SeaSpine (NASDAQ:SPNE) Issues Quarterly Earnings Results, Misses Estimates By $0.09 EPS

SeaSpine (NASDAQ:SPNEGet Rating) posted its quarterly earnings results on Tuesday. The medical equipment provider reported ($0.45) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.36) by ($0.09), MarketWatch Earnings reports. The firm had revenue of $50.69 million during the quarter, compared to the consensus estimate of $48.96 million. SeaSpine had a negative net margin of 28.39% and a negative return on equity of 21.26%. SeaSpine’s revenue was up 20.8% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.46) EPS.

Shares of NASDAQ SPNE traded up $0.26 during mid-day trading on Wednesday, reaching $10.00. 1,685 shares of the company’s stock were exchanged, compared to its average volume of 90,787. The firm has a market capitalization of $368 million, a price-to-earnings ratio of -6.01 and a beta of 1.28. The business has a fifty day simple moving average of $11.37 and a 200 day simple moving average of $12.67. SeaSpine has a twelve month low of $9.00 and a twelve month high of $22.24.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Barclays PLC raised its position in shares of SeaSpine by 197.0% during the fourth quarter. Barclays PLC now owns 38,540 shares of the medical equipment provider’s stock worth $525,000 after purchasing an additional 25,564 shares during the period. BlackRock Inc. grew its stake in SeaSpine by 3.1% in the fourth quarter. BlackRock Inc. now owns 2,491,536 shares of the medical equipment provider’s stock valued at $33,932,000 after purchasing an additional 75,894 shares in the last quarter. Wells Fargo & Company MN grew its stake in SeaSpine by 50.1% in the fourth quarter. Wells Fargo & Company MN now owns 259,628 shares of the medical equipment provider’s stock valued at $3,536,000 after purchasing an additional 86,695 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in SeaSpine by 140.2% in the fourth quarter. Goldman Sachs Group Inc. now owns 42,483 shares of the medical equipment provider’s stock valued at $579,000 after purchasing an additional 24,793 shares in the last quarter. Finally, Deutsche Bank AG boosted its stake in shares of SeaSpine by 5.3% during the 4th quarter. Deutsche Bank AG now owns 20,129 shares of the medical equipment provider’s stock worth $275,000 after acquiring an additional 1,012 shares during the period. 73.10% of the stock is currently owned by institutional investors.

Several equities analysts recently issued reports on the company. Zacks Investment Research cut SeaSpine from a “buy” rating to a “hold” rating in a report on Saturday, January 29th. Piper Sandler cut their target price on SeaSpine from $28.00 to $21.00 and set an “overweight” rating on the stock in a research note on Monday, March 14th. Stifel Nicolaus cut their target price on SeaSpine from $18.00 to $16.00 and set a “buy” rating on the stock in a research note on Monday, March 14th. Cantor Fitzgerald cut their target price on SeaSpine from $27.00 to $21.00 and set an “overweight” rating on the stock in a research note on Friday, April 22nd. Finally, StockNews.com began coverage on SeaSpine in a research note on Thursday, March 31st. They issued a “hold” rating on the stock. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, SeaSpine currently has an average rating of “Buy” and an average price target of $30.63.

About SeaSpine (Get Rating)

SeaSpine Holdings Corporation, a medical technology company, focuses on the design, development, and commercialization of surgical solutions for the treatment of spinal disorders in the United States and internationally. It offers orthobiologics and spinal implant solutions for the neurosurgeons and orthopedic spine surgeons to perform fusion procedures in the lumbar, thoracic, and cervical spine.

See Also

Earnings History for SeaSpine (NASDAQ:SPNE)

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