Sonendo Inc. [SONX] is -79.51% lower this YTD. Is it still time to buy?

Sonendo Inc. [NYSE: SONX] gained 30.08% or 0.27 points to close at $1.18 with a heavy trading volume of 17285764 shares. The company report on September 23, 2022 that Sonendo, Inc. Announces $63 Million Private Placement.


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Sonendo, Inc. (NYSE: SONX), a leading dental technology company and developer of the GentleWave® System, today announced a private placement of common stock and pre-funded warrants, resulting in gross proceeds of $63 million. New and existing investors, including Pura Vida Investments, First Light Asset Management, Blue Water Life Science Advisors, ArrowMark Partners, Driehaus Capital Management, and JMR Capital participated in the financing.

“We are excited to partner with a strong and respected group of investors in this financing,” said Bjarne Bergheim, President and CEO of Sonendo. “This financing meaningfully strengthens our balance sheet and enables us to continue improving patient care and delivering innovative products focused on Saving Teeth. Improving Lives™.”.

It opened the trading session at $1.26, the shares rose to $1.26 and dropped to $0.9805, the range by which the price of stock traded the whole day. The daily chart for SONX points out that the company has recorded -74.40% loss over the past six months. However, it is still -37.21% lower than its most recent low trading price.

If we look at the average trading volume of 117.01K shares, SONX reached to a volume of 17285764 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here is what top equities market gurus are saying about Sonendo Inc. [SONX]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for SONX shares is $5.08 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on SONX stock is a recommendation set at 1.80. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

Morgan Stanley have made an estimate for Sonendo Inc. shares, keeping their opinion on the stock as Equal-Weight, with their previous recommendation back on January 31, 2022.

The Average True Range (ATR) for Sonendo Inc. is set at 0.17, with the Price to Sales ratio for SONX stock in the period of the last 12 months amounting to 0.64. The Price to Book ratio for the last quarter was 0.69, with the Price to Cash per share for the same quarter was set at 2.54.

Trading performance analysis for SONX stock

Sonendo Inc. [SONX] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 29.67. With this latest performance, SONX shares dropped by -1.67% in over the last four-week period, additionally sinking by -74.40% over the last 6 months.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for SONX stock in for the last two-week period is set at 51.79, with the RSI for the last a single of trading hit 59.85, and the three-weeks RSI is set at 47.07 for Sonendo Inc. [SONX]. The present Moving Average for the last 50 days of trading for this stock 1.4088, while it was recorded at 1.0026 for the last single week of trading, and 3.6243 for the last 200 days.

Sonendo Inc. [SONX]: A deeper dive into fundamental analysis

Sonendo Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 4.10 and a Current Ratio set at 5.00.

An analysis of insider ownership at Sonendo Inc. [SONX]

There are presently around $18 million, or 57.50% of SONX stock, in the hands of institutional investors. The top three institutional holders of SONX stocks are: GENERAL ATLANTIC, L.P. with ownership of 3,267,746, which is approximately 0% of the company’s market cap and around 10.00% of the total institutional ownership; ESSEX WOODLANDS MANAGEMENT, INC., holding 1,992,526 shares of the stock with an approximate value of $2.35 million in SONX stocks shares; and ARROWMARK COLORADO HOLDINGS LLC, currently with $2.1 million in SONX stock with ownership of nearly 25.369% of the company’s market capitalization.

21 institutional holders increased their position in Sonendo Inc. [NYSE:SONX] by around 2,130,650 shares. Additionally, 14 investors decreased positions by around 1,924,778 shares, while 10 investors held positions by with 11,397,935 shares. The mentioned changes placed institutional holdings at 15,453,363 shares, according to the latest SEC report filing. SONX stock had 9 new institutional investments in for a total of 909,011 shares, while 9 institutional investors sold positions of 387,383 shares during the same period.

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