ConforMIS Inc. (NASDAQ:CFMS) was the target of a large increase in short interest during the month of September. As of September 30th, there was short interest totalling 4,466,249 shares, an increase of 31.3% from the September 15th total of 3,400,566 shares. Approximately 17.8% of the company’s stock are short sold. Based on an average daily volume of 409,201 shares, the short-interest ratio is presently 10.9 days.
ConforMIS (NASDAQ:CFMS) opened at 8.58 on Friday. The firm’s 50-day moving average is $9.09 and its 200-day moving average is $8.83. The firm’s market cap is $361.45 million. ConforMIS has a 52-week low of $4.80 and a 52-week high of $23.62.
ConforMIS (NASDAQ:CFMS) last issued its quarterly earnings data on Monday, August 8th. The company reported ($0.34) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.35) by $0.01. ConforMIS had a negative net margin of 84.33% and a negative return on equity of 45.30%. The company earned $19.30 million during the quarter, compared to the consensus estimate of $18.02 million. During the same quarter in the prior year, the firm earned ($2.51) earnings per share. The firm’s revenue was up .5% compared to the same quarter last year. Analysts forecast that ConforMIS will post ($1.40) EPS for the current fiscal year.
CFMS has been the subject of several analyst reports. Zacks Investment Research raised shares of ConforMIS from a “sell” rating to a “hold” rating in a research note on Friday, June 24th. Oppenheimer Holdings Inc. lifted their price objective on shares of ConforMIS from $12.00 to $13.00 and gave the company an “outperform” rating in a research note on Tuesday, August 9th. B. Riley initiated coverage on shares of ConforMIS in a research note on Thursday, September 15th. They issued a “buy” rating and a $13.00 price objective for the company. SunTrust Banks Inc. initiated coverage on shares of ConforMIS in a research note on Monday, September 19th. They issued a “buy” rating and a $14.00 price objective for the company. Finally, JPMorgan Chase & Co. reduced their price objective on shares of ConforMIS from $11.00 to $8.00 and set a “neutral” rating for the company in a research note on Tuesday, August 9th. Three research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $14.86.
In related news, CEO Philipp Lang sold 53,860 shares of ConforMIS stock in a transaction on Wednesday, October 5th. The shares were sold at an average price of $10.19, for a total value of $548,833.40. Following the completion of the sale, the chief executive officer now owns 483,378 shares of the company’s stock, valued at approximately $4,925,621.82. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Daniel Steines sold 30,000 shares of ConforMIS stock in a transaction on Friday, September 16th. The shares were sold at an average price of $9.09, for a total transaction of $272,700.00. Following the completion of the sale, the insider now directly owns 245,213 shares of the company’s stock, valued at approximately $2,228,986.17. The disclosure for this sale can be found here. 9.20% of the stock is currently owned by corporate insiders.
Several large investors have recently modified their holdings of the company. Vanguard Group Inc. increased its stake in shares of ConforMIS by 31.2% in the second quarter. Vanguard Group Inc. now owns 1,866,848 shares of the company’s stock valued at $13,105,000 after buying an additional 444,327 shares in the last quarter. Nationwide Fund Advisors increased its stake in shares of ConforMIS by 276.7% in the second quarter. Nationwide Fund Advisors now owns 22,932 shares of the company’s stock valued at $161,000 after buying an additional 16,845 shares in the last quarter. Royce & Associates LP increased its stake in shares of ConforMIS by 27.7% in the second quarter. Royce & Associates LP now owns 230,600 shares of the company’s stock valued at $1,619,000 after buying an additional 50,000 shares in the last quarter. Oak Ridge Investments LLC bought a new stake in shares of ConforMIS during the second quarter valued at about $127,000. Finally, Frontier Capital Management Co. LLC bought a new stake in shares of ConforMIS during the second quarter valued at about $2,608,000. 41.13% of the stock is owned by institutional investors.
ConforMIS Company Profile
ConforMIS, Inc is a medical technology company that uses its iFit Image-to-Implant technology platform to develop, manufacture and sell joint replacement implants. The Company’s products include iTotal CR, which is the cruciate-retaining, customized total knee replacement system to restore the natural shape of a patient’s knee; iTotal PS, which is the posterior cruciate ligament substituting, or posterior-stabilized, customized total knee replacement product to restore the natural shape of a patient’s knee; iDuo, which is the customized bicompartmental knee replacement system, and iUni, which is the customized unicompartmental knee replacement product for treatment of the medial or lateral compartment of the knee.
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