Canaccord Genuity Group Cuts Orthofix Medical (NASDAQ:OFIX) Price Target to $13.00

Orthofix Medical (NASDAQ:OFIX) had its target price cut by Canaccord Genuity Group from $18.00 to $13.00 in a research note published on Monday,Benzinga reports. They currently have a buy rating on the medical device company’s stock.

Several other equities research analysts have also commented on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Orthofix Medical in a research report on Friday, July 17th. Wall Street Zen downgraded shares of Orthofix Medical from a “buy” rating to a “hold” rating in a report on Saturday, May 2nd. Stifel Nicolaus lowered their price target on shares of Orthofix Medical from $18.00 to $15.00 and set a “buy” rating on the stock in a research report on Friday, May 22nd. TD Cowen reissued a “hold” rating on shares of Orthofix Medical in a research note on Thursday, May 21st. Finally, Barrington Research lifted their price objective on Orthofix Medical from $15.00 to $17.00 and gave the stock an “outperform” rating in a research report on Monday, July 6th. Three investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Orthofix Medical has an average rating of “Hold” and an average target price of $14.75.

Orthofix Medical Price Performance

OFIX stock opened at $10.40 on Monday. The firm has a 50 day moving average of $10.57 and a 200-day moving average of $11.62. The company has a market cap of $420.37 million, a price-to-earnings ratio of -6.75 and a beta of 0.68. The company has a current ratio of 2.84, a quick ratio of 1.67 and a debt-to-equity ratio of 0.55. Orthofix Medical has a 12-month low of $8.85 and a 12-month high of $16.99.

Orthofix Medical (NASDAQ:OFIX) last released its quarterly earnings data on Wednesday, August 5th. The medical device company reported ($0.39) earnings per share for the quarter, beating the consensus estimate of ($0.41) by $0.02. The firm had revenue of $210.93 million during the quarter, compared to the consensus estimate of $209.28 million. Orthofix Medical had a negative return on equity of 14.05% and a negative net margin of 7.41%. As a group, equities analysts expect that Orthofix Medical will post -1.4 EPS for the current fiscal year.

Insider Activity

In related news, insider Aviva Mcpherron sold 3,670 shares of the firm’s stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $9.38, for a total transaction of $34,424.60. Following the sale, the insider owned 66,330 shares in the company, valued at approximately $622,175.40. This trade represents a 5.24% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 2.70% of the company’s stock.

Institutional Investors Weigh In On Orthofix Medical

Several hedge funds have recently made changes to their positions in the business. R Squared Ltd lifted its stake in shares of Orthofix Medical by 7.2% in the 1st quarter. R Squared Ltd now owns 13,518 shares of the medical device company’s stock valued at $155,000 after purchasing an additional 904 shares in the last quarter. Raymond James Financial Inc. raised its holdings in Orthofix Medical by 1.5% in the third quarter. Raymond James Financial Inc. now owns 66,812 shares of the medical device company’s stock valued at $978,000 after buying an additional 1,000 shares during the period. Gabelli Funds LLC raised its holdings in Orthofix Medical by 0.4% in the fourth quarter. Gabelli Funds LLC now owns 235,303 shares of the medical device company’s stock valued at $3,567,000 after buying an additional 1,000 shares during the period. Amundi grew its stake in Orthofix Medical by 2.7% during the fourth quarter. Amundi now owns 41,527 shares of the medical device company’s stock worth $630,000 after buying an additional 1,086 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Orthofix Medical by 6.3% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 20,561 shares of the medical device company’s stock worth $335,000 after buying an additional 1,213 shares during the period. Institutional investors and hedge funds own 89.76% of the company’s stock.

About Orthofix Medical

Orthofix Medical Inc (NASDAQ: OFIX) is a global medical device company focused on the design and development of innovative orthopedic and spinal solutions. The company’s core business is divided into two segments: spine and orthopedics. In the spine segment, Orthofix offers a range of titanium implants, biologics and portable bone growth stimulation devices designed to support spinal fusion, deformity correction and minimally invasive procedures. Its orthopedic segment encompasses products for fracture fixation, external fixation systems, trauma care and sports medicine, providing surgeons with implantable devices and instruments for complex bone reconstruction and healing.

Orthofix’s product portfolio includes strut systems, bone growth stimulators, interbody fusion devices and fixation hardware that address various indications such as degenerative disc disease, spinal deformities, non-unions and long-bone fractures.