Orthofix Medical (NASDAQ:OFIX) Stock Crosses Above 200 Day Moving Average - Here's Why

Shares of Orthofix Medical Inc. (NASDAQ:OFIX - Get Free Report) passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $16.61 and traded as high as $17.10. Orthofix Medical shares last traded at $17.00, with a volume of 752,168 shares.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. Roth Mkm reaffirmed a "buy" rating and set a $22.00 price objective (up from $20.00) on shares of Orthofix Medical in a research report on Friday, November 8th. Stifel Nicolaus upgraded Orthofix Medical from a "hold" rating to a "buy" rating and lifted their price target for the company from $18.00 to $24.00 in a research report on Friday, November 8th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $23.00.

Orthofix Medical Stock Down 0.8 %

The stock's 50 day simple moving average is $18.17 and its two-hundred day simple moving average is $16.67. The firm has a market cap of $649.64 million, a P/E ratio of -5.43 and a beta of 1.10. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.39 and a quick ratio of 1.11.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp raised its holdings in Orthofix Medical by 6.8% in the second quarter. Bank of New York Mellon Corp now owns 143,772 shares of the medical device company's stock worth $1,906,000 after buying an additional 9,118 shares during the last quarter. Victory Capital Management Inc. purchased a new position in Orthofix Medical in the 2nd quarter worth approximately $832,000. Arizona State Retirement System bought a new position in Orthofix Medical in the 2nd quarter valued at approximately $139,000. Quest Partners LLC purchased a new stake in Orthofix Medical during the 2nd quarter valued at $64,000. Finally, American Century Companies Inc. increased its holdings in shares of Orthofix Medical by 15.7% in the 2nd quarter. American Century Companies Inc. now owns 54,964 shares of the medical device company's stock worth $729,000 after purchasing an additional 7,475 shares in the last quarter. Institutional investors own 89.76% of the company's stock.

About Orthofix Medical

Orthofix Medical Inc operates as a spine and orthopedics company in the United States, Italy, Germany, the United Kingdom, France, Brazil, and internationally. It operates through two segments, Global Spine and Global Orthopedics. The Global Spine segment manufactures and distributes bone growth stimulator devices for enhance of bone fusion, including adjunctive and noninvasive treatment of cervical and lumbar spine, as well as a therapeutic treatment for non-spine; designs, develops, and markets a portfolio of motion preservation and fixation implant products, which are used in surgical procedures of the spine; and offers biological products, such as fiber-based and particulate demineralized bone matrices, cellular bone allografts, collagen ceramic matrices, and synthetic bone void fillers, and tissue forms, which allow physicians to treat various spinal and orthopedic conditions.