SiBone (NASDAQ:SIBN) Shares Gap Up on Better-Than-Expected Earnings

SiBone (NASDAQ:SIBN) gapped up before the market opened on Tuesday following a better than expected earnings announcement. The stock had previously closed at $15.62, but opened at $16.40. SiBone shares last traded at $15.3390, with a volume of 315,757 shares.

The company reported ($0.04) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.13) by $0.09. SiBone had a negative return on equity of 11.13% and a negative net margin of 9.41%.The firm had revenue of $56.35 million during the quarter, compared to analyst estimates of $56.26 million.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. Truist Financial reissued a “buy” rating and set a $24.00 price target (up from $23.00) on shares of SiBone in a research report on Tuesday. TD Cowen lifted their target price on shares of SiBone from $21.00 to $22.00 and gave the company a “buy” rating in a report on Tuesday. Weiss Ratings reissued a “sell (d-)” rating on shares of SiBone in a research report on Monday, December 29th. Canaccord Genuity Group raised their price objective on SiBone from $26.00 to $27.00 and gave the company a “buy” rating in a research report on Wednesday, December 17th. Finally, Morgan Stanley lifted their price objective on SiBone from $20.00 to $23.00 and gave the company an “overweight” rating in a research note on Tuesday, December 2nd. Six research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $24.67.

Insiders Place Their Bets

In other SiBone news, CEO Laura Francis sold 93,475 shares of the stock in a transaction on Tuesday, February 17th. The stock was sold at an average price of $15.32, for a total transaction of $1,432,037.00. Following the sale, the chief executive officer directly owned 544,369 shares in the company, valued at approximately $8,339,733.08. This trade represents a 14.65% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Anshul Maheshwari sold 21,528 shares of the business’s stock in a transaction on Tuesday, February 17th. The stock was sold at an average price of $15.37, for a total value of $330,885.36. Following the completion of the transaction, the chief financial officer owned 266,466 shares of the company’s stock, valued at $4,095,582.42. This represents a 7.48% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 247,653 shares of company stock worth $4,234,702 in the last three months. Corporate insiders own 3.90% of the company’s stock.

Hedge Funds Weigh In On SiBone

Hedge funds and other institutional investors have recently bought and sold shares of the stock. First Light Asset Management LLC lifted its position in SiBone by 162.4% during the fourth quarter. First Light Asset Management LLC now owns 5,032,904 shares of the company’s stock valued at $99,249,000 after purchasing an additional 3,115,001 shares in the last quarter. American Century Companies Inc. raised its stake in shares of SiBone by 22.5% in the third quarter. American Century Companies Inc. now owns 2,838,107 shares of the company’s stock worth $41,777,000 after buying an additional 521,683 shares during the period. Vanguard Group Inc. lifted its position in shares of SiBone by 0.5% during the 4th quarter. Vanguard Group Inc. now owns 2,501,555 shares of the company’s stock valued at $49,331,000 after buying an additional 11,566 shares in the last quarter. Nuveen LLC grew its stake in shares of SiBone by 5.1% during the 4th quarter. Nuveen LLC now owns 1,421,946 shares of the company’s stock valued at $28,041,000 after acquiring an additional 69,229 shares during the period. Finally, Impax Asset Management Group plc increased its holdings in SiBone by 17.1% in the 4th quarter. Impax Asset Management Group plc now owns 1,200,010 shares of the company’s stock worth $23,664,000 after acquiring an additional 175,000 shares in the last quarter. Institutional investors own 98.11% of the company’s stock.

SiBone Stock Down 2.1%

The company has a market capitalization of $663.43 million, a PE ratio of -34.75 and a beta of 0.69. The company’s fifty day moving average is $17.70 and its 200-day moving average is $16.83. The company has a debt-to-equity ratio of 0.21, a quick ratio of 6.62 and a current ratio of 7.97.

About SiBone

Si-BONE, Inc is a commercial‐stage medical device company focused on the design, development and commercialization of implant systems to treat degenerative conditions of the sacroiliac (SI) joint. Its flagship product, the iFuse Implant System, consists of triangular titanium implants that are inserted via a minimally invasive surgical procedure to stabilize the SI joint and alleviate chronic lower back and buttock pain.

FDA‐cleared in 2012, the iFuse portfolio has expanded to include the iFuse-3D and iFuse-3Di devices, which feature a porous, 3D-printed surface to promote bone ongrowth and biological fixation.