Orthofix Medical (NASDAQ:OFIX) Share Price Breaks Above 50 Day Moving Average – Here’s Why

Orthofix Medical Inc. (NASDAQ:OFIX)’s stock price passed above its 50-day moving average during trading on Wednesday. The stock has a 50-day moving average of $9.34 and traded as high as $9.83. Orthofix Medical shares last traded at $9.72, with a volume of 1,170,807 shares traded.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Canaccord Genuity Group lowered their target price on Orthofix Medical from $18.00 to $13.00 and set a “buy” rating on the stock in a research note on Monday, August 10th. Weiss Ratings downgraded Orthofix Medical from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday. Three investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $14.75.

Orthofix Medical Trading Up 11.0%

The company has a market cap of $395.90 million, a P/E ratio of -6.31 and a beta of 0.66. The company has a quick ratio of 1.67, a current ratio of 2.84 and a debt-to-equity ratio of 0.55. The firm’s 50-day moving average price is $9.34 and its 200-day moving average price is $11.04.

Orthofix Medical (NASDAQ:OFIX) last released its quarterly earnings data on Wednesday, August 5th. The medical device company reported ($0.39) EPS for the quarter, topping the consensus estimate of ($0.41) by $0.02. Orthofix Medical had a negative net margin of 7.41% and a negative return on equity of 14.05%. The company had revenue of $210.93 million during the quarter, compared to the consensus estimate of $209.28 million. As a group, equities research analysts expect that Orthofix Medical Inc. will post -1.29 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Orthofix Medical

Several institutional investors have recently made changes to their positions in OFIX. Engine Capital Management LP boosted its holdings in shares of Orthofix Medical by 3.2% in the first quarter. Engine Capital Management LP now owns 4,390,779 shares of the medical device company’s stock worth $50,362,000 after acquiring an additional 137,858 shares during the period. BlackRock Inc. bought a new stake in shares of Orthofix Medical during the 2nd quarter valued at $30,405,000. Paradigm Capital Management Inc. NY purchased a new stake in Orthofix Medical during the 2nd quarter worth about $30,167,000. Bank of America Corp DE purchased a new stake in Orthofix Medical during the 2nd quarter worth about $2,667,000. Finally, Gamco Investors INC. ET AL lifted its holdings in Orthofix Medical by 17.5% during the 1st quarter. Gamco Investors INC. ET AL now owns 201,800 shares of the medical device company’s stock worth $2,315,000 after purchasing an additional 30,000 shares in the last quarter. Hedge funds and other institutional investors own 89.76% of the company’s stock.

About Orthofix Medical

Orthofix Medical Inc is a medical device company focused on spinal and orthopedic solutions. The company develops, manufactures and distributes products designed to help treat spinal disorders, support bone healing and address orthopedic trauma and related musculoskeletal conditions.

Its product portfolio includes spinal fixation and interbody systems, biologics and bone-grafting products, bone growth stimulation devices, and technologies for spinal motion preservation and deformity correction.