Silk Road Medical (NASDAQ:SILK) Hits New 52-Week Low After Analyst Downgrade

Posted by Defense World Staff on Aug 15th, 2023

Silk Road Medical, Inc (NASDAQ:SILK – Get Free Report) hit a new 52-week low during mid-day trading on Monday after Citigroup lowered their price target on the stock from $48.00 to $35.00. Citigroup currently has a buy rating on the stock. Silk Road Medical traded as low as $19.42 and last traded at $19.44, with a volume of 8057 shares. The stock had previously closed at $19.75.

Other analysts have also recently issued reports about the stock. Piper Sandler reduced their target price on shares of Silk Road Medical from $46.00 to $41.00 in a report on Wednesday, May 10th. CL King started coverage on shares of Silk Road Medical in a report on Tuesday, May 23rd. They set a “buy” rating and a $47.00 target price for the company. Bank of America cut shares of Silk Road Medical from a “buy” rating to an “underperform” rating and reduced their target price for the company from $51.00 to $28.00 in a report on Wednesday, July 12th. JPMorgan Chase & Co. cut shares of Silk Road Medical from an “overweight” rating to a “neutral” rating and reduced their target price for the company from $50.00 to $28.00 in a report on Wednesday, July 12th. Finally, Stifel Nicolaus reduced their price objective on shares of Silk Road Medical from $50.00 to $45.00 and set a “buy” rating for the company in a research note on Wednesday, August 2nd. Two analysts have rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $38.44.

Read Our Latest Research Report on SILK

Insider Transactions at Silk Road Medical

In related news, CEO Erica J. Rogers sold 1,000 shares of the company’s stock in a transaction on Tuesday, July 11th. The shares were sold at an average price of $31.56, for a total transaction of $31,560.00. Following the completion of the transaction, the chief executive officer now owns 269,639 shares in the company, valued at $8,509,806.84. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Silk Road Medical news, CEO Erica J. Rogers sold 1,000 shares of the stock in a transaction on Tuesday, July 11th. The shares were sold at an average price of $31.56, for a total transaction of $31,560.00. Following the completion of the transaction, the chief executive officer now owns 269,639 shares in the company, valued at $8,509,806.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Andrew S. Davis sold 6,587 shares of the stock in a transaction on Thursday, August 3rd. The shares were sold at an average price of $22.13, for a total transaction of $145,770.31. Following the transaction, the insider now owns 109,534 shares of the company’s stock, valued at approximately $2,423,987.42. The disclosure for this sale can be found here. Insiders sold a total of 8,656 shares of company stock valued at $211,585 over the last three months. Corporate insiders own 6.70% of the company’s stock.

Institutional Investors Weigh In On Silk Road Medical

Several institutional investors have recently made changes to their positions in the company. PNC Financial Services Group Inc. increased its stake in Silk Road Medical by 91.0% in the 4th quarter. PNC Financial Services Group Inc. now owns 466 shares of the company’s stock worth $25,000 after buying an additional 222 shares during the period. Quarry LP increased its stake in Silk Road Medical by 535.1% in the 1st quarter. Quarry LP now owns 978 shares of the company’s stock worth $38,000 after buying an additional 824 shares during the period. US Bancorp DE increased its position in Silk Road Medical by 41.3% during the 1st quarter. US Bancorp DE now owns 1,673 shares of the company’s stock valued at $69,000 after purchasing an additional 489 shares during the period. Wells Fargo & Company MN increased its position in Silk Road Medical by 12.9% during the 4th quarter. Wells Fargo & Company MN now owns 1,829 shares of the company’s stock valued at $97,000 after purchasing an additional 209 shares during the period. Finally, Tower Research Capital LLC TRC increased its position in Silk Road Medical by 154.3% during the 3rd quarter. Tower Research Capital LLC TRC now owns 3,187 shares of the company’s stock valued at $143,000 after purchasing an additional 1,934 shares during the period.

Silk Road Medical Stock Up 0.9 %

The company has a current ratio of 9.69, a quick ratio of 8.90 and a debt-to-equity ratio of 0.48. The firm has a market cap of $773.49 million, a PE ratio of -14.13 and a beta of 1.14. The business’s 50-day simple moving average is $27.00 and its 200 day simple moving average is $37.24.

Silk Road Medical (NASDAQ:SILK – Get Free Report) last posted its earnings results on Tuesday, August 1st. The company reported ($0.35) EPS for the quarter, beating analysts’ consensus estimates of ($0.39) by $0.04. The business had revenue of $45.30 million for the quarter, compared to the consensus estimate of $43.32 million. Silk Road Medical had a negative net margin of 32.83% and a negative return on equity of 40.05%. As a group, equities research analysts expect that Silk Road Medical, Inc will post -1.46 earnings per share for the current year.

Silk Road Medical Company Profile

(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.