SiBone (NASDAQ:SIBN) Sets New 12-Month High – Here’s Why

Shares of SiBone (NASDAQ:SIBN) reached a new 52-week high during mid-day trading on Wednesday. The company traded as high as $21.96 and last traded at $21.8150, with a volume of 110,209 shares trading hands. The stock had previously closed at $21.44.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on SIBN shares. TD Cowen increased their target price on SiBone from $18.00 to $20.00 and gave the company a “buy” rating in a report on Tuesday, August 4th. UBS Group raised their price target on SiBone from $24.00 to $25.00 and gave the stock a “buy” rating in a research report on Tuesday, August 4th. Weiss Ratings raised SiBone from a “sell (e+)” rating to a “sell (d-)” rating in a report on Thursday, August 20th. Finally, Truist Financial upped their price objective on SiBone from $23.00 to $25.00 and gave the company a “buy” rating in a research report on Wednesday, October 14th. Six analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $24.50.

SiBone Stock Performance

The stock has a market cap of $969.27 million, a price-to-earnings ratio of -64.29 and a beta of 0.66. The company has a debt-to-equity ratio of 0.20, a current ratio of 9.15 and a quick ratio of 7.55. The stock’s 50-day moving average is $19.27 and its 200-day moving average is $16.41.

SiBone (NASDAQ:SIBN) last issued its quarterly earnings results on Monday, August 3rd. The company reported ($0.09) earnings per share for the quarter, beating the consensus estimate of ($0.15) by $0.06. SiBone had a negative return on equity of 8.23% and a negative net margin of 6.85%. The company had revenue of $56.01 million during the quarter, compared to the consensus estimate of $55.34 million. Analysts anticipate that SiBone will post -0.40 EPS for the current fiscal year.

Insider Activity at SiBone

In other SiBone news, insider Anshul Maheshwari sold 11,636 shares of SiBone stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $20.11, for a total value of $233,999.96. Following the completion of the sale, the insider owned 223,284 shares in the company, valued at $4,490,241.24. The trade was a 4.95% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Laura Francis sold 51,884 shares of the company’s stock in a transaction dated Thursday, August 20th. The shares were sold at an average price of $19.46, for a total transaction of $1,009,662.64. Following the transaction, the chief executive officer directly owned 321,386 shares of the company’s stock, valued at approximately $6,254,171.56. This represents a 13.90% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 224,968 shares of company stock worth $4,368,118. 4.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On SiBone

A number of institutional investors have recently bought and sold shares of the stock. First Light Asset Management LLC raised its stake in SiBone by 51.8% during the second quarter. First Light Asset Management LLC now owns 8,127,985 shares of the company’s stock worth $132,649,000 after purchasing an additional 2,774,795 shares during the period. Granahan Investment Management LLC grew its stake in shares of SiBone by 97.6% during the 1st quarter. Granahan Investment Management LLC now owns 1,739,097 shares of the company’s stock valued at $21,965,000 after buying an additional 858,942 shares during the period. Paradigm Capital Management Inc. NY increased its holdings in shares of SiBone by 113.3% during the 1st quarter. Paradigm Capital Management Inc. NY now owns 1,126,500 shares of the company’s stock worth $14,228,000 after buying an additional 598,300 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of SiBone by 41.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 618,939 shares of the company’s stock worth $7,816,000 after buying an additional 182,465 shares during the last quarter. Finally, Renaissance Technologies LLC raised its position in shares of SiBone by 101.6% in the 1st quarter. Renaissance Technologies LLC now owns 472,619 shares of the company’s stock worth $5,969,000 after buying an additional 238,219 shares during the period. 98.11% of the stock is currently owned by hedge funds and other institutional investors.

About SiBone

SI-BONE, Inc (NASDAQ: SIBN) is a medical device company focused on diagnosing and treating disorders of the sacroiliac joint, which connects the spine to the pelvis. The company develops minimally invasive surgical solutions intended to stabilize the sacroiliac joint and address sacroiliac joint dysfunction and related conditions.

Its product portfolio is centered on the iFuse Implant System, a family of triangular implants designed to be placed across the sacroiliac joint. SI-BONE also offers products such as iFuse-TORQ, a threaded implant system, and iFuse Bedrock Granite, which is designed for sacroiliac joint fusion and pelvic fixation as part of certain spinal procedures.