SiBone (NASDAQ:SIBN) Sees Large Growth in Short Interest

SiBone (NASDAQ:SIBN) was the recipient of a significant increase in short interest during the month of March. As of March 13th, there was short interest totaling 3,603,947 shares, an increase of 25.5% from the February 26th total of 2,871,776 shares. Based on an average daily volume of 538,789 shares, the short-interest ratio is presently 6.7 days. Currently, 8.5% of the company’s shares are short sold.

Wall Street Analysts Forecast Growth

SIBN has been the subject of several recent analyst reports. Wall Street Zen raised SiBone from a “hold” rating to a “buy” rating in a research note on Saturday. Truist Financial reiterated a “buy” rating and set a $24.00 price target (up from $23.00) on shares of SiBone in a report on Tuesday, February 24th. Morgan Stanley raised their price objective on SiBone from $20.00 to $23.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 2nd. TD Cowen boosted their price objective on shares of SiBone from $21.00 to $22.00 and gave the company a “buy” rating in a report on Tuesday, February 24th. Finally, Canaccord Genuity Group upped their target price on shares of SiBone from $26.00 to $27.00 and gave the company a “buy” rating in a research report on Wednesday, December 17th. Six analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, SiBone presently has an average rating of “Moderate Buy” and a consensus target price of $24.67.

Insider Activity at SiBone

In other SiBone news, SVP Michael A. Pisetsky sold 20,756 shares of the business’s stock in a transaction dated Tuesday, February 17th. The shares were sold at an average price of $15.35, for a total value of $318,604.60. Following the transaction, the senior vice president directly owned 285,974 shares in the company, valued at $4,389,700.90. The trade was a 6.77% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Anshul Maheshwari sold 21,528 shares of the stock in a transaction that occurred on Tuesday, February 17th. The shares were sold at an average price of $15.37, for a total transaction of $330,885.36. Following the completion of the sale, the chief financial officer directly owned 266,466 shares of the company’s stock, valued at approximately $4,095,582.42. This trade represents a 7.48% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 193,611 shares of company stock valued at $3,136,244 over the last ninety days. Corporate insiders own 4.00% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. First Light Asset Management LLC grew its stake in SiBone by 162.4% during the 4th quarter. First Light Asset Management LLC now owns 5,032,904 shares of the company’s stock worth $99,249,000 after purchasing an additional 3,115,001 shares in the last quarter. Cadian Capital Management LP grew its position in shares of SiBone by 96.8% during the fourth quarter. Cadian Capital Management LP now owns 1,171,100 shares of the company’s stock worth $23,094,000 after buying an additional 576,100 shares in the last quarter. American Century Companies Inc. raised its holdings in SiBone by 22.5% in the third quarter. American Century Companies Inc. now owns 2,838,107 shares of the company’s stock valued at $41,777,000 after acquiring an additional 521,683 shares in the last quarter. Wellington Management Group LLP grew its holdings in SiBone by 74.7% during the 3rd quarter. Wellington Management Group LLP now owns 853,266 shares of the company’s stock worth $12,560,000 after acquiring an additional 364,897 shares in the last quarter. Finally, Impax Asset Management Group plc increased its position in shares of SiBone by 48.2% in the 3rd quarter. Impax Asset Management Group plc now owns 1,025,010 shares of the company’s stock valued at $15,088,000 after purchasing an additional 333,249 shares during the last quarter. 98.11% of the stock is currently owned by hedge funds and other institutional investors.

SiBone Stock Down 0.6%

Shares of SIBN traded down $0.08 during mid-day trading on Monday, hitting $12.22. 173,567 shares of the company’s stock were exchanged, compared to its average volume of 580,037. The stock’s 50-day moving average is $15.02 and its 200-day moving average is $16.48. The company has a debt-to-equity ratio of 0.20, a quick ratio of 7.21 and a current ratio of 8.55. SiBone has a fifty-two week low of $12.15 and a fifty-two week high of $21.89. The company has a market cap of $539.48 million, a price-to-earnings ratio of -27.76 and a beta of 0.69.

SiBone (NASDAQ:SIBN) last announced its quarterly earnings data on Monday, February 23rd. The company reported ($0.04) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.09. SiBone had a negative net margin of 9.41% and a negative return on equity of 11.01%. The firm had revenue of $56.35 million during the quarter, compared to analysts’ expectations of $56.26 million. On average, sell-side analysts anticipate that SiBone will post -0.78 earnings per share for the current fiscal year.

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.