ConforMIS (CFMS) Downgraded to Hold at Zacks Investment Research

Zacks Investment Research cut shares of ConforMIS (NASDAQ:CFMS) from a buy rating to a hold rating in a research note published on Tuesday.

According to Zacks, “ConforMIS, Inc. is a medical technology company which develops, manufacture and sells joint replacement implants. The Company’s iFit technology platform consists of iFit Design, iFit Printing and iFit Just-in-Time Delivery. It operates primarily in the United States, Germany and the United Kingdom. The Company serves orthopedic surgeons, hospitals and other medical facilities and patients. ConforMIS, Inc. is based in Bedford, United States. “

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A number of other equities research analysts also recently weighed in on the stock. Oppenheimer reiterated a buy rating on shares of ConforMIS in a research note on Thursday, March 22nd. BTIG Research reiterated a buy rating and set a $4.00 price target on shares of ConforMIS in a research note on Wednesday, January 10th. Canaccord Genuity decreased their price target on shares of ConforMIS from $5.00 to $4.00 and set a hold rating on the stock in a research note on Thursday, February 8th. Cowen started coverage on shares of ConforMIS in a research note on Wednesday, February 21st. They set an outperform rating and a $4.00 price target on the stock. Finally, ValuEngine downgraded shares of ConforMIS from a sell rating to a strong sell rating in a research note on Monday. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the stock. The stock has an average rating of Hold and an average price target of $4.29.

Shares of ConforMIS stock traded down $0.01 during midday trading on Tuesday, hitting $1.40. The company had a trading volume of 55,072 shares, compared to its average volume of 623,047. The company has a market cap of $85.79, a price-to-earnings ratio of -1.14 and a beta of 1.01. The company has a current ratio of 5.41, a quick ratio of 4.70 and a debt-to-equity ratio of 0.64. ConforMIS has a 1-year low of $1.15 and a 1-year high of $5.98.

ConforMIS (NASDAQ:CFMS) last announced its quarterly earnings data on Wednesday, February 7th. The medical instruments supplier reported ($0.27) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.30) by $0.03. The business had revenue of $20.80 million for the quarter, compared to the consensus estimate of $20.07 million. ConforMIS had a negative net margin of 68.59% and a negative return on equity of 85.24%. ConforMIS’s quarterly revenue was down 4.1% on a year-over-year basis. During the same quarter last year, the company posted ($0.37) earnings per share. research analysts forecast that ConforMIS will post -0.86 earnings per share for the current fiscal year.

A number of institutional investors and hedge funds have recently bought and sold shares of CFMS. Prosight Management LP acquired a new stake in ConforMIS during the fourth quarter worth $952,000. Renaissance Technologies LLC lifted its holdings in shares of ConforMIS by 627.0% during the fourth quarter. Renaissance Technologies LLC now owns 346,800 shares of the medical instruments supplier’s stock valued at $825,000 after acquiring an additional 299,100 shares during the period. ARK Investment Management LLC lifted its holdings in shares of ConforMIS by 44.0% during the fourth quarter. ARK Investment Management LLC now owns 390,564 shares of the medical instruments supplier’s stock valued at $930,000 after acquiring an additional 119,355 shares during the period. Citadel Advisors LLC lifted its holdings in shares of ConforMIS by 331.2% during the third quarter. Citadel Advisors LLC now owns 113,972 shares of the medical instruments supplier’s stock valued at $401,000 after acquiring an additional 87,540 shares during the period. Finally, Spark Investment Management LLC lifted its holdings in shares of ConforMIS by 245.3% during the fourth quarter. Spark Investment Management LLC now owns 120,500 shares of the medical instruments supplier’s stock valued at $286,000 after acquiring an additional 85,600 shares during the period. Hedge funds and other institutional investors own 22.98% of the company’s stock.

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About ConforMIS

ConforMIS, Inc is a medical technology company. The Company uses its iFit Image-to-Implant technology platform to develop, manufacture and sell joint replacement implants, which are individually sized and shaped, to fit each patient’s anatomy. The Company’s iFit technology platform is applicable to various joints.

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