Fintel reports that on August 11, 2023, Goldman Sachs maintained coverage of Sonendo (NYSE:SONX) with a Buy recommendation.

Analyst Price Forecast Suggests 188.85% Upside

As of August 2, 2023, the average one-year price target for Sonendo is 3.26. The forecasts range from a low of 2.02 to a high of $5.78. The average price target represents an increase of 188.85% from its latest reported closing price of 1.13.

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The projected annual revenue for Sonendo is 56MM, an increase of 27.50%. The projected annual non-GAAP EPS is -0.77.

What is the Fund Sentiment?

There are 64 funds or institutions reporting positions in Sonendo. This is an increase of 2 owner(s) or 3.23% in the last quarter. Average portfolio weight of all funds dedicated to SONX is 1.20%, an increase of 66.61%. Total shares owned by institutions decreased in the last three months by 3.93% to 36,409K shares.

What are Other Shareholders Doing?

ArrowMark Colorado Holdings holds 5,981K shares representing 11.66% ownership of the company. No change in the last quarter.

Blue Water Life Science Advisors holds 4,643K shares representing 9.05% ownership of the company. No change in the last quarter.

Pura Vida Investments holds 4,542K shares representing 8.86% ownership of the company. In it’s prior filing, the firm reported owning 4,916K shares, representing a decrease of 8.24%. The firm decreased its portfolio allocation in SONX by 15.98% over the last quarter.

First Light Asset Management holds 4,186K shares representing 8.16% ownership of the company. No change in the last quarter.

MSGGX – Meridian Small Cap Growth Fund Legacy Class holds 3,905K shares representing 7.61% ownership of the company. No change in the last quarter.

Sonendo Background Information
(This description is provided by the company.)

Sonendo is a company focused on saving teeth from tooth decay, the most prevalent chronic disease globally. Sonendo has developed the GentleWave® System, an innovative technology platform designed to treat tooth decay by cleaning and disinfecting the microscopic spaces within teeth without the need to remove tooth structure. The GentleWave System, the first and only FDA-cleared system for root canal therapy, or RCT, that employs a sterilized, single-use Procedure Instrument, to transform RCT by addressing the limitations of conventional methods. The system utilizes its proprietary mechanism of action, which combines procedure fluid optimization, broad-spectrum acoustic energy, and advanced fluid dynamics, to debride and disinfect deep regions of the complex root canal system in a less invasive procedure that preserves tooth structure.

This article originally appeared on Fintel

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