SI-BONE (NASDAQ:SIBN) Shares Gap Down After Analyst Downgrade

SI-BONE, Inc. (NASDAQ:SIBNGet Rating) shares gapped down prior to trading on Tuesday after Morgan Stanley lowered their price target on the stock from $22.00 to $21.00. The stock had previously closed at $16.77, but opened at $15.82. Morgan Stanley currently has an overweight rating on the stock. SI-BONE shares last traded at $14.90, with a volume of 4,203 shares traded.

Several other analysts also recently weighed in on the company. JMP Securities decreased their target price on SI-BONE from $36.00 to $32.00 and set a “market outperform” rating for the company in a research report on Tuesday. Truist Financial cut their price target on SI-BONE to $17.00 in a research note on Friday, July 22nd. Jefferies Financial Group initiated coverage on SI-BONE in a research note on Wednesday, October 12th. They set a “buy” rating and a $20.00 price target on the stock. Finally, Needham & Company LLC cut their price target on SI-BONE from $24.00 to $22.00 and set a “buy” rating on the stock in a research note on Tuesday. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $25.88.

Insiders Place Their Bets

In related news, CFO Anshul Maheshwari sold 1,709 shares of SI-BONE stock in a transaction dated Tuesday, August 16th. The stock was sold at an average price of $17.29, for a total transaction of $29,548.61. Following the completion of the sale, the chief financial officer now owns 89,487 shares of the company’s stock, valued at $1,547,230.23. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CFO Anshul Maheshwari sold 1,709 shares of SI-BONE stock in a transaction dated Tuesday, August 16th. The stock was sold at an average price of $17.29, for a total transaction of $29,548.61. Following the completion of the sale, the chief financial officer now owns 89,487 shares of the company’s stock, valued at $1,547,230.23. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Laura Francis sold 5,248 shares of the business’s stock in a transaction that occurred on Tuesday, August 16th. The shares were sold at an average price of $17.29, for a total value of $90,737.92. Following the completion of the transaction, the chief executive officer now directly owns 326,147 shares of the company’s stock, valued at $5,639,081.63. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 26,916 shares of company stock valued at $468,710. 5.40% of the stock is currently owned by corporate insiders.

Institutional Trading of SI-BONE

A number of institutional investors and hedge funds have recently made changes to their positions in SIBN. First Light Asset Management LLC increased its position in shares of SI-BONE by 85.0% in the second quarter. First Light Asset Management LLC now owns 2,006,304 shares of the company’s stock valued at $26,483,000 after buying an additional 921,670 shares in the last quarter. Point72 Asset Management L.P. increased its position in shares of SI-BONE by 118.2% during the second quarter. Point72 Asset Management L.P. now owns 1,109,963 shares of the company’s stock worth $14,652,000 after purchasing an additional 601,263 shares in the last quarter. Brown Advisory Inc. increased its position in shares of SI-BONE by 12.5% during the second quarter. Brown Advisory Inc. now owns 3,567,981 shares of the company’s stock worth $47,098,000 after purchasing an additional 395,658 shares in the last quarter. Lisanti Capital Growth LLC increased its position in shares of SI-BONE by 225.6% during the first quarter. Lisanti Capital Growth LLC now owns 404,527 shares of the company’s stock worth $9,142,000 after purchasing an additional 280,270 shares in the last quarter. Finally, Penn Capital Management Company LLC increased its position in shares of SI-BONE by 47.9% during the second quarter. Penn Capital Management Company LLC now owns 680,453 shares of the company’s stock worth $8,982,000 after purchasing an additional 220,423 shares in the last quarter.

SI-BONE Price Performance

The company has a quick ratio of 7.91, a current ratio of 8.90 and a debt-to-equity ratio of 0.32. The stock has a market capitalization of $429.99 million, a PE ratio of -7.56 and a beta of 1.13. The company has a 50-day moving average of $17.48 and a 200 day moving average of $15.98.

SI-BONE (NASDAQ:SIBNGet Rating) last issued its quarterly earnings results on Monday, August 8th. The company reported ($0.54) EPS for the quarter, missing the consensus estimate of ($0.49) by ($0.05). The firm had revenue of $25.59 million for the quarter, compared to analysts’ expectations of $25.12 million. SI-BONE had a negative return on equity of 51.84% and a negative net margin of 69.36%. During the same quarter in the previous year, the firm posted ($0.42) earnings per share. Sell-side analysts predict that SI-BONE, Inc. will post -1.88 EPS for the current year.

SI-BONE Company Profile

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SI-BONE, Inc, a medical device company, develops implantable devices used to solve musculoskeletal disorders of the sacropelvic anatomy in the United States and internationally. It offers iFuse, a minimally invasive surgical implant system to address sacroiliac joint dysfunction and degeneration, adult deformity, and pelvic ring traumatic fractures.

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