SiBone (NASDAQ:SIBN) Sets New 12-Month High – Here’s Why

SiBone (NASDAQ:SIBN)’s stock price hit a new 52-week high during trading on Wednesday. The stock traded as high as $21.96 and last traded at $21.8150, with a volume of 110,209 shares traded. The stock had previously closed at $21.44.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. Weiss Ratings raised SiBone from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Thursday, August 20th. Truist Financial increased their target price on shares of SiBone from $23.00 to $25.00 and gave the stock a “buy” rating in a research report on Wednesday, October 14th. UBS Group raised their price target on shares of SiBone from $24.00 to $25.00 and gave the company a “buy” rating in a report on Tuesday, August 4th. Finally, TD Cowen raised their price target on shares of SiBone from $18.00 to $20.00 and gave the company a “buy” rating in a report on Tuesday, August 4th. Six investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $24.50.

SiBone Stock Performance

The stock has a 50 day simple moving average of $19.27 and a 200 day simple moving average of $16.41. The company has a market cap of $969.27 million, a price-to-earnings ratio of -64.29 and a beta of 0.66. The company has a quick ratio of 7.55, a current ratio of 9.15 and a debt-to-equity ratio of 0.20.

SiBone (NASDAQ:SIBN) last issued its earnings results on Monday, August 3rd. The company reported ($0.09) earnings per share for the quarter, topping the consensus estimate of ($0.15) by $0.06. SiBone had a negative return on equity of 8.23% and a negative net margin of 6.85%. The company had revenue of $56.01 million during the quarter, compared to the consensus estimate of $55.34 million. As a group, analysts predict that SiBone will post -0.40 EPS for the current year.

Insider Buying and Selling

In other SiBone news, Director Jeffrey Dunn sold 20,000 shares of the stock in a transaction that occurred on Thursday, October 1st. The shares were sold at an average price of $18.47, for a total value of $369,400.00. Following the completion of the sale, the director owned 16,057 shares of the company’s stock, valued at $296,572.79. This trade represents a 55.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Anshul Maheshwari sold 1,731 shares of SiBone stock in a transaction that occurred on Monday, October 5th. The shares were sold at an average price of $19.50, for a total transaction of $33,754.50. Following the sale, the insider owned 218,235 shares in the company, valued at $4,255,582.50. This represents a 0.79% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders have sold 224,968 shares of company stock valued at $4,368,118. Corporate insiders own 4.00% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in SIBN. First Light Asset Management LLC boosted its stake in shares of SiBone by 51.8% in the second quarter. First Light Asset Management LLC now owns 8,127,985 shares of the company’s stock valued at $132,649,000 after purchasing an additional 2,774,795 shares during the period. Granahan Investment Management LLC grew its holdings in SiBone by 97.6% during the 1st quarter. Granahan Investment Management LLC now owns 1,739,097 shares of the company’s stock valued at $21,965,000 after purchasing an additional 858,942 shares in the last quarter. Paradigm Capital Management Inc. NY grew its holdings in SiBone by 113.3% during the 1st quarter. Paradigm Capital Management Inc. NY now owns 1,126,500 shares of the company’s stock valued at $14,228,000 after purchasing an additional 598,300 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in SiBone by 41.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 618,939 shares of the company’s stock worth $7,816,000 after buying an additional 182,465 shares during the period. Finally, Renaissance Technologies LLC increased its stake in SiBone by 101.6% during the 1st quarter. Renaissance Technologies LLC now owns 472,619 shares of the company’s stock worth $5,969,000 after buying an additional 238,219 shares during the period. 98.11% of the stock is owned by institutional investors and hedge funds.

About SiBone

SI-BONE, Inc (NASDAQ: SIBN) is a medical device company focused on diagnosing and treating disorders of the sacroiliac joint, which connects the spine to the pelvis. The company develops minimally invasive surgical solutions intended to stabilize the sacroiliac joint and address sacroiliac joint dysfunction and related conditions.

Its product portfolio is centered on the iFuse Implant System, a family of triangular implants designed to be placed across the sacroiliac joint. SI-BONE also offers products such as iFuse-TORQ, a threaded implant system, and iFuse Bedrock Granite, which is designed for sacroiliac joint fusion and pelvic fixation as part of certain spinal procedures.