Needham & Company LLC Reiterates Buy Rating for SI-BONE (NASDAQ:SIBN)

SI-BONE (NASDAQ:SIBN)‘s stock had its “buy” rating reissued by stock analysts at Needham & Company LLC in a report issued on Tuesday,Benzinga reports. They presently have a $24.00 price objective on the stock. Needham & Company LLC’s price target would suggest a potential upside of 37.38% from the stock’s current price.

Several other equities research analysts have also recently weighed in on SIBN. Cantor Fitzgerald restated an “overweight” rating and set a $25.00 target price on shares of SI-BONE in a report on Tuesday, February 25th. Truist Financial restated a “buy” rating and issued a $22.00 target price (up previously from $18.00) on shares of SI-BONE in a report on Tuesday, February 25th.

SI-BONE Price Performance

Shares of NASDAQ:SIBN opened at $17.47 on Tuesday. SI-BONE has a one year low of $11.70 and a one year high of $19.16. The company’s fifty day moving average price is $14.49 and its 200-day moving average price is $14.73. The firm has a market capitalization of $742.98 million, a price-to-earnings ratio of -18.99 and a beta of 0.82. The company has a debt-to-equity ratio of 0.22, a current ratio of 8.25 and a quick ratio of 7.22.

SI-BONE (NASDAQ:SIBN) last released its earnings results on Monday, May 5th. The company reported ($0.15) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.24) by $0.09. The company had revenue of $47.29 million during the quarter, compared to the consensus estimate of $45.13 million. SI-BONE had a negative return on equity of 22.51% and a negative net margin of 23.82%. On average, equities research analysts anticipate that SI-BONE will post -0.78 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, SVP Michael A. Pisetsky sold 3,128 shares of the stock in a transaction dated Wednesday, April 2nd. The shares were sold at an average price of $14.14, for a total value of $44,229.92. Following the completion of the transaction, the senior vice president now directly owns 244,878 shares of the company’s stock, valued at $3,462,574.92. This represents a 1.26 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Anthony J. Recupero sold 3,311 shares of SI-BONE stock in a transaction that occurred on Wednesday, April 2nd. The shares were sold at an average price of $14.15, for a total value of $46,850.65. Following the sale, the insider now directly owns 284,555 shares in the company, valued at approximately $4,026,453.25. The trade was a 1.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 6,775 shares of company stock worth $95,711. 3.90% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Harbor Capital Advisors Inc. raised its holdings in SI-BONE by 35.5% in the fourth quarter. Harbor Capital Advisors Inc. now owns 841,045 shares of the company’s stock worth $11,791,000 after purchasing an additional 220,555 shares in the last quarter. JPMorgan Chase & Co. increased its stake in shares of SI-BONE by 14.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 177,793 shares of the company’s stock worth $2,486,000 after acquiring an additional 22,732 shares in the last quarter. Barclays PLC lifted its position in SI-BONE by 190.8% during the 3rd quarter. Barclays PLC now owns 96,623 shares of the company’s stock valued at $1,350,000 after acquiring an additional 63,402 shares during the period. Rhumbline Advisers boosted its stake in SI-BONE by 3.0% during the fourth quarter. Rhumbline Advisers now owns 57,621 shares of the company’s stock worth $808,000 after acquiring an additional 1,683 shares in the last quarter. Finally, Proficio Capital Partners LLC purchased a new stake in SI-BONE in the fourth quarter worth about $155,000. Hedge funds and other institutional investors own 98.11% of the company’s stock.

About SI-BONE

SI-BONE, Inc, a medical device company, that operate to solve musculoskeletal disorders of the sacropelvic anatomy in the United States and internationally. It offers proprietary minimally invasive surgical implant system to address sacroiliac joint dysfunction and fusion, adult deformity and degeneration, and pelvic trauma; and implantable bone products.