SI-BONE (NASDAQ:SIBN) Shares Gap Up Following Strong Earnings

SI-BONE, Inc. (NASDAQ:SIBN)’s share price gapped up prior to trading on Tuesday following a stronger than expected earnings report. The stock had previously closed at $14.25, but opened at $15.84. SI-BONE shares last traded at $16.17, with a volume of 305,591 shares trading hands.

The company reported ($0.15) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.24) by $0.09. The firm had revenue of $47.29 million for 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%.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on SIBN. Needham & Company LLC reaffirmed a “buy” rating and set a $24.00 target price on shares of SI-BONE in a research report on Tuesday. Cantor Fitzgerald restated an “overweight” rating and set a $25.00 price objective on shares of SI-BONE in a report on Tuesday. Finally, Truist Financial boosted their target price on shares of SI-BONE from $20.00 to $22.00 and gave the company a “buy” rating in a research note on Tuesday. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $24.40.

Insider Activity at SI-BONE

In other SI-BONE news, SVP Michael A. Pisetsky sold 3,128 shares of the business’s stock in a transaction on Wednesday, April 2nd. The shares were sold at an average price of $14.14, for a total transaction of $44,229.92. Following the sale, the senior vice president now owns 244,878 shares of the company’s stock, valued at $3,462,574.92. The trade was a 1.26 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Anthony J. Recupero sold 3,311 shares of the stock in a transaction on Wednesday, April 2nd. The stock was sold at an average price of $14.15, for a total value of $46,850.65. Following the sale, the insider now owns 284,555 shares in the company, valued at approximately $4,026,453.25. This represents a 1.15 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 6,775 shares of company stock worth $95,711. Company insiders own 3.90% of the company’s stock.

Institutional Investors Weigh In On SI-BONE

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Barclays PLC grew its stake in SI-BONE by 190.8% during the third 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 in the last quarter. JPMorgan Chase & Co. grew its position in shares of SI-BONE by 14.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 177,793 shares of the company’s stock valued at $2,486,000 after purchasing an additional 22,732 shares in the last quarter. Harbor Capital Advisors Inc. grew its position in shares of SI-BONE by 35.5% during the 4th quarter. Harbor Capital Advisors Inc. now owns 841,045 shares of the company’s stock valued at $11,791,000 after purchasing an additional 220,555 shares in the last quarter. R Squared Ltd bought a new position in shares of SI-BONE in the fourth quarter worth $73,000. Finally, Legato Capital Management LLC raised its position in shares of SI-BONE by 9.1% in the fourth quarter. Legato Capital Management LLC now owns 62,707 shares of the company’s stock worth $879,000 after buying an additional 5,209 shares in the last quarter. 98.11% of the stock is currently owned by institutional investors.

SI-BONE Stock Up 15.4 %

The company has a 50 day moving average of $14.50 and a 200-day moving average of $14.71. The company has a debt-to-equity ratio of 0.22, a current ratio of 8.25 and a quick ratio of 7.22. The company has a market cap of $699.60 million, a P/E ratio of -17.88 and a beta of 0.82.

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.