Zynex Inc. [ZYXI] fell -32.64% so far this year. What now?

Zynex Inc. [NASDAQ: ZYXI] loss -35.65% or -5.19 points to close at $9.37 with a heavy trading volume of 4047394 shares. The company report on May 4, 2023 at 9:04 PM that Zynex Prices Upsized $52.5 Million Convertible Senior Notes Offering.

Zynex, Inc. (“Zynex”) (Nasdaq: ZYXI), announced today the pricing of its previously announced private offering of $52.5 million aggregate principal amount of 5.00% convertible senior notes due 2026 (the “Notes”) in a private offering (the “Notes Offering”) to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The Notes Offering was upsized from the previously announced offering size of $50.0 million aggregate principal amount of Notes.  In addition, Zynex has granted the initial purchaser of the Notes an option to purchase, for settlement within a 13-day period beginning on, and including, the date on which the Notes are first issued, up to an additional $7.5 million aggregate principal amount of Notes.  The Notes Offering is expected to close on May 9, 2023, subject to customary closing conditions.

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The Notes will be general unsecured obligations of Zynex and will accrue interest at a rate of 5.00% per annum, payable semi-annually in arrears on May 15 and November 15 of each year, beginning on November 15, 2023. The Notes will mature on May 15, 2026 unless earlier converted, redeemed or repurchased. Before February 15, 2026, noteholders will have the right to convert their Notes in certain circumstances and during specified periods. From and after February 15, 2026, noteholders may convert their Notes at any time at their election until the close of business on the second scheduled trading day immediately before the maturity date. Zynex will settle conversions by paying or delivering, as applicable, cash, shares of Zynex’s common stock, or a combination of cash and shares of its common stock, at Zynex’s election. The initial conversion rate is 92.8031 shares of Zynex’s common stock per $1,000 principal amount of Notes, which represents an initial conversion price of approximately $10.78 per share of Zynex’s common stock. The initial conversion price represents a premium of approximately 15.0% to the last reported sale price of Zynex’s common stock on the Nasdaq Capital Market on May, 4, 2023. The conversion rate and conversion price will be subject to customary anti-dilution adjustments and increases in connection with certain corporate events or redemptions as described below.

It opened the trading session at $11.27, the shares rose to $11.47 and dropped to $9.0601, the range by which the price of stock traded the whole day. The daily chart for ZYXI points out that the company has recorded -23.63% loss over the past six months. However, it is still -60.45% lower than its most recent low trading price.

If we look at the average trading volume of 258.97K shares, ZYXI reached to a volume of 4047394 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 Zynex Inc. [ZYXI]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for ZYXI shares is $22.00 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on ZYXI stock is a recommendation set at 1.70. 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.

Piper Sandler have made an estimate for Zynex Inc. shares, keeping their opinion on the stock as Overweight, with their previous recommendation back on January 06, 2023. While these analysts kept the previous recommendation, B. Riley Securities dropped their target price from $15.50 to $10. The new note on the price target was released on February 28, 2022, representing the official price target for Zynex Inc. stock. Previously, the target price had yet another raise to $19.50, while B. Riley Securities analysts kept a Buy rating on ZYXI stock. On July 16, 2021, analysts increased their price target for ZYXI shares from 19 to 19.50.

The Average True Range (ATR) for Zynex Inc. is set at 1.13, with the Price to Sales ratio for ZYXI stock in the period of the last 12 months amounting to 2.14. The Price to Book ratio for the last quarter was 5.26, with the Price to Cash per share for the same quarter was set at 0.56. Price to Free Cash Flow for ZYXI in the course of the last twelve months was 34.86 with Quick ratio for the last quarter at 2.70.

Trading performance analysis for ZYXI stock

Zynex Inc. [ZYXI] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -16.86. With this latest performance, ZYXI shares dropped by -20.73% in over the last four-week period, additionally sinking by -23.63% over the last 6 months – not to mention a rise of 43.71% in the past year of trading.

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 ZYXI stock in for the last two-week period is set at 36.34, with the RSI for the last a single of trading hit 32.79, and the three-weeks RSI is set at 38.52 for Zynex Inc. [ZYXI]. The present Moving Average for the last 50 days of trading for this stock 11.65, while it was recorded at 12.61 for the last single week of trading, and 11.56 for the last 200 days.

Zynex Inc. [ZYXI]: A deeper dive into fundamental analysis

Operating Margin for any stock indicates how profitable investing would be, and Zynex Inc. [ZYXI] shares currently have an operating margin of +14.50 and a Gross Margin at +79.77. Zynex Inc.’s Net Margin is presently recorded at +10.78.

Return on Total Capital for ZYXI is now 22.67, given the latest momentum, and Return on Invested Capital for the company is 18.32. Return on Equity for this stock inclined to 24.31, with Return on Assets sitting at 13.19. When it comes to the capital structure of this company, Zynex Inc. [ZYXI] has a Total Debt to Total Equity ratio set at 40.63. Additionally, ZYXI Total Debt to Total Capital is recorded at 28.89, with Total Debt to Total Assets ending up at 22.40. Long-Term Debt to Equity for the company is recorded at 28.67, with the Long-Term Debt to Total Capital now at 20.38.

Reflecting on the efficiency of the workforce at the company, Zynex Inc. [ZYXI] managed to generate an average of $18,942 per employee. Receivables Turnover for the company is 4.97 with a Total Asset Turnover recorded at a value of 1.22.Zynex Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 2.70 and a Current Ratio set at 3.30.

An analysis of insider ownership at Zynex Inc. [ZYXI]

There are presently around $155 million, or 29.70% of ZYXI stock, in the hands of institutional investors. The top three institutional holders of ZYXI stocks are: BLACKROCK INC. with ownership of 3,396,632, which is approximately -2.174% of the company’s market cap and around 40.40% of the total institutional ownership; VANGUARD GROUP INC, holding 1,456,555 shares of the stock with an approximate value of $21.21 million in ZYXI stocks shares; and STATE STREET CORP, currently with $9.55 million in ZYXI stock with ownership of nearly -1.176% of the company’s market capitalization.

Positions in Zynex Inc. stocks held by institutional investors increased at the end of Thursday and at the time of the Thursday reporting period, where 54 institutional holders increased their position in Zynex Inc. [NASDAQ:ZYXI] by around 843,091 shares. Additionally, 63 investors decreased positions by around 893,132 shares, while 24 investors held positions by with 8,875,314 shares. The mentioned changes placed institutional holdings at 10,611,537 shares, according to the latest SEC report filing. ZYXI stock had 21 new institutional investments in for a total of 376,907 shares, while 14 institutional investors sold positions of 355,629 shares during the same period.


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