SI-BONE (NASDAQ:SIBN) Trading Down 5.8% - Here's Why

SI-BONE, Inc. (NASDAQ:SIBN - Get Free Report) shares dropped 5.8% on Monday . The company traded as low as $13.81 and last traded at $13.83. Approximately 90,508 shares changed hands during trading, a decline of 76% from the average daily volume of 382,489 shares. The stock had previously closed at $14.68.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on SIBN. Needham & Company LLC decreased their price target on shares of SI-BONE from $27.00 to $19.00 and set a "buy" rating for the company in a research note on Tuesday, August 6th. Morgan Stanley lowered their target price on SI-BONE from $21.00 to $19.00 and set an "overweight" rating for the company in a research note on Tuesday, August 6th. Finally, Truist Financial reduced their price target on SI-BONE from $20.00 to $18.00 and set a "buy" rating on the stock in a research note on Tuesday, August 6th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $23.00.

SI-BONE Price Performance

The firm has a fifty day moving average of $14.95 and a 200 day moving average of $14.68. The company has a current ratio of 9.17, a quick ratio of 8.12 and a debt-to-equity ratio of 0.22. The company has a market capitalization of $545.55 million, a P/E ratio of -12.15 and a beta of 1.22.

SI-BONE (NASDAQ:SIBN - Get Free Report) last released its quarterly earnings data on Monday, August 5th. The company reported ($0.22) earnings per share for the quarter, beating the consensus estimate of ($0.26) by $0.04. The firm had revenue of $39.97 million during the quarter, compared to analysts' expectations of $38.95 million. SI-BONE had a negative net margin of 27.10% and a negative return on equity of 24.27%. During the same period in the previous year, the company earned ($0.30) earnings per share. On average, equities research analysts anticipate that SI-BONE, Inc. will post -0.89 EPS for the current year.

Insiders Place Their Bets

In other news, insider Anthony J. Recupero sold 3,305 shares of the company's stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $13.58, for a total transaction of $44,881.90. Following the completion of the sale, the insider now owns 233,412 shares of the company's stock, valued at $3,169,734.96. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other SI-BONE news, insider Anthony J. Recupero sold 3,905 shares of the company's stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $13.84, for a total value of $54,045.20. Following the completion of the sale, the insider now owns 238,804 shares in the company, valued at $3,305,047.36. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Anthony J. Recupero sold 3,305 shares of the stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $13.58, for a total transaction of $44,881.90. Following the completion of the sale, the insider now directly owns 233,412 shares of the company's stock, valued at $3,169,734.96. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 25,019 shares of company stock valued at $349,879. Insiders own 5.40% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Canada Pension Plan Investment Board bought a new position in shares of SI-BONE in the second quarter worth about $61,000. Zurcher Kantonalbank Zurich Cantonalbank grew 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 in the last quarter. Arizona State Retirement System raised its position in shares of SI-BONE by 9.0% during the second quarter. Arizona State Retirement System now owns 10,921 shares of the company's stock valued at $141,000 after buying an additional 903 shares during the last quarter. Deerfield Management Company L.P. Series C purchased a new position in shares of SI-BONE in the second quarter worth $151,000. Finally, Assenagon Asset Management S.A. bought a new position in shares of SI-BONE during the second quarter worth $152,000. Institutional investors own 98.11% of the company's stock.

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.