Silk Road Medical (NASDAQ:SILK) Lifted to “Hold” at Zacks Investment Research

Zacks Investment Research upgraded shares of Silk Road Medical (NASDAQ:SILK) from a sell rating to a hold rating in a research report sent to investors on Wednesday morning, Zacks.com reports.

According to Zacks, “Silk Road Medical Inc. is a medical device company. It is focused on reducing the risk of stroke and its devastating impact. The company has pioneered a new approach for the treatment of carotid artery disease called TransCarotid Artery Revascularization. TCAR is a clinically proven procedure combining surgical principles of neuroprotection with minimally invasive endovascular techniques to treat blockages in the carotid artery at risk of causing a stroke. Silk Road Medical Inc. is based in Sunnyvale, California. “

Several other equities research analysts have also issued reports on the company. Piper Sandler decreased their target price on Silk Road Medical from $55.00 to $48.00 in a research report on Monday, January 3rd. SVB Leerink cut their price target on Silk Road Medical from $75.00 to $66.00 and set an outperform rating for the company in a research note on Wednesday, November 10th. Argus cut their price target on Silk Road Medical from $70.00 to $60.00 and set a buy rating for the company in a research note on Monday, November 22nd. Finally, Citigroup upgraded Silk Road Medical from a sell rating to a neutral rating and set a $50.00 price target for the company in a research note on Friday, November 19th. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, Silk Road Medical presently has an average rating of Hold and an average price target of $57.00.

Shares of Silk Road Medical stock opened at $36.09 on Wednesday. Silk Road Medical has a 1 year low of $34.81 and a 1 year high of $67.49. The firm has a market cap of $1.26 billion, a PE ratio of -23.90 and a beta of 1.57. The stock has a fifty day moving average price of $43.82 and a 200-day moving average price of $50.36. The company has a debt-to-equity ratio of 0.55, a current ratio of 7.38 and a quick ratio of 6.62.

Silk Road Medical (NASDAQ:SILK) last announced its earnings results on Tuesday, November 9th. The company reported ($0.40) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.31) by ($0.09). Silk Road Medical had a negative net margin of 54.99% and a negative return on equity of 52.81%. The business had revenue of $24.70 million for the quarter, compared to analysts’ expectations of $26.03 million. During the same period in the prior year, the business earned ($0.31) earnings per share. As a group, equities analysts anticipate that Silk Road Medical will post -1.41 EPS for the current fiscal year.

In other Silk Road Medical news, CEO Erica J. Rogers sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, January 11th. The stock was sold at an average price of $41.88, for a total value of $418,800.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Erica J. Rogers bought 2,500 shares of the business’s stock in a transaction on Tuesday, November 30th. The stock was bought at an average price of $41.30 per share, with a total value of $103,250.00. The disclosure for this purchase can be found here. Insiders have sold a total of 62,900 shares of company stock valued at $3,134,282 in the last quarter. 7.70% of the stock is owned by corporate insiders.

Hedge funds and other institutional investors have recently modified their holdings of the business. US Bancorp DE boosted its stake in Silk Road Medical by 120.4% in the 2nd quarter. US Bancorp DE now owns 930 shares of the company’s stock worth $44,000 after purchasing an additional 508 shares during the period. FORA Capital LLC bought a new stake in shares of Silk Road Medical during the 2nd quarter valued at about $49,000. Assetmark Inc. bought a new stake in shares of Silk Road Medical during the 3rd quarter valued at about $69,000. Great West Life Assurance Co. Can boosted its position in shares of Silk Road Medical by 34.4% during the 2nd quarter. Great West Life Assurance Co. Can now owns 1,937 shares of the company’s stock valued at $93,000 after acquiring an additional 496 shares during the last quarter. Finally, Ameritas Investment Partners Inc. boosted its position in shares of Silk Road Medical by 16.1% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 2,660 shares of the company’s stock valued at $127,000 after acquiring an additional 368 shares during the last quarter.

About Silk Road Medical

Silk Road Medical, Inc develops and manufactures medical devices to treat neurovascular diseases. Its products include ENROUTE transcarotid neuroprotection system, ENROUTE transcarotid stent system, and ENROUTE transcarotid peripheral access kit. The company was founded by Tony M. Chou and Michi Garrison on March 21, 2007 and is headquartered in Sunnyvale, CA.

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