SI-BONE (NASDAQ:SIBN) Shares Gap Up After Better-Than-Expected Earnings

SI-BONE, Inc. (NASDAQ:SIBN - Get Free Report)'s stock price gapped up before the market opened on Tuesday after the company announced better than expected quarterly earnings. The stock had previously closed at $17.47, but opened at $19.11. SI-BONE shares last traded at $17.97, with a volume of 201,031 shares.

The company reported ($0.11) EPS for the quarter, topping analysts' consensus estimates of ($0.16) by $0.05. The company had revenue of $49.00 million for the quarter, compared to analyst estimates of $48.87 million. SI-BONE had a negative return on equity of 22.51% and a negative net margin of 23.82%.

Analyst Upgrades and Downgrades

A number of research firms have commented on SIBN. Needham & Company LLC boosted their price objective on SI-BONE from $20.00 to $24.00 and gave the stock a "buy" rating in a research note on Tuesday. Truist Financial reissued a "buy" rating and issued a $22.00 price objective (up previously from $18.00) on shares of SI-BONE in a research note on Tuesday. Finally, Cantor Fitzgerald reissued an "overweight" rating and issued a $25.00 price objective on shares of SI-BONE in a research note on Tuesday. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $24.50.

Insider Activity

In other news, CFO Anshul Maheshwari sold 5,304 shares of the company's stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $13.91, for a total transaction of $73,778.64. Following the transaction, the chief financial officer now owns 189,319 shares of the company's stock, valued at $2,633,427.29. This represents a 2.73 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Anthony J. Recupero sold 3,670 shares of the stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $13.90, for a total value of $51,013.00. Following the completion of the transaction, the insider now directly owns 222,814 shares in the company, valued at $3,097,114.60. The trade was a 1.62 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 9,311 shares of company stock valued at $130,356 over the last 90 days. 3.90% of the stock is owned by company insiders.

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Hedge Funds Weigh In On SI-BONE

Hedge funds have recently added to or reduced their stakes in the stock. FMR LLC lifted its stake in SI-BONE by 103.6% in the third quarter. FMR LLC now owns 2,354 shares of the company's stock valued at $33,000 after buying an additional 1,198 shares during the period. Virtus Fund Advisers LLC acquired a new position in SI-BONE in the fourth quarter valued at about $40,000. Mainstream Capital Management LLC acquired a new position in SI-BONE in the fourth quarter valued at about $53,000. R Squared Ltd acquired a new position in SI-BONE in the fourth quarter valued at about $73,000. Finally, KLP Kapitalforvaltning AS acquired a new position in SI-BONE in the fourth quarter valued at about $97,000. Institutional investors and hedge funds own 98.11% of the company's stock.

SI-BONE Stock Up 1.7 %

The firm has a fifty day simple moving average of $16.11 and a 200-day simple moving average of $14.79. The company has a market capitalization of $769.25 million, a P/E ratio of -19.70 and a beta of 1.17. The company has a quick ratio of 7.22, a current ratio of 8.25 and a debt-to-equity ratio of 0.22.

SI-BONE Company Profile

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.