Surgalign Holdings, Inc. (NASDAQ:SRGA) was the recipient of a significant increase in short interest during the month of April. As of April 15th, there was short interest totalling 2,530,000 shares, an increase of 27.1% from the March 31st total of 1,990,000 shares. Based on an average daily volume of 2,060,000 shares, the days-to-cover ratio is presently 1.2 days. Currently, 2.7% of the company’s stock are short sold.

Several analysts have recently commented on the company. Zacks Investment Research raised Surgalign from a “sell” rating to a “hold” rating in a research note on Wednesday, April 7th. Piper Sandler started coverage on Surgalign in a report on Tuesday, February 2nd. They issued an “overweight” rating and a $4.00 target price for the company. Finally, BTIG Research started coverage on Surgalign in a report on Wednesday, February 3rd. They issued a “buy” rating and a $4.00 target price for the company. One analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. Surgalign currently has a consensus rating of “Buy” and a consensus target price of $4.33.

NASDAQ SRGA traded down $0.09 on Tuesday, hitting $1.68. 22,627 shares of the stock traded hands, compared to its average volume of 1,784,138. The business’s fifty day moving average is $2.11 and its two-hundred day moving average is $2.22. Surgalign has a 12 month low of $1.49 and a 12 month high of $3.97. The firm has a market capitalization of $185.25 million, a price-to-earnings ratio of -0.93 and a beta of 2.21.

Surgalign (NASDAQ:SRGA) last announced its quarterly earnings data on Monday, March 15th. The company reported ($0.22) earnings per share for the quarter, missing the consensus estimate of ($0.15) by ($0.07). Surgalign had a negative net margin of 56.07% and a negative return on equity of 101.34%. The firm had revenue of $26.19 million for the quarter, compared to the consensus estimate of $26.19 million. On average, analysts forecast that Surgalign will post -0.68 earnings per share for the current fiscal year.

Hedge funds and other institutional investors have recently made changes to their positions in the business. Engineers Gate Manager LP boosted its holdings in shares of Surgalign by 10.9% in the fourth quarter. Engineers Gate Manager LP now owns 68,555 shares of the company’s stock worth $150,000 after acquiring an additional 6,738 shares during the period. Strs Ohio boosted its holdings in shares of Surgalign by 4.0% in the first quarter. Strs Ohio now owns 194,400 shares of the company’s stock worth $423,000 after acquiring an additional 7,500 shares during the period. HighMark Wealth Management LLC boosted its holdings in shares of Surgalign by 10.7% in the fourth quarter. HighMark Wealth Management LLC now owns 103,500 shares of the company’s stock worth $227,000 after acquiring an additional 10,000 shares during the period. Rhumbline Advisers boosted its holdings in shares of Surgalign by 14.1% in the fourth quarter. Rhumbline Advisers now owns 98,513 shares of the company’s stock worth $216,000 after acquiring an additional 12,159 shares during the period. Finally, ProShare Advisors LLC bought a new position in shares of Surgalign in the fourth quarter worth $28,000. 53.47% of the stock is owned by institutional investors and hedge funds.

About Surgalign

Surgalign Holdings, Inc, a medical technology company, develops, manufactures, distributes, and markets spine implants worldwide. It offers products for thoracolumbar procedures, including Streamline TL Spinal Fixation system, a system for degenerative and complex spine procedures; and Streamline MIS Spinal Fixation system, a range of implants and instruments used via a percutaneous or mini-open approach; and interbody fusion devices, as well as products for cervical procedures, such as CervAlign ACP system, a comprehensive anterior cervical plate system; Fortilink-C IBF system, a cervical interbody fusion device that utilizes TETRAfuse 3D technology; and Streamline OCT system, a range of implants used in the occipito-cervico-thoracic posterior spine.

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