SI-BONE (NASDAQ:SIBN) Shares Gap Up Following Earnings Beat

Shares of SI-BONE, Inc. (NASDAQ:SIBN) gapped up before the market opened on Tuesday following a better than expected earnings announcement. The stock had previously closed at $17.47, but opened at $19.11. SI-BONE shares last traded at $17.97, with a volume of 201,031 shares.

The company reported ($0.11) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.16) by $0.05. The company had revenue of $49.00 million during the quarter, compared to analyst estimates of $48.87 million. SI-BONE had a negative return on equity of 22.51% and a negative net margin of 23.82%.

Analyst Ratings Changes

A number of analysts recently commented on SIBN shares. Cantor Fitzgerald restated an “overweight” rating and issued a $25.00 price objective on shares of SI-BONE in a research report on Tuesday. Needham & Company LLC increased their price target on SI-BONE from $20.00 to $24.00 and gave the stock a “buy” rating in a report on Tuesday. Finally, Truist Financial reiterated a “buy” rating and set a $22.00 price objective (up previously from $18.00) on shares of SI-BONE in a report on Tuesday. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, SI-BONE currently has an average rating of “Buy” and an average price target of $24.50.

Insiders Place Their Bets

In other SI-BONE news, CFO Anshul Maheshwari sold 5,304 shares of the company’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $13.91, for a total transaction of $73,778.64. Following the completion of the transaction, the chief financial officer now owns 189,319 shares of the company’s stock, valued at $2,633,427.29. This represents a 2.73 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Anthony J. Recupero sold 3,670 shares of SI-BONE stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $13.90, for a total transaction of $51,013.00. Following the completion of the sale, the insider now owns 222,814 shares in the company, valued at $3,097,114.60. This trade represents a 1.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 9,311 shares of company stock worth $130,356. Corporate insiders own 3.90% of the company’s stock.

Institutional Investors Weigh In On SI-BONE

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Jane Street Group LLC grew its holdings in shares of SI-BONE by 29.0% in the 3rd quarter. Jane Street Group LLC now owns 77,359 shares of the company’s stock valued at $1,081,000 after acquiring an additional 17,410 shares in the last quarter. Millrace Asset Group Inc. acquired a new position in SI-BONE during the third quarter valued at approximately $1,056,000. Champlain Investment Partners LLC grew its stake in SI-BONE by 14.7% in the third quarter. Champlain Investment Partners LLC now owns 2,800,073 shares of the company’s stock valued at $39,145,000 after purchasing an additional 358,821 shares in the last quarter. Impax Asset Management Group plc increased its position in shares of SI-BONE by 41.3% during the 3rd quarter. Impax Asset Management Group plc now owns 758,521 shares of the company’s stock worth $10,604,000 after purchasing an additional 221,604 shares during the last quarter. Finally, Franklin Resources Inc. raised its stake in shares of SI-BONE by 9.4% during the 3rd quarter. Franklin Resources Inc. now owns 20,220 shares of the company’s stock worth $265,000 after purchasing an additional 1,745 shares in the last quarter. 98.11% of the stock is owned by institutional investors.

SI-BONE Stock Up 5.6 %

The firm has a market capitalization of $773.34 million, a P/E ratio of -20.04 and a beta of 1.17. The firm’s 50 day moving average is $15.82 and its two-hundred day moving average is $14.72. The company has a debt-to-equity ratio of 0.22, a current ratio of 8.25 and a quick ratio of 7.22.

About SI-BONE

SI-BONE, Inc, a medical device company, that operate to solve musculoskeletal disorders of the sacropelvic anatomy in the United States and internationally. It offers proprietary minimally invasive surgical implant system to address sacroiliac joint dysfunction and fusion, adult deformity and degeneration, and pelvic trauma; and implantable bone products.