Short Interest in SI-BONE, Inc. (NASDAQ:SIBN) Expands By 37.9%

SI-BONE, Inc. (NASDAQ:SIBN) was the target of a significant increase in short interest in the month of August. As of August 31st, there was short interest totalling 971,100 shares, an increase of 37.9% from the August 15th total of 704,100 shares. Currently, 3.3% of the company’s shares are short sold. Based on an average daily trading volume, of 359,100 shares, the short-interest ratio is currently 2.7 days.

SIBN stock traded up $0.51 during trading on Tuesday, reaching $23.79. The stock had a trading volume of 104 shares, compared to its average volume of 312,175. SI-BONE has a one year low of $19.26 and a one year high of $37.21. The company has a quick ratio of 15.13, a current ratio of 15.77 and a debt-to-equity ratio of 0.26. The company’s 50 day moving average is $25.06 and its two-hundred day moving average is $29.47. The company has a market capitalization of $791.52 million, a price-to-earnings ratio of -16.63 and a beta of 1.40.

SI-BONE (NASDAQ:SIBN) last issued its quarterly earnings data on Sunday, August 1st. The company reported ($0.42) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.39) by ($0.03). SI-BONE had a negative return on equity of 30.43% and a negative net margin of 52.47%. The firm had revenue of $22.19 million during the quarter, compared to the consensus estimate of $22.02 million. As a group, research analysts predict that SI-BONE will post -1.61 earnings per share for the current fiscal year.

In other news, Director Jeffrey W. Dunn sold 2,113 shares of the company’s stock in a transaction dated Friday, July 16th. The shares were sold at an average price of $29.10, for a total transaction of $61,488.30. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Jeryl L. Hilleman sold 4,400 shares of the company’s stock in a transaction dated Friday, June 25th. The shares were sold at an average price of $33.71, for a total transaction of $148,324.00. Following the transaction, the director now owns 198,091 shares in the company, valued at approximately $6,677,647.61. The disclosure for this sale can be found here. In the last 90 days, insiders sold 22,699 shares of company stock worth $549,108. 7.00% of the stock is owned by company insiders.

Hedge funds have recently modified their holdings of the business. Lazard Asset Management LLC bought a new stake in SI-BONE in the 2nd quarter worth about $34,000. Altshuler Shaham Ltd purchased a new position in SI-BONE in the first quarter valued at about $42,000. Point72 Hong Kong Ltd boosted its stake in SI-BONE by 21.8% in the first quarter. Point72 Hong Kong Ltd now owns 2,154 shares of the company’s stock valued at $69,000 after acquiring an additional 385 shares during the last quarter. Maverick Capital Ltd. purchased a new position in SI-BONE in the first quarter valued at about $110,000. Finally, Royal Bank of Canada boosted its stake in SI-BONE by 343.6% in the first quarter. Royal Bank of Canada now owns 3,571 shares of the company’s stock valued at $113,000 after acquiring an additional 2,766 shares during the last quarter. 92.97% of the stock is owned by institutional investors and hedge funds.

Several brokerages have recently weighed in on SIBN. Morgan Stanley dropped their price objective on shares of SI-BONE from $41.00 to $40.00 and set an “overweight” rating on the stock in a report on Tuesday, August 3rd. Needham & Company LLC reiterated a “buy” rating and set a $37.00 price objective (down previously from $42.00) on shares of SI-BONE in a report on Tuesday, August 3rd. Citigroup started coverage on shares of SI-BONE in a research report on Tuesday, June 8th. They set a “buy” rating for the company. Finally, started coverage on shares of SI-BONE in a research report on Tuesday, June 8th. They set a “buy” rating and a $40.00 target price for the company. One research analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $39.71.

SI-BONE Company Profile

SI-BONE, Inc engages in the provision of implantable devices used in the surgical treatment of the sacropelvic anatomy. It offers a proprietary minimally invasive surgical implant system, called iFuse, used to fuse the sacroiliac joint to treat sacroiliac joint dysfunction that often causes severe lower back pain.

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