Silk Road Medical (NASDAQ:SILK) Shares Gap Down on Analyst Downgrade

Posted by Defense World Staff on Jul 19th, 2023

Silk Road Medical, Inc (NASDAQ:SILK – Get Free Report) gapped down before the market opened on Tuesday after Wolfe Research lowered their price target on the stock from $27.00 to $13.00. The stock had previously closed at $22.61, but opened at $21.53. Silk Road Medical shares last traded at $22.29, with a volume of 86,145 shares traded.

A number of other equities research analysts have also issued reports on SILK. Stifel Nicolaus lowered their target price on Silk Road Medical from $60.00 to $50.00 in a research note on Wednesday, May 10th. Argus lowered their price objective on Silk Road Medical from $70.00 to $55.00 in a research note on Monday, May 22nd. JPMorgan Chase & Co. lowered Silk Road Medical from an “overweight” rating to a “neutral” rating and lowered their price objective for the company from $50.00 to $28.00 in a research note on Wednesday, July 12th. Bank of America lowered Silk Road Medical from a “buy” rating to an “underperform” rating and lowered their price objective for the company from $51.00 to $28.00 in a research note on Wednesday, July 12th. Finally, B. Riley began coverage on Silk Road Medical in a research note on Friday, March 31st. They set a “buy” rating and a $58.00 price objective for the company. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $40.89.

Insider Buying and Selling

In related news, insider Andrew S. Davis sold 6,753 shares of the business’s stock in a transaction dated Monday, May 1st. The stock was sold at an average price of $44.51, for a total transaction of $300,576.03. Following the completion of the transaction, the insider now owns 115,683 shares of the company’s stock, valued at approximately $5,149,050.33. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Andrew S. Davis sold 6,753 shares of the business’s stock in a transaction dated Monday, May 1st. The stock was sold at an average price of $44.51, for a total transaction of $300,576.03. Following the completion of the transaction, the insider now owns 115,683 shares of the company’s stock, valued at approximately $5,149,050.33. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Erica J. Rogers sold 1,000 shares of the company’s stock in a transaction that occurred on Monday, June 12th. The shares were sold at an average price of $32.13, for a total value of $32,130.00. Following the completion of the transaction, the chief executive officer now directly owns 269,639 shares of the company’s stock, valued at approximately $8,663,501.07. The disclosure for this sale can be found here. In the last 90 days, insiders sold 11,822 shares of company stock valued at $472,921. Insiders own 6.70% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of SILK. Raymond James & Associates raised its stake in shares of Silk Road Medical by 23.0% in the 1st quarter. Raymond James & Associates now owns 17,672 shares of the company’s stock valued at $730,000 after purchasing an additional 3,304 shares during the period. US Bancorp DE grew its holdings in shares of Silk Road Medical by 41.3% in the 1st quarter. US Bancorp DE now owns 1,673 shares of the company’s stock valued at $69,000 after acquiring an additional 489 shares in the last quarter. MetLife Investment Management LLC grew its holdings in shares of Silk Road Medical by 63.3% in the 1st quarter. MetLife Investment Management LLC now owns 18,697 shares of the company’s stock valued at $772,000 after acquiring an additional 7,246 shares in the last quarter. Rhumbline Advisers grew its holdings in shares of Silk Road Medical by 4.7% in the 1st quarter. Rhumbline Advisers now owns 35,607 shares of the company’s stock valued at $1,470,000 after acquiring an additional 1,584 shares in the last quarter. Finally, BlackRock Inc. grew its holdings in Silk Road Medical by 1.2% during the first quarter. BlackRock Inc. now owns 2,556,071 shares of the company’s stock worth $105,542,000 after purchasing an additional 29,112 shares during the period.

Silk Road Medical Trading Down 5.0 %

The company has a market cap of $831.92 million, a P/E ratio of -14.32 and a beta of 1.18. The business has a fifty day moving average price of $31.18 and a 200-day moving average price of $41.51. The company has a quick ratio of 10.21, a current ratio of 11.03 and a debt-to-equity ratio of 0.47.

Silk Road Medical (NASDAQ:SILK – Get Free Report) last released its quarterly earnings results on Tuesday, May 9th. The company reported ($0.43) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.39) by ($0.04). Silk Road Medical had a negative net margin of 36.47% and a negative return on equity of 50.13%. The business had revenue of $40.13 million during the quarter, compared to analyst estimates of $40.69 million. During the same quarter in the previous year, the firm posted ($0.48) earnings per share. The firm’s quarterly revenue was up 43.2% on a year-over-year basis. On average, analysts forecast that Silk Road Medical, Inc will post -1.53 earnings per share for the current year.

About Silk Road Medical

(Get Free Report)

Silk Road Medical, Inc operates as a medical device company in the United States. The company offers various products for the treatment of carotid artery disease called transcarotid artery revascularization. Its products include ENROUTE Transcarotid Neuroprotection System that is used to directly access the common carotid artery and initiate temporary blood flow reversal; ENROUTE Transcarotid Stent System, a self-expanding, self-tapering stent; ENHANCE Transcarotid Peripheral Access Kit for use in gaining initial access to the common carotid artery; ENROUTE 0.014 Guidewire for navigating and crossing the target lesion for delivery of interventional devices; and ENROUTE Enflate Transcarotid RX Balloon Dilation Catheter, a specialty balloon for the TCAR procedure.