Short Interest in Surgalign Holdings, Inc. (NASDAQ:SRGA) Grows By 27.1%


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Surgalign Holdings, Inc. (NASDAQ:SRGA) was the target of a large increase in short interest during the month of April. As of April 15th, there was short interest totalling 2,530,000 shares, an increase of 27.1% from the March 31st total of 1,990,000 shares. Approximately 2.7% of the shares of the company are sold short. Based on an average daily trading volume, of 2,060,000 shares, the short-interest ratio is presently 1.2 days.

Shares of SRGA traded down $0.09 during midday trading on Tuesday, hitting $1.68. 22,627 shares of the company traded hands, compared to its average volume of 1,784,138. The firm has a 50 day moving average of $2.11 and a 200-day moving average of $2.22. Surgalign has a 52 week low of $1.49 and a 52 week high of $3.97. The stock has a market cap of $185.25 million, a price-to-earnings ratio of -0.93 and a beta of 2.21.

Surgalign (NASDAQ:SRGA) last announced its earnings results on Monday, March 15th. The company reported ($0.22) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.15) by ($0.07). The business had revenue of $26.19 million for the quarter, compared to analysts’ expectations of $26.19 million. Surgalign had a negative net margin of 56.07% and a negative return on equity of 101.34%. On average, equities analysts anticipate that Surgalign will post -0.68 EPS for the current year.

A number of equities research analysts have recently issued reports on the stock. Zacks Investment Research raised shares of Surgalign from a “sell” rating to a “hold” rating in a research report on Wednesday, April 7th. BTIG Research started coverage on shares of Surgalign in a report on Wednesday, February 3rd. They issued a “buy” rating and a $4.00 target price for the company. Finally, Piper Sandler started coverage on shares of Surgalign in a report on Tuesday, February 2nd. They issued an “overweight” rating and a $4.00 target price for the company. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $4.33.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Victory Capital Management Inc. purchased a new stake in shares of Surgalign during the 1st quarter valued at about $31,000. The Manufacturers Life Insurance Company raised its position in shares of Surgalign by 98.1% during the 1st quarter. The Manufacturers Life Insurance Company now owns 63,874 shares of the company’s stock valued at $139,000 after buying an additional 31,638 shares in the last quarter. Perkins Capital Management Inc. purchased a new stake in shares of Surgalign during the 1st quarter valued at about $654,000. Strs Ohio raised its position in shares of Surgalign by 4.0% during the 1st quarter. Strs Ohio now owns 194,400 shares of the company’s stock valued at $423,000 after buying an additional 7,500 shares in the last quarter. Finally, Dfpg Investments LLC raised its position in Surgalign by 305.6% in the 1st quarter. Dfpg Investments LLC now owns 2,973,645 shares of the company’s stock worth $6,631,000 after purchasing an additional 2,240,417 shares during the period. Hedge funds and other institutional investors own 53.47% of the company’s stock.

Surgalign Company Profile

Surgalign Holdings, Inc, a medical technology company, develops, manufactures, distributes, and markets spine implants worldwide. It offers products for thoracolumbar procedures, including Streamline TL Spinal Fixation system, a system for degenerative and complex spine procedures; and Streamline MIS Spinal Fixation system, a range of implants and instruments used via a percutaneous or mini-open approach; and interbody fusion devices, as well as products for cervical procedures, such as CervAlign ACP system, a comprehensive anterior cervical plate system; Fortilink-C IBF system, a cervical interbody fusion device that utilizes TETRAfuse 3D technology; and Streamline OCT system, a range of implants used in the occipito-cervico-thoracic posterior spine.

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