SeaSpine Holdings Co. (NASDAQ:SPNE) Short Interest Update

SeaSpine Holdings Co. (NASDAQ:SPNEGet Rating) was the recipient of a significant growth in short interest in May. As of May 15th, there was short interest totalling 662,800 shares, a growth of 23.5% from the April 30th total of 536,500 shares. Based on an average trading volume of 97,500 shares, the days-to-cover ratio is presently 6.8 days. Approximately 2.1% of the shares of the stock are short sold.

SPNE has been the subject of a number of research reports. Piper Sandler lowered their target price on SeaSpine from $28.00 to $21.00 and set an “overweight” rating for the company in a research note on Monday, March 14th. Stifel Nicolaus lowered their target price on SeaSpine from $18.00 to $16.00 and set a “buy” rating for the company in a research note on Monday, March 14th. StockNews.com lowered SeaSpine from a “hold” rating to a “sell” rating in a research note on Monday, May 9th. Finally, Cantor Fitzgerald decreased their price target on SeaSpine from $27.00 to $21.00 and set an “overweight” rating on the stock in a report on Friday, April 22nd. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $30.71.

SPNE traded down $0.20 during midday trading on Wednesday, reaching $8.07. 885 shares of the company were exchanged, compared to its average volume of 137,459. SeaSpine has a one year low of $8.00 and a one year high of $21.98. The stock has a market capitalization of $296.98 million, a P/E ratio of -5.11 and a beta of 1.28. The stock’s 50-day simple moving average is $9.91 and its 200 day simple moving average is $11.73.

SeaSpine (NASDAQ:SPNEGet Rating) last announced its earnings results on Tuesday, May 3rd. The medical equipment provider reported ($0.45) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.36) by ($0.09). SeaSpine had a negative net margin of 29.09% and a negative return on equity of 20.19%. The firm had revenue of $50.69 million during the quarter, compared to analyst estimates of $48.96 million. During the same period in the prior year, the business posted ($0.46) EPS. The firm’s quarterly revenue was up 20.8% compared to the same quarter last year. Equities analysts expect that SeaSpine will post -1.35 EPS for the current year.

Institutional investors have recently made changes to their positions in the stock. Citigroup Inc. boosted its stake in shares of SeaSpine by 135.5% during the 3rd quarter. Citigroup Inc. now owns 3,561 shares of the medical equipment provider’s stock worth $56,000 after acquiring an additional 2,049 shares during the period. MFA Wealth Advisors LLC bought a new stake in shares of SeaSpine during the 3rd quarter valued at $71,000. BNP Paribas Arbitrage SA raised its holdings in shares of SeaSpine by 430.6% during the 3rd quarter. BNP Paribas Arbitrage SA now owns 6,065 shares of the medical equipment provider’s stock worth $95,000 after buying an additional 4,922 shares in the last quarter. Tradition Wealth Management LLC raised its holdings in shares of SeaSpine by 77.8% during the 1st quarter. Tradition Wealth Management LLC now owns 8,000 shares of the medical equipment provider’s stock worth $97,000 after buying an additional 3,500 shares in the last quarter. Finally, Engineers Gate Manager LP acquired a new position in shares of SeaSpine during the 1st quarter worth $137,000. 73.10% of the stock is currently owned by institutional investors and hedge funds.

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.

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