Canaccord Genuity Group Initiates Coverage on Orthofix Medical (NASDAQ:OFIX)

Research analysts at Canaccord Genuity Group began coverage on shares of Orthofix Medical (NASDAQ:OFIX) in a research note issued on Wednesday, Marketbeat.com reports. The brokerage set a “buy” rating and a $24.00 price target on the medical device company’s stock. Canaccord Genuity Group’s price target points to a potential upside of 31.29% from the company’s previous close.

A number of other brokerages also recently weighed in on OFIX. Roth Mkm reiterated a “buy” rating and issued a $22.00 price objective (up previously from $20.00) on shares of Orthofix Medical in a research report on Friday, November 8th. Stifel Nicolaus raised Orthofix Medical from a “hold” rating to a “buy” rating and increased their target price for the company from $18.00 to $24.00 in a report on Friday, November 8th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, Orthofix Medical currently has an average rating of “Moderate Buy” and a consensus price target of $23.33.

Orthofix Medical Trading Down 0.5 %

NASDAQ OFIX opened at $18.28 on Wednesday. The company has a fifty day moving average of $18.08 and a 200 day moving average of $16.94. The company has a market capitalization of $698.48 million, a PE ratio of -5.84 and a beta of 1.10. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.39 and a quick ratio of 1.11. Orthofix Medical has a 1 year low of $12.08 and a 1 year high of $20.73.

Orthofix Medical (NASDAQ:OFIX) last issued its earnings results on Thursday, November 7th. The medical device company reported ($0.71) EPS for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.57). The company had revenue of $196.61 million during the quarter, compared to analysts’ expectations of $196.60 million. Orthofix Medical had a negative return on equity of 21.25% and a negative net margin of 15.18%. During the same quarter in the previous year, the company earned ($0.77) EPS. Research analysts forecast that Orthofix Medical will post -2.81 earnings per share for the current year.

Insider Transactions at Orthofix Medical

In other Orthofix Medical news, CEO Massimo Calafiore sold 10,078 shares of the business’s stock in a transaction on Friday, January 10th. The stock was sold at an average price of $16.83, for a total transaction of $169,612.74. Following the transaction, the chief executive officer now owns 133,354 shares of the company’s stock, valued at approximately $2,244,347.82. The trade was a 7.03 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Julie Andrews sold 4,655 shares of the firm’s stock in a transaction on Thursday, January 16th. The stock was sold at an average price of $17.89, for a total value of $83,277.95. Following the completion of the sale, the chief financial officer now directly owns 28,312 shares of the company’s stock, valued at $506,501.68. This trade represents a 14.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 24,675 shares of company stock worth $423,238 in the last ninety days. Insiders own 2.60% of the company’s stock.

Institutional Trading of Orthofix Medical

Several hedge funds have recently made changes to their positions in OFIX. Armistice Capital LLC increased its position in shares of Orthofix Medical by 1.4% during the second quarter. Armistice Capital LLC now owns 3,750,000 shares of the medical device company’s stock valued at $49,725,000 after acquiring an additional 50,000 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Orthofix Medical by 1.4% during the third quarter. Geode Capital Management LLC now owns 839,189 shares of the medical device company’s stock worth $13,111,000 after purchasing an additional 11,559 shares in the last quarter. AYAL Capital Advisors Ltd boosted its stake in shares of Orthofix Medical by 10.2% in the second quarter. AYAL Capital Advisors Ltd now owns 686,794 shares of the medical device company’s stock valued at $9,107,000 after purchasing an additional 63,697 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in shares of Orthofix Medical by 14.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 324,807 shares of the medical device company’s stock valued at $5,073,000 after purchasing an additional 39,901 shares in the last quarter. Finally, Algert Global LLC increased its stake in Orthofix Medical by 25.6% during the 3rd quarter. Algert Global LLC now owns 214,445 shares of the medical device company’s stock worth $3,350,000 after buying an additional 43,753 shares during the period. Hedge funds and other institutional investors own 89.76% of the company’s stock.

Orthofix Medical Company Profile

Orthofix Medical Inc operates as a spine and orthopedics company in the United States, Italy, Germany, the United Kingdom, France, Brazil, and internationally. It operates through two segments, Global Spine and Global Orthopedics. The Global Spine segment manufactures and distributes bone growth stimulator devices for enhance of bone fusion, including adjunctive and noninvasive treatment of cervical and lumbar spine, as well as a therapeutic treatment for non-spine; designs, develops, and markets a portfolio of motion preservation and fixation implant products, which are used in surgical procedures of the spine; and offers biological products, such as fiber-based and particulate demineralized bone matrices, cellular bone allografts, collagen ceramic matrices, and synthetic bone void fillers, and tissue forms, which allow physicians to treat various spinal and orthopedic conditions.