StockNews.com Begins Coverage on Orthofix Medical (NASDAQ:OFIX)

Posted by on Jun 14th, 2023

Equities researchers at StockNews.com assumed coverage on shares of Orthofix Medical (NASDAQ:OFIX – Get Rating) in a research note issued on Wednesday. The firm set a “buy” rating on the medical device company’s stock.

Orthofix Medical Price Performance

OFIX opened at $18.72 on Wednesday. The company has a quick ratio of 1.37, a current ratio of 2.98 and a debt-to-equity ratio of 0.10. The company’s 50-day moving average price is $18.72 and its 200 day moving average price is $19.27. Orthofix Medical has a fifty-two week low of $13.76 and a fifty-two week high of $26.40. The firm has a market cap of $684.03 million, a price-to-earnings ratio of -7.58 and a beta of 0.87.

Orthofix Medical (NASDAQ:OFIX – Get Rating) last announced its quarterly earnings results on Tuesday, May 9th. The medical device company reported ($0.47) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.20) by ($0.27). Orthofix Medical had a negative return on equity of 2.14% and a negative net margin of 14.40%. The company had revenue of $175.20 million during the quarter, compared to the consensus estimate of $168.80 million. As a group, sell-side analysts expect that Orthofix Medical will post -2.89 earnings per share for the current year.

Insider Activity

In other Orthofix Medical news, insider Kevin J. Kenny sold 4,367 shares of the company’s stock in a transaction dated Wednesday, May 24th. The shares were sold at an average price of $19.00, for a total value of $82,973.00. Following the completion of the transaction, the insider now owns 146,307 shares in the company, valued at approximately $2,779,833. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Orthofix Medical news, insider Kevin J. Kenny sold 4,367 shares of the business’s stock in a transaction on Wednesday, May 24th. The stock was sold at an average price of $19.00, for a total transaction of $82,973.00. Following the completion of the transaction, the insider now owns 146,307 shares in the company, valued at approximately $2,779,833. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Kevin J. Kenny sold 3,876 shares of the stock in a transaction 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 directly owns 142,431 shares of the company’s stock, valued at approximately $2,706,189. The disclosure for this sale can be found here. Corporate insiders own 3.50% of the company’s stock.

Institutional Trading of Orthofix Medical

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Legato Capital Management LLC bought a new position in Orthofix Medical during the first quarter valued at about $578,000. JPMorgan Chase & Co. boosted its position in shares of Orthofix Medical by 157.3% during the 1st quarter. JPMorgan Chase & Co. now owns 416,367 shares of the medical device company’s stock valued at $6,974,000 after purchasing an additional 254,534 shares in the last quarter. New York State Common Retirement Fund grew its stake in shares of Orthofix Medical by 17.4% in the 1st quarter. New York State Common Retirement Fund now owns 17,686 shares of the medical device company’s stock worth $296,000 after purchasing an additional 2,625 shares during the last quarter. Thrivent Financial for Lutherans raised its holdings in shares of Orthofix Medical by 65.1% in the 1st quarter. Thrivent Financial for Lutherans now owns 33,877 shares of the medical device company’s stock worth $567,000 after purchasing an additional 13,354 shares in the last quarter. Finally, Susquehanna International Group LLP lifted its stake in Orthofix Medical by 30.8% during the first quarter. Susquehanna International Group LLP now owns 21,897 shares of the medical device company’s stock valued at $367,000 after purchasing an additional 5,158 shares during the last quarter. 98.43% of the stock is currently owned by institutional investors.

Orthofix Medical Company Profile

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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.

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