SiBone (NASDAQ:SIBN) Shares Gap Up After Strong Earnings

Shares of SiBone (NASDAQ:SIBN) gapped up before the market opened on Tuesday following a better than expected earnings announcement. The stock had previously closed at $11.61, but opened at $12.63. SiBone shares last traded at $13.4080, with a volume of 529,226 shares.

The company reported ($0.10) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.17) by $0.07. The company had revenue of $52.59 million for the quarter, compared to the consensus estimate of $51.16 million. SiBone had a negative net margin of 9.41% and a negative return on equity of 11.01%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on SIBN shares. TD Cowen reissued a “buy” rating on shares of SiBone in a research report on Tuesday. Wall Street Zen cut shares of SiBone from a “buy” rating to a “hold” rating in a report on Saturday, April 18th. Finally, Truist Financial reiterated a “buy” rating and issued a $18.00 price objective (down from $20.00) on shares of SiBone in a research note on Tuesday. Six research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, SiBone has a consensus rating of “Moderate Buy” and a consensus target price of $23.67.

Insider Buying and Selling at SiBone

In other SiBone news, SVP Michael A. Pisetsky sold 20,756 shares of the stock in a transaction that occurred on Tuesday, February 17th. The shares were sold at an average price of $15.35, for a total value of $318,604.60. Following the sale, the senior vice president directly owned 285,974 shares in the company, valued at $4,389,700.90. This represents a 6.77% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Anthony J. Recupero sold 21,049 shares of the stock in a transaction on Tuesday, February 17th. The stock was sold at an average price of $15.40, for a total value of $324,154.60. Following the completion of the sale, the insider owned 243,418 shares in the company, valued at $3,748,637.20. This trade represents a 7.96% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 167,697 shares of company stock worth $2,549,984 in the last ninety days. Insiders own 3.90% of the company’s stock.

Institutional Investors Weigh In On SiBone

Hedge funds have recently added to or reduced their stakes in the company. ANTIPODES PARTNERS Ltd purchased a new stake in shares of SiBone in the 4th quarter valued at $29,000. Royal Bank of Canada boosted its holdings 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 during the period. Caitong International Asset Management Co. Ltd grew its position in 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 last quarter. State of Alaska Department of Revenue bought a new position in SiBone during the 3rd quarter worth approximately $39,000. Finally, Kemnay Advisory Services Inc. purchased a new position in SiBone in the 4th quarter worth approximately $53,000. Institutional investors own 98.11% of the company’s stock.

SiBone Stock Performance

The stock has a market cap of $592.15 million, a PE ratio of -30.35 and a beta of 0.67. The company has a debt-to-equity ratio of 0.20, a current ratio of 8.55 and a quick ratio of 7.21. The business has a 50 day moving average price of $13.40 and a two-hundred day moving average price of $16.14.

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.