Orthofix Medical (NASDAQ:OFIX) Shares Pass Above Two Hundred Day Moving Average – Here’s Why

Shares of Orthofix Medical Inc. (NASDAQ:OFIX) passed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $13.09 and traded as high as $15.09. Orthofix Medical shares last traded at $14.40, with a volume of 252,569 shares trading hands.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on OFIX. Weiss Ratings restated a “sell (d-)” rating on shares of Orthofix Medical in a research note on Wednesday, October 8th. Wall Street Zen upgraded Orthofix Medical from a “sell” rating to a “hold” rating in a research report on Saturday, August 9th. Stifel Nicolaus assumed coverage on Orthofix Medical in a research report on Tuesday, October 28th. They issued a “buy” rating and a $22.00 price objective for the company. Finally, Barrington Research increased their target price on Orthofix Medical from $17.00 to $18.00 and gave the stock an “outperform” rating in a report on Wednesday, November 5th. Four research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $21.50.

Orthofix Medical Trading Down 3.7%

The company has a debt-to-equity ratio of 0.38, a current ratio of 2.67 and a quick ratio of 1.50. The business’s 50-day moving average price is $14.95 and its two-hundred day moving average price is $13.09. The company has a market capitalization of $570.24 million, a P/E ratio of -4.54 and a beta of 0.90.

Institutional Investors Weigh In On Orthofix Medical

Several institutional investors and hedge funds have recently added to or reduced their stakes in OFIX. Engine Capital Management LP grew its position in shares of Orthofix Medical by 13.6% in the 2nd quarter. Engine Capital Management LP now owns 4,251,671 shares of the medical device company’s stock valued at $47,406,000 after acquiring an additional 510,281 shares during the period. Rubric Capital Management LP increased its stake in Orthofix Medical by 0.7% during the 2nd quarter. Rubric Capital Management LP now owns 3,721,715 shares of the medical device company’s stock worth $41,497,000 after acquiring an additional 26,769 shares during the period. Paradigm Capital Management Inc. NY increased its position in shares of Orthofix Medical by 34.6% in the second quarter. Paradigm Capital Management Inc. NY now owns 3,340,600 shares of the medical device company’s stock worth $37,248,000 after purchasing an additional 858,900 shares during the period. Armistice Capital LLC increased its holdings in Orthofix Medical by 0.5% in the 2nd quarter. Armistice Capital LLC now owns 2,978,000 shares of the medical device company’s stock valued at $33,205,000 after buying an additional 14,000 shares during the period. Finally, Juniper Investment Company LLC raised its position in Orthofix Medical by 15.3% during the third quarter. Juniper Investment Company LLC now owns 2,847,055 shares of the medical device company’s stock valued at $41,681,000 after purchasing an additional 377,729 shares in the last quarter. 89.76% of the stock is owned by institutional investors.

About Orthofix Medical

Orthofix Medical Inc operates as a spine and orthopedics company in the United States, Italy, Germany, the United Kingdom, France, Brazil, and internationally. It operates through two segments, Global Spine and Global Orthopedics. The Global Spine segment manufactures and distributes bone growth stimulator devices for enhance of bone fusion, including adjunctive and noninvasive treatment of cervical and lumbar spine, as well as a therapeutic treatment for non-spine; designs, develops, and markets a portfolio of motion preservation and fixation implant products, which are used in surgical procedures of the spine; and offers biological products, such as fiber-based and particulate demineralized bone matrices, cellular bone allografts, collagen ceramic matrices, and synthetic bone void fillers, and tissue forms, which allow physicians to treat various spinal and orthopedic conditions.