CONMED Corporation (NYSE:CNMD) Short Interest Update

CONMED Corporation (NYSE:CNMD) saw a significant increase in short interest in the month of February. As of February 27th, there was short interest totaling 2,415,721 shares, an increase of 17.7% from the February 12th total of 2,052,417 shares. Based on an average daily trading volume, of 531,083 shares, the days-to-cover ratio is currently 4.5 days. Currently, 8.1% of the company’s shares are short sold. Currently, 8.1% of the company’s shares are short sold. Based on an average daily trading volume, of 531,083 shares, the days-to-cover ratio is currently 4.5 days.

Institutional Trading of CONMED

Institutional investors and hedge funds have recently bought and sold shares of the stock. Kestra Advisory Services LLC purchased a new position in shares of CONMED during the 4th quarter worth approximately $26,000. Kelleher Financial Advisors purchased a new position in shares of CONMED in the 3rd quarter valued at approximately $28,000. Aster Capital Management DIFC Ltd boosted its position in shares of CONMED by 409.2% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 723 shares of the company’s stock valued at $29,000 after purchasing an additional 581 shares in the last quarter. Quarry LP boosted its position in shares of CONMED by 244.8% during the third quarter. Quarry LP now owns 869 shares of the company’s stock valued at $41,000 after purchasing an additional 617 shares in the last quarter. Finally, Huntington National Bank grew its stake in CONMED by 111.8% in the third quarter. Huntington National Bank now owns 883 shares of the company’s stock worth $42,000 after purchasing an additional 466 shares during the period.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on CNMD shares. Needham & Company LLC reissued a “hold” rating on shares of CONMED in a research report on Thursday, January 29th. Wells Fargo & Company boosted their price objective on shares of CONMED from $41.00 to $42.00 and gave the company an “equal weight” rating in a research report on Thursday, January 29th. Wall Street Zen raised shares of CONMED from a “buy” rating to a “strong-buy” rating in a research note on Saturday, March 7th. Piper Sandler lowered shares of CONMED from an “overweight” rating to a “neutral” rating and dropped their target price for the stock from $55.00 to $39.00 in a report on Tuesday. Finally, Zacks Research raised CONMED from a “strong sell” rating to a “hold” rating in a research note on Tuesday, February 3rd. Seven research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Reduce” and an average price target of $50.17.

CONMED Trading Down 1.2%

NYSE:CNMD traded down $0.46 during trading hours on Wednesday, hitting $36.89. The company had a trading volume of 164,231 shares, compared to its average volume of 562,091. The company has a debt-to-equity ratio of 0.81, a current ratio of 2.14 and a quick ratio of 1.01. The stock has a 50-day moving average price of $41.59 and a 200 day moving average price of $43.94. The company has a market capitalization of $1.14 billion, a PE ratio of 24.43, a price-to-earnings-growth ratio of 1.64 and a beta of 0.91. CONMED has a 52 week low of $35.37 and a 52 week high of $61.25.

CONMED (NYSE:CNMD) last issued its quarterly earnings data on Wednesday, January 28th. The company reported $1.43 EPS for the quarter, topping the consensus estimate of $1.32 by $0.11. CONMED had a net margin of 3.42% and a return on equity of 14.23%. The business had revenue of $373.20 million during the quarter, compared to analyst estimates of $366.88 million. During the same period in the prior year, the business earned $1.34 EPS. The company’s revenue for the quarter was up 7.9% on a year-over-year basis. On average, equities research analysts predict that CONMED will post 4.35 EPS for the current fiscal year.

About CONMED

CONMED Corporation (NYSE: CNMD) is a global medical technology company headquartered in Utica, New York. Founded in 1970, CONMED develops, manufactures and markets a broad portfolio of surgical devices and accessories for minimally invasive procedures. The company’s product line supports surgeons and healthcare providers in specialties including orthopedics, general surgery, gastroenterology and gynecology.

CONMED operates two principal segments: Orthopedics, and Visualization & Energy.