SiBone (NASDAQ:SIBN) Issues Earnings Results, Beats Estimates By $0.06 EPS

SiBone (NASDAQ:SIBN) posted its quarterly earnings data on Monday. The company reported ($0.09) earnings per share for the quarter, topping the consensus estimate of ($0.15) by $0.06, FiscalAI reports. SiBone had a negative net margin of 8.10% and a negative return on equity of 9.56%. The firm had revenue of $56.01 million for the quarter, compared to analysts’ expectations of $55.34 million.

SiBone Stock Up 3.9%

NASDAQ SIBN traded up $0.69 on Monday, reaching $18.45. The stock had a trading volume of 778,918 shares, compared to its average volume of 627,969. The company has a current ratio of 9.99, a quick ratio of 8.34 and a debt-to-equity ratio of 0.20. SiBone has a 1 year low of $11.48 and a 1 year high of $21.89. The business has a 50 day moving average price of $16.23 and a 200 day moving average price of $15.12. The company has a market capitalization of $818.24 million, a price-to-earnings ratio of -47.31 and a beta of 0.67.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. Truist Financial increased their target price on SiBone from $18.00 to $21.00 and gave the company a “buy” rating in a report on Thursday, July 16th. Wall Street Zen downgraded SiBone from a “buy” rating to a “hold” rating in a report on Saturday, April 18th. UBS Group assumed coverage on SiBone in a research report on Tuesday, July 28th. They set a “buy” rating and a $24.00 price target on the stock. TD Cowen reduced their price objective on SiBone from $22.00 to $18.00 and set a “buy” rating for the company in a research note on Tuesday, May 12th. Finally, Weiss Ratings upgraded SiBone from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, July 21st. Seven analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $23.57.

Insider Activity at SiBone

In related news, CEO Laura Francis sold 14,957 shares of the stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $14.71, for a total value of $220,017.47. Following the transaction, the chief executive officer owned 503,444 shares in the company, valued at approximately $7,405,661.24. This represents a 2.89% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Timothy E. Davis, Jr. sold 3,500 shares of the firm’s stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $14.14, for a total transaction of $49,490.00. Following the transaction, the director directly owned 65,722 shares in the company, valued at approximately $929,309.08. The trade was a 5.06% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 35,989 shares of company stock worth $541,229. 4.00% of the stock is currently owned by corporate insiders.

Institutional Trading of SiBone

Large investors have recently added to or reduced their stakes in the business. Royal Bank of Canada lifted its stake in shares of SiBone by 98.5% in the 4th quarter. Royal Bank of Canada now owns 1,483 shares of the company’s stock valued at $29,000 after purchasing an additional 736 shares during the last quarter. Caitong International Asset Management Co. Ltd increased its position in SiBone by 64,700.0% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,944 shares of the company’s stock worth $38,000 after buying an additional 1,941 shares during the last quarter. Kemnay Advisory Services Inc. acquired a new position in SiBone during the fourth quarter worth $53,000. State of Wyoming bought a new position in SiBone during the second quarter valued at about $55,000. Finally, Canada Pension Plan Investment Board bought a new position in SiBone during the second quarter valued at about $68,000. 98.11% of the stock is owned by institutional investors.

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.