Orthofix Medical (NASDAQ:OFIX) Coverage Initiated at StockNews.com

Posted by Defense World Staff on Jun 6th, 2023

StockNews.com initiated coverage on shares of Orthofix Medical (NASDAQ:OFIX – Get Rating) in a research note issued on Tuesday. The brokerage set a “buy” rating on the medical device company’s stock.

Orthofix Medical Stock Performance

OFIX opened at $19.68 on Tuesday. The stock has a 50-day moving average of $18.35 and a 200-day moving average of $19.17. Orthofix Medical has a 52-week low of $13.76 and a 52-week high of $27.91. The company has a market cap of $719.11 million, a PE ratio of -7.97 and a beta of 0.87. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.37 and a current ratio of 2.98.

Orthofix Medical (NASDAQ:OFIX – Get Rating) last announced its earnings results on Monday, March 6th. The medical device company reported $0.19 earnings per share for the quarter, beating the consensus estimate of ($0.37) by $0.56. Orthofix Medical had a negative return on equity of 2.14% and a negative net margin of 14.40%. The firm had revenue of $122.23 million during the quarter, compared to the consensus estimate of $121.90 million. During the same quarter in the prior year, the company earned $0.27 EPS. As a group, equities research analysts forecast that Orthofix Medical will post -2.89 earnings per share for the current fiscal year.

Insider Activity at Orthofix Medical

In related news, Director Shweta Maniar sold 4,262 shares of the stock in a transaction that occurred on Friday, March 10th. The stock was sold at an average price of $17.75, for a total transaction of $75,650.50. Following the completion of the sale, the director now owns 20,080 shares in the company, valued at approximately $356,420. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Orthofix Medical news, insider Kevin J. Kenny sold 3,876 shares of the company’s stock in a transaction that occurred on Friday, May 26th. The stock was sold at an average price of $19.00, for a total value of $73,644.00. Following the completion of the transaction, the insider now owns 142,431 shares of the company’s stock, valued at approximately $2,706,189. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Shweta Maniar sold 4,262 shares of the company’s stock in a transaction that occurred on Friday, March 10th. The shares were sold at an average price of $17.75, for a total value of $75,650.50. Following the completion of the transaction, the director now directly owns 20,080 shares of the company’s stock, valued at approximately $356,420. The disclosure for this sale can be found here. Insiders sold a total of 12,505 shares of company stock worth $232,268 in the last 90 days. 3.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On Orthofix Medical

Large investors have recently added to or reduced their stakes in the company. Cerity Partners LLC acquired a new position in Orthofix Medical in the 1st quarter valued at approximately $585,000. Quantbot Technologies LP bought a new position in shares of Orthofix Medical during the 1st quarter worth approximately $39,000. CWM LLC lifted its position in shares of Orthofix Medical by 433.4% during the 4th quarter. CWM LLC now owns 1,947 shares of the medical device company’s stock worth $40,000 after buying an additional 1,582 shares during the period. UBS Group AG lifted its position in shares of Orthofix Medical by 2,120.8% during the 3rd quarter. UBS Group AG now owns 2,776 shares of the medical device company’s stock worth $53,000 after buying an additional 2,651 shares during the period. Finally, KBC Group NV lifted its position in shares of Orthofix Medical by 87.1% during the 1st quarter. KBC Group NV now owns 2,879 shares of the medical device company’s stock worth $48,000 after buying an additional 1,340 shares during the period. Institutional investors and hedge funds own 98.43% of the company’s stock.

About Orthofix Medical

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Orthofix Medical, Inc engages in the provision of medical devices. It operates through the following business segments: Global Spine and Global Extremities. The Global Spine reporting segment offers three primary product categories: Bone Growth Therapies, Spinal Implants, and Biologics. The Bone Growth Therapies product category manufactures, distributes, and provides support services of bone growth stimulator devices that enhance bone fusion.