SiBone (NASDAQ:SIBN) Sets New 52-Week High Following Analyst Upgrade

SiBone (NASDAQ:SIBN)’s stock price reached a new 52-week high on Wednesday after UBS Group raised their price target on the stock from $25.00 to $26.00. UBS Group currently has a buy rating on the stock. SiBone traded as high as $24.15 and last traded at $24.4770, with a volume of 1,389 shares trading hands. The stock had previously closed at $23.77.

SIBN has been the topic of a number of other reports. TD Cowen raised their price target on SiBone from $20.00 to $23.00 and gave the company a “buy” rating in a report on Tuesday. Needham & Company LLC dropped their price objective on shares of SiBone from $27.00 to $26.00 and set a “buy” rating on the stock in a research note on Tuesday. Weiss Ratings upgraded SiBone from a “sell (e+)” rating to a “sell (d-)” rating in a report on Thursday, August 20th. Truist Financial boosted their price target on SiBone from $23.00 to $25.00 and gave the company a “buy” rating in a research note on Wednesday, October 14th. Finally, Citigroup reiterated a “market outperform” rating on shares of SiBone in a report on Tuesday. Seven research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $25.00.

Insiders Place Their Bets

In related news, SVP Michael Pisetsky sold 29,665 shares of the stock in a transaction on Thursday, October 29th. The stock was sold at an average price of $22.11, for a total value of $655,893.15. Following the sale, the senior vice president owned 164,444 shares in the company, valued at approximately $3,635,856.84. This represents a 15.28% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Laura Francis sold 51,884 shares of the firm’s stock in a transaction that occurred on Thursday, August 20th. The stock was sold at an average price of $19.46, for a total transaction of $1,009,662.64. Following the sale, the chief executive officer owned 321,386 shares of the company’s stock, valued at $6,254,171.56. This trade represents a 13.90% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 238,371 shares of company stock valued at $4,738,916. 4.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of SIBN. Versant Capital Management Inc boosted its stake in SiBone by 102.9% during the 2nd quarter. Versant Capital Management Inc now owns 1,749 shares of the company’s stock valued at $29,000 after purchasing an additional 887 shares during the last quarter. D.A. Davidson & CO. increased its stake in SiBone by 2.8% in the third quarter. D.A. Davidson & CO. now owns 37,814 shares of the company’s stock valued at $711,000 after acquiring an additional 1,038 shares during the last quarter. State of Wyoming raised its stake in shares of SiBone by 70.8% during the first quarter. State of Wyoming now owns 10,832 shares of the company’s stock worth $137,000 after acquiring an additional 4,490 shares in the last quarter. Quantinno Capital Management LP increased its holdings in shares of SiBone by 58.2% in the first quarter. Quantinno Capital Management LP now owns 29,475 shares of the company’s stock worth $372,000 after buying an additional 10,848 shares during the period. Finally, Inceptionr LLC bought a new stake in SiBone during the 1st quarter valued at $156,000. 98.11% of the stock is currently owned by institutional investors and hedge funds.

SiBone Stock Performance

The company has a current ratio of 9.15, a quick ratio of 7.55 and a debt-to-equity ratio of 0.20. The business has a fifty day moving average of $19.50 and a 200-day moving average of $16.48. The company has a market cap of $1.09 billion, a PE ratio of -80.27 and a beta of 0.64.

SiBone (NASDAQ:SIBN) last released its quarterly earnings results on Monday, November 2nd. The company reported ($0.08) earnings per share for the quarter, beating the consensus estimate of ($0.13) by $0.05. SiBone had a negative return on equity of 7.62% and a negative net margin of 6.20%. The company had revenue of $55.70 million for the quarter, compared to analyst estimates of $55.31 million. Equities research analysts anticipate that SiBone will post -0.40 earnings per share for the current fiscal year.

SiBone Company Profile

SI-BONE, Inc (NASDAQ: SIBN) is a medical device company focused on diagnosing and treating disorders of the sacroiliac joint, which connects the spine to the pelvis. The company develops minimally invasive surgical solutions intended to stabilize the sacroiliac joint and address sacroiliac joint dysfunction and related conditions.

Its product portfolio is centered on the iFuse Implant System, a family of triangular implants designed to be placed across the sacroiliac joint. SI-BONE also offers products such as iFuse-TORQ, a threaded implant system, and iFuse Bedrock Granite, which is designed for sacroiliac joint fusion and pelvic fixation as part of certain spinal procedures.