SiBone (NASDAQ:SIBN) Shares Gap Up on Earnings Beat

SiBone (NASDAQ:SIBN)’s share price gapped up before the market opened on Tuesday after the company announced better than expected quarterly earnings. The stock had previously closed at $15.62, but opened at $16.40. SiBone shares last traded at $15.3390, with a volume of 315,757 shares.

The company reported ($0.04) EPS for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.09. The company had revenue of $56.35 million during the quarter, compared to analyst estimates of $56.26 million. SiBone had a negative return on equity of 12.86% and a negative net margin of 11.24%.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on SIBN. TD Cowen reissued a “buy” rating on shares of SiBone in a report on Tuesday. Canaccord Genuity Group lifted their price target on shares of SiBone from $26.00 to $27.00 and gave the stock a “buy” rating in a research note on Wednesday, December 17th. Truist Financial set a $24.00 price objective on shares of SiBone in a research note on Tuesday. Needham & Company LLC lifted their target price on shares of SiBone from $24.00 to $27.00 and gave the company a “buy” rating in a research report on Tuesday, December 16th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of SiBone in a research note on Monday, December 29th. Six analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $24.50.

Insider Buying and Selling

In other news, CEO Laura Francis sold 93,475 shares of the stock in a transaction on Tuesday, February 17th. The stock was sold at an average price of $15.32, for a total transaction of $1,432,037.00. Following the sale, the chief executive officer owned 544,369 shares in the company, valued at approximately $8,339,733.08. This represents a 14.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Jeffrey W. Dunn sold 20,000 shares of SiBone stock in a transaction dated Thursday, January 8th. The shares were sold at an average price of $21.28, for a total value of $425,600.00. Following the completion of the transaction, the director directly owned 80,115 shares of the company’s stock, valued at $1,704,847.20. This represents a 19.98% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 247,653 shares of company stock valued at $4,234,702 in the last ninety days. 4.00% of the stock is owned by corporate insiders.

Institutional Trading of SiBone

Several hedge funds have recently modified their holdings of the stock. Invesco Ltd. increased its stake in shares of SiBone by 18.5% in the 4th quarter. Invesco Ltd. now owns 55,715 shares of the company’s stock valued at $1,099,000 after buying an additional 8,706 shares during the period. Susquehanna Portfolio Strategies LLC lifted its position in SiBone by 579.2% during the 4th quarter. Susquehanna Portfolio Strategies LLC now owns 105,365 shares of the company’s stock valued at $2,078,000 after purchasing an additional 89,851 shares during the period. Tudor Investment Corp ET AL boosted its stake in shares of SiBone by 0.6% in the 4th quarter. Tudor Investment Corp ET AL now owns 259,589 shares of the company’s stock valued at $5,119,000 after purchasing an additional 1,557 shares during the last quarter. Man Group plc bought a new stake in shares of SiBone during the fourth quarter worth approximately $965,000. Finally, Inspire Investing LLC bought a new position in SiBone in the fourth quarter valued at approximately $1,246,000. 98.11% of the stock is owned by institutional investors.

SiBone Stock Down 0.9%

The business’s fifty day simple moving average is $17.78 and its 200 day simple moving average is $16.83. The stock has a market cap of $671.69 million, a price-to-earnings ratio of -30.35 and a beta of 0.69. The company has a current ratio of 7.97, a quick ratio of 6.62 and a debt-to-equity ratio of 0.21.

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.