Silk Road Medical (NASDAQ:SILK) Issues Earnings Results

Silk Road Medical (NASDAQ:SILK) issued its quarterly earnings results on Tuesday. The company reported ($0.36) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.40) by $0.04, Briefing.com reports. Silk Road Medical had a negative return on equity of 36.38% and a negative net margin of 31.70%. The firm had revenue of $48.50 million for the quarter, compared to analyst estimates of $44.67 million. During the same period last year, the company earned ($0.43) EPS. The firm’s quarterly revenue was up 20.9% on a year-over-year basis. Silk Road Medical updated its FY 2024 guidance to EPS.

Silk Road Medical Trading Down 1.7 %

Shares of NASDAQ:SILK traded down $0.34 during midday trading on Wednesday, hitting $19.10. The company had a trading volume of 462,487 shares, compared to its average volume of 780,855. Silk Road Medical has a 12 month low of $6.08 and a 12 month high of $44.11. The company has a current ratio of 7.95, a quick ratio of 6.97 and a debt-to-equity ratio of 0.50. The stock has a market cap of $753.30 million, a price-to-earnings ratio of -13.28 and a beta of 1.48. The firm has a fifty day simple moving average of $17.58 and a 200 day simple moving average of $13.44.

Analyst Upgrades and Downgrades

SILK has been the topic of several analyst reports. Lake Street Capital initiated coverage on Silk Road Medical in a report on Wednesday, January 3rd. They set a “buy” rating and a $20.00 price objective on the stock. JPMorgan Chase & Co. boosted their price target on Silk Road Medical from $19.00 to $21.00 and gave the company a “neutral” rating in a report on Wednesday. Stifel Nicolaus boosted their price target on Silk Road Medical from $20.00 to $23.00 and gave the company a “buy” rating in a report on Thursday, February 29th. Argus upgraded Silk Road Medical from a “hold” rating to a “buy” rating and set a $24.00 price target for the company in a report on Thursday, March 7th. Finally, Piper Sandler boosted their price target on Silk Road Medical from $18.00 to $20.00 and gave the company a “neutral” rating in a report on Wednesday. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, Silk Road Medical presently has a consensus rating of “Hold” and an average target price of $22.55.

Insiders Place Their Bets

In related news, CAO Marie L. Jones sold 2,602 shares of Silk Road Medical stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $17.17, for a total value of $44,676.34. Following the sale, the chief accounting officer now owns 76,894 shares of the company’s stock, valued at $1,320,269.98. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, CAO Marie L. Jones sold 2,602 shares of the stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $17.17, for a total value of $44,676.34. Following the completion of the transaction, the chief accounting officer now directly owns 76,894 shares in the company, valued at approximately $1,320,269.98. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Lucas W. Buchanan sold 9,877 shares of the firm’s stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $17.17, for a total value of $169,588.09. Following the transaction, the chief financial officer now directly owns 500,925 shares of the company’s stock, valued at $8,600,882.25. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 20,457 shares of company stock worth $351,247. Corporate insiders own 6.70% of the company’s stock.

About Silk Road Medical

Silk Road Medical, Inc operates as a medical device company in the United States. The company offers various products for the treatment of carotid artery disease called transcarotid artery revascularization (TCAR). Its products comprise ENROUTE Transcarotid Neuroprotection System that is used to directly access the common carotid artery and establish temporary blood flow reversal; ENROUTE Transcarotid Stent System for transcarotid access; ENHANCE Transcarotid Peripheral Access Kit, which is used to gain initial access to the common carotid artery; ENROUTE 0.014 Guidewire for atraumatic vessel navigation and target lesion crossing for delivery of interventional devices; and ENROUTE Enflate Transcarotid RX Balloon Dilation Catheter, a transcarotid rapid exchange balloon for the TCAR procedure.