Zacks Investment Research Downgrades K2M Group Holdings Inc. (KTWO) to Hold
K2M Group Holdings Inc. (NASDAQ:KTWO) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Tuesday.
According to Zacks, “K2M Group Holdings, Inc. is a global medical device company. The Company is focused on designing, developing and commercializing complex spine and minimally invasive spine technologies and techniques. Its products consist of implants, disposables and instruments which are marketed and sold primarily to hospitals for use by spine surgeons. The Company’s products include Complex Spine, Minimally Invasive Spine and Degenerative Spine. Its technologies include MESA, Rail 4D, Deformity Cricket, SERENGETI, RAVINE, EVEREST and tifix. K2M Group Holdings, Inc. is headquartered in Leesburg, Virginia. “
A number of other research analysts have also recently issued reports on KTWO. Oppenheimer Holdings Inc. reiterated an “outperform” rating and set a $23.00 price objective on shares of K2M Group Holdings in a research note on Friday, August 5th. Wells Fargo & Co. reiterated a “buy” rating on shares of K2M Group Holdings in a research note on Sunday, September 11th. Needham & Company LLC reiterated a “strong-buy” rating and set a $22.00 price objective (up previously from $21.00) on shares of K2M Group Holdings in a research note on Friday, August 5th. Barclays PLC lifted their price objective on K2M Group Holdings from $20.00 to $22.00 and gave the company an “overweight” rating in a research note on Thursday, August 4th. Finally, RBC Capital Markets began coverage on K2M Group Holdings in a research note on Monday, October 10th. They set an “outperform” rating and a $23.00 price objective for the company. Two research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $22.22.
K2M Group Holdings (NASDAQ:KTWO) opened at 18.84 on Tuesday. The company’s market cap is $794.99 million. The stock’s 50 day moving average price is $18.32 and its 200 day moving average price is $16.20. K2M Group Holdings has a 1-year low of $10.10 and a 1-year high of $21.67.
K2M Group Holdings (NASDAQ:KTWO) last released its quarterly earnings results on Wednesday, November 2nd. The medical device company reported ($0.19) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.30) by $0.11. K2M Group Holdings had a negative return on equity of 13.03% and a negative net margin of 16.45%. The company had revenue of $59.30 million for the quarter, compared to analyst estimates of $58.21 million. During the same period in the previous year, the company posted ($0.25) earnings per share. The firm’s revenue was up 7.8% on a year-over-year basis. On average, equities analysts anticipate that K2M Group Holdings will post ($0.97) earnings per share for the current fiscal year.
In other news, major shareholder Carson Anderson & Stow Welsh sold 4,416,825 shares of the business’s stock in a transaction on Wednesday, November 16th. The stock was sold at an average price of $18.39, for a total value of $81,225,411.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 4.80% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Price T Rowe Associates Inc. MD boosted its position in K2M Group Holdings by 17.6% in the third quarter. Price T Rowe Associates Inc. MD now owns 4,780,839 shares of the medical device company’s stock valued at $85,003,000 after buying an additional 715,589 shares in the last quarter. Wellington Management Group LLP boosted its position in K2M Group Holdings by 44.5% in the first quarter. Wellington Management Group LLP now owns 2,110,822 shares of the medical device company’s stock valued at $31,303,000 after buying an additional 649,694 shares in the last quarter. Waddell & Reed Financial Inc. boosted its position in K2M Group Holdings by 92.6% in the second quarter. Waddell & Reed Financial Inc. now owns 1,595,114 shares of the medical device company’s stock valued at $24,756,000 after buying an additional 766,909 shares in the last quarter. TimesSquare Capital Management LLC acquired a new position in K2M Group Holdings during the third quarter valued at $26,376,000. Finally, JPMorgan Chase & Co. boosted its position in K2M Group Holdings by 18.9% in the third quarter. JPMorgan Chase & Co. now owns 1,101,032 shares of the medical device company’s stock valued at $19,576,000 after buying an additional 175,057 shares in the last quarter. Hedge funds and other institutional investors own 67.53% of the company’s stock.
About K2M Group Holdings
K2M Group Holdings, Inc is a medical device company focused on designing, developing and commercializing spine technologies and techniques. The Company’s spine products are used by spine surgeons to treat spinal pathologies, such as deformity (primarily scoliosis), trauma and tumor. The Company is engaged in designing, development and commercialization of products for patients suffering from degenerative spinal conditions.
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