Small bought 1.22 million shares to bring its total holdings to over 1.22 million shares at a value of $1.83 million. Candoris ICAV – Orchard US Small now owns shares totaling to 0.79% of the shares outstanding.
Shares of Ardelyx Inc. (NASDAQ: ARDX) opened at $2.02, down -$0.06 from a prior closing price of $2.08. However, the script later moved the day high at 2.1255, down -0.48%. The company’s stock has a 5-day price change of 65.60% and 107.00% over the past three months. ARDX shares are trading 88.18% year to date (YTD), with the 12-month market performance up to 109.54% higher. It has a 12-month low price of $0.49 and touched a high of $2.19 over the same period. ARDX has an average intraday trading volume of 7.51 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 44.10%, 50.04%, and 117.08% respectively.
Institutional ownership of Ardelyx Inc. (NASDAQ: ARDX) shares accounts for 36.60% of the company’s 187.46M shares outstanding. Mutual fund holders own 34.52%, while other institutional holders and individual stakeholders account for 8.78% and 16.68% respectively.
It has a market capitalization of $320.85M and a beta (3y monthly) value of 1.45. The earnings-per-share (ttm) stands at -$0.85. Price movements for the stock have been influenced by the stock’s volatility, which stands at 25.44% over the week and 12.88% over the month.
Analysts forecast that Ardelyx Inc. (ARDX) will achieve an EPS of -$0.17 for the current quarter, -$0.13 for the next quarter and -$0.4 for 2023. The lowest estimate earnings-per-share for the quarter is -$0.19 while analysts give the company a high EPS estimate of -$0.14. Comparatively, EPS for the current quarter was -$0.42 a year ago. Earnings per share for the fiscal year are expected to decrease by -44.20%, and 11.50% over the next financial year. EPS should grow at an annualized rate of 30.00% over the next five years, compared to 11.50% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 7 brokerage firm advisors rate Ardelyx Inc. (ARDX) as a “Strong Buy” at a consensus score of 1.70. Specifically, 5 Wall Street analysts polled rate the stock as a buy, while 2 of the 7 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the ARDX, a number of firms have released research notes about the stock. Piper Sandler stated their Overweight rating for the stock in a research note on November 17, 2022, with the firm’s price target at $3-$8. Cantor Fitzgerald coverage for the Ardelyx Inc. (ARDX) stock in a research note released on May 06, 2022 offered a Neutral rating with a price target of $1. Jefferies on their part issued Hold rating on July 21, 2021.