SI-BONE (NASDAQ:SIBN) Shares Up 4.3% After Analyst Upgrade

Posted by on Jun 15th, 2023

SI-BONE, Inc. (NASDAQ:SIBN – Get Rating)’s share price rose 4.3% on Wednesday after Bank of America raised their price target on the stock from $28.00 to $33.00. The company traded as high as $29.51 and last traded at $28.93. Approximately 123,727 shares were traded during trading, a decline of 63% from the average daily volume of 336,900 shares. The stock had previously closed at $27.73.

A number of other equities analysts also recently weighed in on the stock. Cantor Fitzgerald boosted their target price on shares of SI-BONE from $22.00 to $24.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 28th. Morgan Stanley increased their price target on shares of SI-BONE from $18.00 to $22.00 and gave the company an “overweight” rating in a research note on Tuesday, February 28th. Truist Financial raised their target price on shares of SI-BONE from $26.00 to $28.00 in a research note on Tuesday, May 2nd. Canaccord Genuity Group raised their price target on shares of SI-BONE from $21.00 to $24.00 and gave the stock a “buy” rating in a research report on Tuesday, February 28th. Finally, Needham & Company LLC raised their target price on shares of SI-BONE from $24.00 to $27.00 in a report on Tuesday, May 2nd. Seven analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $26.25.

Insider Buying and Selling

In other news, insider Anthony J. Recupero sold 1,712 shares of the firm’s stock in a transaction that occurred on Monday, April 3rd. The shares were sold at an average price of $19.28, for a total value of $33,007.36. Following the transaction, the insider now owns 227,815 shares in the company, valued at $4,392,273.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Anthony J. Recupero sold 1,712 shares of the firm’s stock in a transaction on Monday, April 3rd. The stock was sold at an average price of $19.28, for a total transaction of $33,007.36. Following the completion of the transaction, the insider now directly owns 227,815 shares in the company, valued at $4,392,273.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Anshul Maheshwari sold 3,272 shares of the business’s stock in a transaction dated Wednesday, June 7th. The shares were sold at an average price of $28.00, for a total value of $91,616.00. Following the sale, the chief financial officer now owns 154,692 shares of the company’s stock, valued at $4,331,376. The disclosure for this sale can be found here. Over the last three months, insiders have sold 305,020 shares of company stock worth $6,794,488. Insiders own 5.40% of the company’s stock.

Institutional Investors Weigh In On SI-BONE

Several hedge funds have recently made changes to their positions in SIBN. Prelude Capital Management LLC purchased a new stake in SI-BONE in the first quarter valued at about $199,000. Royce & Associates LP increased its position in shares of SI-BONE by 37.5% during the first quarter. Royce & Associates LP now owns 132,000 shares of the company’s stock worth $2,596,000 after purchasing an additional 36,000 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in shares of SI-BONE by 6.5% in the first quarter. JPMorgan Chase & Co. now owns 240,306 shares of the company’s stock valued at $4,727,000 after purchasing an additional 14,700 shares during the last quarter. Jane Street Group LLC purchased a new stake in shares of SI-BONE in the first quarter valued at about $483,000. Finally, Silvercrest Asset Management Group LLC lifted its position in SI-BONE by 154.6% in the first quarter. Silvercrest Asset Management Group LLC now owns 900,969 shares of the company’s stock valued at $17,722,000 after buying an additional 547,141 shares during the last quarter. 98.03% of the stock is currently owned by hedge funds and other institutional investors.

SI-BONE Price Performance

The firm has a market cap of $982.69 million, a price-to-earnings ratio of -17.57 and a beta of 0.94. The company has a quick ratio of 6.65, a current ratio of 7.72 and a debt-to-equity ratio of 0.38. The company’s 50-day moving average price is $23.75 and its 200-day moving average price is $18.90.

SI-BONE (NASDAQ:SIBN – Get Rating) last announced its quarterly earnings results on Monday, May 1st. The company reported ($0.32) EPS for the quarter, beating the consensus estimate of ($0.41) by $0.09. SI-BONE had a negative net margin of 47.11% and a negative return on equity of 54.17%. The company had revenue of $32.71 million for the quarter, compared to analyst estimates of $29.20 million. On average, equities research analysts forecast that SI-BONE, Inc. will post -1.44 EPS for the current year.

About SI-BONE

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SI-BONE, Inc engages in the provision of implantable devices used in the surgical treatment of the sacropelvic anatomy. It offers a proprietary minimally invasive surgical implant system, called iFuse, used to fuse the sacroiliac joint to treat sacroiliac joint dysfunction that often causes severe lower back pain.

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