SI-BONE, Inc. (NASDAQ:SIBN) Short Interest Down 16.5% in July

SI-BONE, Inc. (NASDAQ:SIBN) saw a large drop in short interest in July. As of July 15th, there was short interest totalling 1,920,000 shares, a drop of 16.5% from the June 30th total of 2,300,000 shares. Based on an average trading volume of 366,000 shares, the days-to-cover ratio is presently 5.2 days.

SI-BONE Price Performance

Shares of SI-BONE stock traded down $0.19 during trading on Tuesday, reaching $14.94. 303,737 shares of the stock traded hands, compared to its average volume of 402,869. The company has a debt-to-equity ratio of 0.22, a current ratio of 9.76 and a quick ratio of 8.75. The company has a market capitalization of $615.68 million, a price-to-earnings ratio of -13.88 and a beta of 1.20. SI-BONE has a 52-week low of $11.76 and a 52-week high of $26.03. The business has a fifty day simple moving average of $13.93 and a two-hundred day simple moving average of $16.09.

SI-BONE (NASDAQ:SIBN) last released its quarterly earnings data on Monday, May 6th. The company reported ($0.27) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.29) by $0.02. SI-BONE had a negative return on equity of 25.14% and a negative net margin of 29.93%. The business had revenue of $37.87 million for the quarter, compared to the consensus estimate of $36.45 million. Sell-side analysts expect that SI-BONE will post -0.95 EPS for the current year.

Insider Buying and Selling

In other SI-BONE news, CFO Anshul Maheshwari sold 2,441 shares of SI-BONE stock in a transaction on Thursday, May 16th. The stock was sold at an average price of $15.14, for a total transaction of $36,956.74. Following the completion of the transaction, the chief financial officer now owns 204,241 shares in the company, valued at $3,092,208.74. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Anthony J. Recupero sold 3,309 shares of the company’s stock in a transaction on Tuesday, July 2nd. The stock was sold at an average price of $12.92, for a total transaction of $42,752.28. Following the transaction, the insider now directly owns 243,629 shares of the company’s stock, valued at $3,147,686.68. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Anshul Maheshwari sold 2,441 shares of SI-BONE stock in a transaction dated Thursday, May 16th. The stock was sold at an average price of $15.14, for a total value of $36,956.74. Following the completion of the sale, the chief financial officer now owns 204,241 shares of the company’s stock, valued at $3,092,208.74. The disclosure for this sale can be found here. Insiders sold a total of 11,956 shares of company stock worth $172,555 in the last three months. 5.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On SI-BONE

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in SI-BONE by 24.7% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,649 shares of the company’s stock valued at $138,000 after buying an additional 2,108 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of SI-BONE by 9.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 142,106 shares of the company’s stock worth $1,837,000 after acquiring an additional 12,158 shares during the last quarter. Charter Oak Capital Management LLC purchased a new position in shares of SI-BONE during the 2nd quarter worth about $310,000. Assenagon Asset Management S.A. purchased a new position in shares of SI-BONE during the 2nd quarter worth about $152,000. Finally, Harbor Capital Advisors Inc. raised its position in SI-BONE by 440.5% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 192,380 shares of the company’s stock worth $2,487,000 after purchasing an additional 156,790 shares during the period. 98.11% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

SIBN has been the subject of several research analyst reports. Needham & Company LLC reaffirmed a “buy” rating and issued a $27.00 price objective on shares of SI-BONE in a report on Tuesday, May 7th. JMP Securities reissued a “market outperform” rating and set a $32.00 price target on shares of SI-BONE in a report on Tuesday, May 7th. Finally, Morgan Stanley lowered their price objective on SI-BONE from $25.00 to $21.00 and set an “overweight” rating on the stock in a research report on Monday, July 15th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, SI-BONE currently has a consensus rating of “Buy” and an average price target of $25.67.

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.