SiBone (NASDAQ:SIBN) Rating Increased to Buy at Wall Street Zen

Wall Street Zen upgraded shares of SiBone (NASDAQ:SIBN) from a hold rating to a buy rating in a research note released on Saturday.

Several other brokerages have also recently weighed in on SIBN. Truist Financial reissued a “buy” rating and set a $24.00 price target (up from $23.00) on shares of SiBone in a research report on Tuesday, February 24th. Canaccord Genuity Group boosted their price objective on shares of SiBone from $26.00 to $27.00 and gave the company a “buy” rating in a research report on Wednesday, December 17th. TD Cowen upped their price objective on shares of SiBone from $21.00 to $22.00 and gave the company a “buy” rating in a research note on Tuesday, February 24th. Needham & Company LLC increased their target price on shares of SiBone from $24.00 to $27.00 and gave the stock a “buy” rating in a report on Tuesday, December 16th. Finally, Morgan Stanley raised their target price on SiBone from $20.00 to $23.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 2nd. Six investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, SiBone presently has an average rating of “Moderate Buy” and an average target price of $24.67.

SiBone Stock Performance

Shares of SIBN stock opened at $12.29 on Friday. The company has a market capitalization of $542.85 million, a P/E ratio of -27.93 and a beta of 0.69. SiBone has a fifty-two week low of $12.29 and a fifty-two week high of $21.89. The company has a debt-to-equity ratio of 0.20, a quick ratio of 7.21 and a current ratio of 8.55. The stock has a 50 day moving average price of $15.02 and a two-hundred day moving average price of $16.48.

SiBone (NASDAQ:SIBN) last issued its earnings results on Monday, February 23rd. The company reported ($0.04) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.13) by $0.09. SiBone had a negative net margin of 9.41% and a negative return on equity of 11.01%. The firm had revenue of $56.35 million for the quarter, compared to analysts’ expectations of $56.26 million. Analysts expect that SiBone will post -0.78 earnings per share for the current year.

Insider Buying and Selling

In other SiBone news, CFO Anshul Maheshwari sold 21,528 shares of the company’s stock in a transaction on Tuesday, February 17th. The shares were sold at an average price of $15.37, for a total value of $330,885.36. Following the completion of the transaction, the chief financial officer directly owned 266,466 shares in the company, valued at approximately $4,095,582.42. This represents a 7.48% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Michael A. Pisetsky sold 20,756 shares of the firm’s stock in a transaction dated Tuesday, February 17th. The stock was sold at an average price of $15.35, for a total transaction of $318,604.60. Following the completion of the sale, the senior vice president directly owned 285,974 shares of the company’s stock, valued at approximately $4,389,700.90. This represents a 6.77% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 193,611 shares of company stock valued at $3,136,244 over the last three months. Insiders own 4.00% of the company’s stock.

Hedge Funds Weigh In On SiBone

Hedge funds and other institutional investors have recently modified their holdings of the stock. ANTIPODES PARTNERS Ltd bought a new position in SiBone in the fourth quarter worth about $29,000. Royal Bank of Canada boosted its position in SiBone by 98.5% during the 4th quarter. Royal Bank of Canada now owns 1,483 shares of the company’s stock valued at $29,000 after acquiring an additional 736 shares in the last quarter. Caitong International Asset Management Co. Ltd grew its holdings in shares of SiBone by 64,700.0% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,944 shares of the company’s stock worth $38,000 after acquiring an additional 1,941 shares during the period. State of Alaska Department of Revenue purchased a new position in shares of SiBone during the 3rd quarter worth approximately $39,000. Finally, Kemnay Advisory Services Inc. bought a new position in shares of SiBone in the 4th quarter worth approximately $53,000. Hedge funds and other institutional investors own 98.11% of the company’s stock.

About SiBone

Si-BONE, Inc is a commercial‐stage medical device company focused on the design, development and commercialization of implant systems to treat degenerative conditions of the sacroiliac (SI) joint. Its flagship product, the iFuse Implant System, consists of triangular titanium implants that are inserted via a minimally invasive surgical procedure to stabilize the SI joint and alleviate chronic lower back and buttock pain.

FDA‐cleared in 2012, the iFuse portfolio has expanded to include the iFuse-3D and iFuse-3Di devices, which feature a porous, 3D-printed surface to promote bone ongrowth and biological fixation.