Needham & Company LLC Reaffirms Buy Rating for SI-BONE (NASDAQ:SIBN)

SI-BONE (NASDAQ:SIBN)‘s stock had its “buy” rating reaffirmed by equities research analysts at Needham & Company LLC in a research note issued on Wednesday,Benzinga reports. They presently have a $19.00 price objective on the stock. Needham & Company LLC’s price objective points to a potential upside of 52.73% from the company’s previous close.

A number of other research firms have also commented on SIBN. Truist Financial decreased their price target on SI-BONE from $18.00 to $16.00 and set a “buy” rating on the stock in a research report on Monday, October 14th. Morgan Stanley decreased their target price on SI-BONE from $21.00 to $19.00 and set an “overweight” rating on the stock in a report on Tuesday, August 6th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $23.00.

SI-BONE Price Performance

Shares of SI-BONE stock opened at $12.44 on Wednesday. The stock has a market capitalization of $518.67 million, a price-to-earnings ratio of -13.52 and a beta of 1.22. The firm’s 50-day moving average price is $14.07 and its two-hundred day moving average price is $14.30. The company has a current ratio of 9.17, a quick ratio of 8.12 and a debt-to-equity ratio of 0.22. SI-BONE has a 1-year low of $11.76 and a 1-year high of $21.70.

Insider Activity

In related news, insider Anthony J. Recupero sold 3,305 shares of SI-BONE stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of $13.58, for a total transaction of $44,881.90. Following the completion of the sale, the insider now directly owns 233,412 shares of the company’s stock, valued at $3,169,734.96. The trade was a 1.40 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In the last ninety days, insiders sold 7,147 shares of company stock valued at $102,194. Company insiders own 3.90% of the company’s stock.

Institutional Trading of SI-BONE

A number of large investors have recently made changes to their positions in SIBN. FMR LLC lifted its position in SI-BONE by 103.6% in the 3rd quarter. FMR LLC now owns 2,354 shares of the company’s stock valued at $33,000 after acquiring an additional 1,198 shares in the last quarter. Canada Pension Plan Investment Board bought a new stake in shares of SI-BONE in the second quarter valued at about $61,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of SI-BONE by 24.7% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,649 shares of the company’s stock worth $138,000 after buying an additional 2,108 shares during the period. Arizona State Retirement System grew its holdings in shares of SI-BONE by 9.0% during the second quarter. Arizona State Retirement System now owns 10,921 shares of the company’s stock worth $141,000 after buying an additional 903 shares in the last quarter. Finally, Walleye Capital LLC acquired a new stake in SI-BONE in the 3rd quarter valued at approximately $144,000. Institutional investors own 98.11% of the company’s stock.

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.