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

Posted by on Jul 16th, 2023

StockNews.com initiated coverage on shares of Orthofix Medical (NASDAQ:OFIX – Get Free Report) in a research report issued to clients and investors on Sunday. The brokerage set a “buy” rating on the medical device company’s stock.

Orthofix Medical Stock Performance

OFIX opened at $20.62 on Friday. The firm has a market capitalization of $753.54 million, a P/E ratio of -8.35 and a beta of 0.85. The stock’s 50 day moving average price is $18.96 and its two-hundred day moving average price is $19.14. The company has a quick ratio of 1.37, a current ratio of 2.98 and a debt-to-equity ratio of 0.10. Orthofix Medical has a 12-month low of $13.76 and a 12-month high of $26.35.

Orthofix Medical (NASDAQ:OFIX – Get Free Report) last announced its quarterly earnings data on Tuesday, May 9th. The medical device company reported ($0.47) earnings per share for the quarter, missing the consensus estimate of ($0.20) by ($0.27). The firm had revenue of $175.20 million for the quarter, compared to analyst estimates of $168.80 million. Orthofix Medical had a negative return on equity of 2.14% and a negative net margin of 14.40%. On average, equities analysts forecast that Orthofix Medical will post -1.94 earnings per share for the current year.

Insider Transactions at Orthofix Medical

In related news, insider Kevin J. Kenny sold 3,876 shares of Orthofix Medical stock in a transaction on Friday, May 26th. The stock was sold at an average price of $19.00, for a total transaction of $73,644.00. Following the completion of the sale, the insider now directly owns 142,431 shares of the company’s stock, valued at $2,706,189. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, insider Kevin J. Kenny sold 4,367 shares of the company’s stock in a transaction dated Wednesday, May 24th. The stock was sold at an average price of $19.00, for a total transaction of $82,973.00. Following the sale, the insider now owns 146,307 shares in the company, valued at $2,779,833. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Kevin J. Kenny sold 3,876 shares of the company’s stock in a transaction dated Friday, May 26th. The stock was sold at an average price of $19.00, for a total value of $73,644.00. Following the sale, the insider now owns 142,431 shares in the company, valued at approximately $2,706,189. The disclosure for this sale can be found here. 4.70% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Orthofix Medical

Large investors have recently added to or reduced their stakes in the business. Legal & General Group Plc grew its holdings in shares of Orthofix Medical by 1.0% during the 2nd quarter. Legal & General Group Plc now owns 48,336 shares of the medical device company’s stock worth $1,138,000 after purchasing an additional 485 shares in the last quarter. MetLife Investment Management LLC raised its position in shares of Orthofix Medical by 5.4% during the fourth quarter. MetLife Investment Management LLC now owns 11,204 shares of the medical device company’s stock worth $230,000 after acquiring an additional 570 shares during the last quarter. Cerity Partners LLC bought a new position in shares of Orthofix Medical during the first quarter worth about $585,000. Invesco Ltd. boosted its holdings in shares of Orthofix Medical by 0.5% during the 1st quarter. Invesco Ltd. now owns 127,356 shares of the medical device company’s stock worth $4,164,000 after buying an additional 632 shares in the last quarter. Finally, Zebra Capital Management LLC lifted its position in shares of Orthofix Medical by 11.7% during the 1st quarter. Zebra Capital Management LLC now owns 8,516 shares of the medical device company’s stock valued at $278,000 after acquiring an additional 892 shares during the period. Institutional investors own 88.71% of the company’s stock.

About Orthofix Medical

(Get Free Report)

Orthofix Medical Inc operates spine and orthopedics company in the United States, Italy, Germany, France, the United Kingdom, Brazil, and internationally. It operates through Global Spine and Global Orthopedics segments. The Global Spine segment comprises the bone growth therapies products, which manufactures and distributes bone growth stimulator devices for enhance of bone fusion including adjunctive and noninvasive treatment of cervical and lumbar spine as well as a therapeutic treatment for non-spine; the spinal implants products designs, develops, and markets a portfolio of motion preservation and fixation implant products, which are used in surgical procedures of the spine; and the biological products, such as regenerative products and tissue forms which allow physicians to treat a variety of spinal and orthopedic conditions.

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