Short Interest in ConforMIS Inc. (CFMS) Grows By 31.3%
ConforMIS Inc. (NASDAQ:CFMS) was the target of a large growth in short interest in the month of September. As of September 30th, there was short interest totalling 4,466,249 shares, a growth of 31.3% from the September 15th total of 3,400,566 shares. Currently, 17.8% of the company’s shares are sold short. Based on an average daily trading volume, of 409,201 shares, the days-to-cover ratio is currently 10.9 days.
In related news, Director Kenneth P. Fallon III sold 4,000 shares of the stock in a transaction on Wednesday, August 17th. The stock was sold at an average price of $8.44, for a total value of $33,760.00. Following the completion of the sale, the director now directly owns 92,222 shares in the company, valued at approximately $778,353.68. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CTO Daniel Steines sold 10,000 shares of the stock in a transaction on Monday, October 3rd. The shares were sold at an average price of $10.03, for a total value of $100,300.00. Following the completion of the sale, the chief technology officer now owns 225,213 shares of the company’s stock, valued at $2,258,886.39. The disclosure for this sale can be found here. 9.20% of the stock is owned by corporate insiders.
Large investors have recently modified their holdings of the stock. Wellington Management Group LLP raised its stake in shares of ConforMIS by 58.1% in the first quarter. Wellington Management Group LLP now owns 5,187,018 shares of the company’s stock worth $55,760,000 after buying an additional 1,905,943 shares during the period. Nuveen Asset Management LLC raised its stake in shares of ConforMIS by 29.1% in the first quarter. Nuveen Asset Management LLC now owns 196,562 shares of the company’s stock worth $2,113,000 after buying an additional 44,296 shares during the period. California State Teachers Retirement System raised its stake in shares of ConforMIS by 237.0% in the second quarter. California State Teachers Retirement System now owns 74,981 shares of the company’s stock worth $526,000 after buying an additional 52,730 shares during the period. Franklin Resources Inc. raised its stake in shares of ConforMIS by 28.7% in the first quarter. Franklin Resources Inc. now owns 726,700 shares of the company’s stock worth $7,813,000 after buying an additional 162,100 shares during the period. Finally, Royce & Associates LP raised its stake in shares of ConforMIS by 148.8% in the first quarter. Royce & Associates LP now owns 180,600 shares of the company’s stock worth $1,941,000 after buying an additional 108,000 shares during the period. 41.13% of the stock is owned by institutional investors.
Several analysts recently issued reports on CFMS shares. B. Riley started coverage on ConforMIS in a report on Wednesday, September 21st. They issued a “buy” rating and a $13.00 price target for the company. SunTrust Banks Inc. started coverage on ConforMIS in a report on Monday, September 19th. They issued a “buy” rating and a $14.00 price target for the company. Zacks Investment Research upgraded ConforMIS from a “sell” rating to a “hold” rating in a report on Wednesday, July 13th. JPMorgan Chase & Co. lowered their target price on ConforMIS from $11.00 to $8.00 and set a “neutral” rating for the company in a research note on Tuesday, August 9th. Finally, Oppenheimer Holdings Inc. raised their target price on ConforMIS from $12.00 to $13.00 and gave the company an “outperform” rating in a research note on Tuesday, August 9th. Three research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. ConforMIS has an average rating of “Buy” and an average price target of $14.86.
ConforMIS (NASDAQ:CFMS) opened at 8.58 on Friday. ConforMIS has a 1-year low of $4.80 and a 1-year high of $23.62. The company has a 50-day moving average price of $9.09 and a 200-day moving average price of $8.83. The firm’s market capitalization is $361.45 million.
ConforMIS (NASDAQ:CFMS) last issued its earnings results on Monday, August 8th. The company reported ($0.34) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.35) by $0.01. The company earned $19.30 million during the quarter, compared to analyst estimates of $18.02 million. ConforMIS had a negative net margin of 84.33% and a negative return on equity of 45.30%. The company’s revenue for the quarter was up .5% on a year-over-year basis. During the same quarter last year, the business posted ($2.51) EPS. On average, equities research analysts predict that ConforMIS will post ($1.40) earnings per share for the current fiscal year.
ConforMIS, Inc is a medical technology company that uses its iFit Image-to-Implant technology platform to develop, manufacture and sell joint replacement implants. The Company’s products include iTotal CR, which is the cruciate-retaining, customized total knee replacement system to restore the natural shape of a patient’s knee; iTotal PS, which is the posterior cruciate ligament substituting, or posterior-stabilized, customized total knee replacement product to restore the natural shape of a patient’s knee; iDuo, which is the customized bicompartmental knee replacement system, and iUni, which is the customized unicompartmental knee replacement product for treatment of the medial or lateral compartment of the knee.
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