Orthofix Medical Inc. (NASDAQ:OFIX) Short Interest Update

Orthofix Medical Inc. (NASDAQ:OFIX) was the target of a significant growth in short interest during the month of May. As of May 31st, there was short interest totalling 1,430,000 shares, a growth of 43.4% from the May 15th total of 997,300 shares. Based on an average daily volume of 357,600 shares, the days-to-cover ratio is presently 4.0 days. Currently, 3.8% of the shares of the stock are sold short.

Insiders Place Their Bets

In related news, major shareholder Engine Capital Management, Lp acquired 100,000 shares of the stock in a transaction on Wednesday, May 7th. The stock was bought at an average cost of $12.31 per share, with a total value of $1,231,000.00. Following the transaction, the insider now directly owns 3,544,807 shares in the company, valued at approximately $43,636,574.17. This represents a 2.90% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Massimo Calafiore bought 10,000 shares of the company’s stock in a transaction on Friday, May 9th. The stock was bought at an average price of $12.54 per share, for a total transaction of $125,400.00. Following the completion of the purchase, the chief executive officer now directly owns 234,603 shares in the company, valued at approximately $2,941,921.62. This represents a 4.45% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired 112,250 shares of company stock valued at $1,380,970 in the last three months. Corporate insiders own 1.30% of the company’s stock.

Hedge Funds Weigh In On Orthofix Medical

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in OFIX. Lazard Asset Management LLC purchased a new position in shares of Orthofix Medical in the fourth quarter worth about $45,000. US Bancorp DE lifted its position in Orthofix Medical by 684.6% during the first quarter. US Bancorp DE now owns 5,673 shares of the medical device company’s stock valued at $93,000 after purchasing an additional 4,950 shares during the period. KLP Kapitalforvaltning AS purchased a new stake in Orthofix Medical in the fourth quarter valued at $112,000. Tower Research Capital LLC TRC grew its position in Orthofix Medical by 120.8% during the 4th quarter. Tower Research Capital LLC TRC now owns 8,458 shares of the medical device company’s stock worth $148,000 after purchasing an additional 4,627 shares during the period. Finally, Strs Ohio purchased a new position in shares of Orthofix Medical during the 1st quarter valued at about $150,000. Hedge funds and other institutional investors own 89.76% of the company’s stock.

Orthofix Medical Stock Down 0.2%

Orthofix Medical stock traded down $0.02 during trading hours on Tuesday, reaching $10.91. The stock had a trading volume of 32,400 shares, compared to its average volume of 275,133. The company has a market cap of $427.43 million, a price-to-earnings ratio of -3.48 and a beta of 0.80. The business’s 50 day moving average price is $12.38 and its 200-day moving average price is $15.70. Orthofix Medical has a 52 week low of $10.50 and a 52 week high of $20.73. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.39 and a quick ratio of 1.11.

Analysts Set New Price Targets

A number of brokerages have weighed in on OFIX. JMP Securities reaffirmed a “market perform” rating on shares of Orthofix Medical in a research report on Friday, June 6th. Roth Mkm reiterated a “buy” rating and set a $22.00 target price on shares of Orthofix Medical in a report on Wednesday, February 26th. Wall Street Zen upgraded shares of Orthofix Medical from a “sell” rating to a “hold” rating in a report on Saturday. Finally, Canaccord Genuity Group reiterated a “buy” rating and set a $24.00 price objective on shares of Orthofix Medical in a research note on Wednesday, February 26th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, Orthofix Medical currently has an average rating of “Moderate Buy” and a consensus target price of $23.33.

About Orthofix Medical

Orthofix Medical Inc operates as a spine and orthopedics company in the United States, Italy, Germany, the United Kingdom, France, Brazil, and internationally. It operates through two segments, Global Spine and Global Orthopedics. The Global Spine segment manufactures and distributes bone growth stimulator devices for enhance of bone fusion, including adjunctive and noninvasive treatment of cervical and lumbar spine, as well as a therapeutic treatment for non-spine; designs, develops, and markets a portfolio of motion preservation and fixation implant products, which are used in surgical procedures of the spine; and offers biological products, such as fiber-based and particulate demineralized bone matrices, cellular bone allografts, collagen ceramic matrices, and synthetic bone void fillers, and tissue forms, which allow physicians to treat various spinal and orthopedic conditions.