Surgalign Holdings, Inc. (NASDAQ:SRGA) Sees Significant Increase in Short Interest

Surgalign Holdings, Inc. (NASDAQ:SRGAGet Rating) saw a significant increase in short interest in the month of May. As of May 31st, there was short interest totalling 307,600 shares, an increase of 98.1% from the May 15th total of 155,300 shares. Currently, 5.7% of the shares of the company are short sold. Based on an average daily volume of 81,700 shares, the days-to-cover ratio is currently 3.8 days.

Separately, Lake Street Capital set a $30.00 price objective on shares of Surgalign in a research report on Monday, February 14th.

Surgalign stock opened at $4.60 on Monday. Surgalign has a 52-week low of $4.28 and a 52-week high of $48.60. The firm has a fifty day moving average of $8.96 and a 200-day moving average of $14.37. The firm has a market capitalization of $30.44 million, a P/E ratio of -0.29 and a beta of 2.23. The company has a quick ratio of 2.76, a current ratio of 3.57 and a debt-to-equity ratio of 0.39.

Surgalign (NASDAQ:SRGAGet Rating) last released its quarterly earnings data on Tuesday, May 10th. The company reported ($2.40) earnings per share (EPS) for the quarter. Surgalign had a negative return on equity of 169.33% and a negative net margin of 79.07%. The business had revenue of $20.61 million during the quarter.

In other news, CFO David Lyle bought 19,000 shares of the stock in a transaction dated Wednesday, May 18th. The shares were acquired at an average price of $5.26 per share, with a total value of $99,940.00. Following the completion of the acquisition, the chief financial officer now directly owns 59,000 shares in the company, valued at $310,340. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 10.30% of the company’s stock.

Several hedge funds have recently made changes to their positions in the company. Verition Fund Management LLC boosted its stake in shares of Surgalign by 208.7% in the first quarter. Verition Fund Management LLC now owns 459,560 shares of the company’s stock valued at $140,000 after purchasing an additional 310,676 shares during the period. Alyeska Investment Group L.P. purchased a new position in shares of Surgalign in the first quarter valued at $639,000. State Street Corp boosted its stake in shares of Surgalign by 4.7% in the first quarter. State Street Corp now owns 6,064,078 shares of the company’s stock valued at $1,845,000 after purchasing an additional 274,736 shares during the period. Atria Wealth Solutions Inc. purchased a new position in shares of Surgalign in the first quarter valued at $350,000. Finally, Renaissance Technologies LLC bought a new position in Surgalign during the 1st quarter valued at $181,000. Institutional investors and hedge funds own 28.35% of the company’s stock.

About Surgalign (Get Rating)

Surgalign Holdings, Inc, a medical technology company, develops, manufactures, distributes, and markets spine implants worldwide. It offers products for thoracolumbar procedures, including Streamline TL Spinal Fixation system, a system for degenerative and complex spine procedures; and Streamline MIS Spinal Fixation system, a range of implants and instruments used via a percutaneous or mini-open approach; and interbody fusion devices, as well as products for cervical procedures, such as CervAlign ACP system, a comprehensive anterior cervical plate system; Fortilink-C IBF system, a cervical interbody fusion device that utilizes TETRAfuse 3D technology; and Streamline OCT system, a range of implants used in the occipito-cervico-thoracic posterior spine.

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