Sanara MedTech (NASDAQ:SMTI) Announces Earnings Results, Beats Expectations By $0.33 EPS

Sanara MedTech (NASDAQ:SMTI) announced its earnings results on Wednesday. The company reported $0.09 EPS for the quarter, topping the consensus estimate of ($0.24) by $0.33, Zacks reports. Sanara MedTech had a negative return on equity of 16.88% and a negative net margin of 36.79%.The firm had revenue of $26.33 million for the quarter, compared to the consensus estimate of $26.63 million.

Sanara MedTech Stock Up 10.1%

NASDAQ:SMTI traded up $1.98 during trading hours on Friday, hitting $21.59. 38,726 shares of the company traded hands, compared to its average volume of 33,860. The company has a quick ratio of 2.03, a current ratio of 2.26 and a debt-to-equity ratio of 1.25. The firm’s 50-day simple moving average is $30.74 and its 200-day simple moving average is $29.97. Sanara MedTech has a one year low of $19.10 and a one year high of $38.75. The company has a market cap of $192.11 million, a PE ratio of -5.11 and a beta of 1.21.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. Wall Street Zen cut shares of Sanara MedTech from a “buy” rating to a “hold” rating in a research report on Saturday, November 1st. Weiss Ratings reiterated a “sell (e+)” rating on shares of Sanara MedTech in a report on Wednesday, October 8th. Finally, HC Wainwright dropped their target price on shares of Sanara MedTech from $54.00 to $36.00 and set a “buy” rating on the stock in a research report on Friday. Two investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Sanara MedTech presently has a consensus rating of “Hold” and a consensus price target of $41.00.

Hedge Funds Weigh In On Sanara MedTech

Several institutional investors have recently modified their holdings of the business. Vanguard Group Inc. increased its position in shares of Sanara MedTech by 3.4% during the third quarter. Vanguard Group Inc. now owns 182,032 shares of the company’s stock valued at $5,776,000 after acquiring an additional 6,049 shares during the last quarter. Marshall Wace LLP grew its position in Sanara MedTech by 144.3% during the second quarter. Marshall Wace LLP now owns 71,511 shares of the company’s stock valued at $2,030,000 after buying an additional 42,237 shares during the period. Squarepoint Ops LLC grew its position in shares of Sanara MedTech by 343.4% during the 3rd quarter. Squarepoint Ops LLC now owns 31,383 shares of the company’s stock valued at $996,000 after acquiring an additional 24,305 shares during the period. Hsbc Holdings PLC purchased a new position in Sanara MedTech in the second quarter valued at approximately $382,000. Finally, JPMorgan Chase & Co. lifted its position in shares of Sanara MedTech by 26.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 11,057 shares of the company’s stock valued at $351,000 after buying an additional 2,315 shares during the last quarter. 8.10% of the stock is owned by institutional investors.

About Sanara MedTech

Sanara MedTech Inc, a medical technology company, develops, markets, and distributes surgical, wound, and skincare products and services to physicians, hospitals, clinics, and post-acute care settings in the United States. The company offers CellerateRX Surgical, a medical hydrolysate of Type I bovine collagen indicated for the management of surgical, traumatic, and partial- and full-thickness wounds, as well as first- and second-degree burns; and HYCOL, a medical hydrolysate of Type I bovine collagen intended for the management of full and partial thickness wounds, including pressure ulcers, venous and arterial leg ulcers, and diabetic foot ulcers.