Needham & Company LLC Reaffirms Buy Rating for SI-BONE (NASDAQ:SIBN)

SI-BONE (NASDAQ:SIBN)‘s stock had its “buy” rating restated by research analysts at Needham & Company LLC in a research report issued to clients and investors on Tuesday, Benzinga reports. They presently have a $27.00 target price on the stock. Needham & Company LLC’s price objective would indicate a potential upside of 80.00% from the company’s previous close.

Several other brokerages also recently weighed in on SIBN. Cantor Fitzgerald restated an “overweight” rating and set a $25.00 target price on shares of SI-BONE in a research note on Tuesday, February 27th. Morgan Stanley upped their price objective on shares of SI-BONE from $25.00 to $26.00 and gave the company an “overweight” rating in a report on Tuesday, February 27th. Truist Financial reiterated a “buy” rating and issued a $24.00 target price (down from $26.00) on shares of SI-BONE in a research note on Tuesday, February 27th. Finally, Piper Sandler began coverage on shares of SI-BONE in a research note on Thursday, March 28th. They set an “overweight” rating and a $25.00 price target on the stock. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $27.29.

SI-BONE Stock Performance

SIBN stock opened at $15.00 on Tuesday. SI-BONE has a one year low of $13.96 and a one year high of $29.51. The firm has a market cap of $618 million, a price-to-earnings ratio of -13.16 and a beta of 1.24. The company has a debt-to-equity ratio of 0.21, a quick ratio of 8.15 and a current ratio of 9.01. The firm has a 50-day simple moving average of $15.78 and a two-hundred day simple moving average of $17.99.

SI-BONE (NASDAQ:SIBN) last posted its earnings results on Monday, February 26th. The company reported ($0.27) EPS for the quarter, beating analysts’ consensus estimates of ($0.29) by $0.02. SI-BONE had a negative net margin of 31.20% and a negative return on equity of 28.22%. The company had revenue of $38.86 million during the quarter, compared to analysts’ expectations of $38.60 million. On average, equities analysts forecast that SI-BONE will post -0.98 EPS for the current fiscal year.

Insider Buying and Selling

In other SI-BONE news, Director Mika Nishimura sold 2,500 shares of SI-BONE stock in a transaction that occurred on Wednesday, March 13th. The shares were sold at an average price of $16.22, for a total transaction of $40,550.00. Following the completion of the sale, the director now directly owns 19,350 shares in the company, valued at approximately $313,857. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other SI-BONE news, CFO Anshul Maheshwari sold 2,425 shares of the stock in a transaction dated Tuesday, April 2nd. The stock was sold at an average price of $15.45, for a total transaction of $37,466.25. Following the sale, the chief financial officer now directly owns 205,516 shares of the company’s stock, valued at approximately $3,175,222.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Mika Nishimura sold 2,500 shares of the business’s stock in a transaction dated Wednesday, March 13th. The shares were sold at an average price of $16.22, for a total value of $40,550.00. Following the completion of the transaction, the director now directly owns 19,350 shares of the company’s stock, valued at approximately $313,857. The disclosure for this sale can be found here. In the last quarter, insiders have sold 11,905 shares of company stock worth $190,273. 5.40% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Federated Hermes Inc. grew its stake in shares of SI-BONE by 20.5% during the 3rd quarter. Federated Hermes Inc. now owns 325,721 shares of the company’s stock worth $6,918,000 after purchasing an additional 55,515 shares during the period. Mach 1 Financial Group LLC purchased a new stake in SI-BONE during the fourth quarter worth $493,000. Kent Lake Capital LLC grew its position in SI-BONE by 33.3% during the fourth quarter. Kent Lake Capital LLC now owns 400,000 shares of the company’s stock valued at $8,396,000 after buying an additional 100,000 shares during the period. Swiss National Bank increased its holdings in SI-BONE by 1.1% in the third quarter. Swiss National Bank now owns 76,600 shares of the company’s stock valued at $1,627,000 after buying an additional 800 shares in the last quarter. Finally, Semanteon Capital Management LP acquired a new position in shares of SI-BONE in the fourth quarter worth about $251,000. 98.11% of the stock is currently owned by hedge funds and other institutional investors.

About SI-BONE

SI-BONE, Inc, a medical device company, that operate to solve musculoskeletal disorders of the sacropelvic anatomy in the United States and internationally. It offers proprietary minimally invasive surgical implant system to address sacroiliac joint dysfunction and fusion, adult deformity and degeneration, and pelvic trauma; and implantable bone products.