Glazer Capital LLC Takes $16.77 Million Position in Silk Road Medical, Inc (NASDAQ:SILK)

Glazer Capital LLC purchased a new position in shares of Silk Road Medical, Inc (NASDAQ:SILK) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 620,304 shares of the company’s stock, valued at approximately $16,773,000. Silk Road Medical accounts for about 1.3% of Glazer Capital LLC’s investment portfolio, making the stock its 20th largest position. Glazer Capital LLC owned approximately 1.53% of Silk Road Medical at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. PNC Financial Services Group Inc. increased its stake in shares of Silk Road Medical by 1,293.9% in the fourth quarter. PNC Financial Services Group Inc. now owns 2,523 shares of the company’s stock worth $31,000 after buying an additional 2,342 shares during the last quarter. Quest Partners LLC acquired a new stake in Silk Road Medical during the fourth quarter valued at approximately $62,000. SG Americas Securities LLC bought a new position in Silk Road Medical during the 1st quarter worth approximately $109,000. Rathbones Group PLC bought a new position in Silk Road Medical during the 2nd quarter worth approximately $201,000. Finally, State Board of Administration of Florida Retirement System grew its position in shares of Silk Road Medical by 9.9% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 12,065 shares of the company’s stock worth $221,000 after acquiring an additional 1,090 shares in the last quarter.

Silk Road Medical Price Performance

NASDAQ SILK opened at $27.49 on Tuesday. The company has a debt-to-equity ratio of 0.49, a quick ratio of 6.69 and a current ratio of 7.63. The stock has a market capitalization of $1.12 billion, a P/E ratio of -20.07 and a beta of 1.53. The business’s fifty day moving average is $27.15 and its two-hundred day moving average is $23.20. Silk Road Medical, Inc has a 1 year low of $6.08 and a 1 year high of $27.51.

Silk Road Medical (NASDAQ:SILK) last released its quarterly earnings results on Wednesday, August 7th. The company reported ($0.42) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.38) by ($0.04). The company had revenue of $51.20 million during the quarter, compared to analyst estimates of $49.74 million. Silk Road Medical had a negative net margin of 29.53% and a negative return on equity of 37.30%. The company’s revenue for the quarter was up 13.0% compared to the same quarter last year. During the same quarter last year, the business earned ($0.35) EPS. On average, research analysts forecast that Silk Road Medical, Inc will post -1.45 earnings per share for the current fiscal year.

Analyst Ratings Changes

SILK has been the topic of several research analyst reports. Argus cut Silk Road Medical from a “buy” rating to a “sell” rating in a research note on Thursday, July 11th. Lake Street Capital reiterated a “hold” rating and set a $27.50 price target (down previously from $28.00) on shares of Silk Road Medical in a research report on Tuesday, June 18th. Finally, Stifel Nicolaus reissued a “hold” rating and set a $27.50 price target (up from $23.00) on shares of Silk Road Medical in a report on Wednesday, July 17th. Two analysts have rated the stock with a sell rating and seven have given a hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $20.29.

Insider Activity at Silk Road Medical

In other Silk Road Medical news, EVP Kevin M. Klemz sold 2,268 shares of Silk Road Medical stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $27.10, for a total transaction of $61,462.80. Following the transaction, the executive vice president now directly owns 162,926 shares in the company, valued at approximately $4,415,294.60. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 3.90% of the stock is owned by insiders.

Silk Road Medical Profile

Silk Road Medical, Inc operates as a medical device company in the United States. The company offers various products for the treatment of carotid artery disease called transcarotid artery revascularization (TCAR). Its products comprise ENROUTE Transcarotid Neuroprotection System that is used to directly access the common carotid artery and establish temporary blood flow reversal; ENROUTE Transcarotid Stent System for transcarotid access; ENHANCE Transcarotid Peripheral Access Kit, which is used to gain initial access to the common carotid artery; ENROUTE 0.014 Guidewire for atraumatic vessel navigation and target lesion crossing for delivery of interventional devices; and ENROUTE Enflate Transcarotid RX Balloon Dilation Catheter, a transcarotid rapid exchange balloon for the TCAR procedure.