Orthofix Medical (NASDAQ:OFIX) Shares Gap Up – Here’s Why

Orthofix Medical Inc. (NASDAQ:OFIX) gapped up before the market opened on Tuesday . The stock had previously closed at $18.15, but opened at $19.00. Orthofix Medical shares last traded at $18.84, with a volume of 79,622 shares trading hands.

Wall Street Analyst Weigh In

OFIX has been the subject of several recent analyst reports. Canaccord Genuity Group assumed coverage on Orthofix Medical in a research note on Wednesday, January 22nd. They set a “buy” rating and a $24.00 price target for the company. Roth Mkm reissued a “buy” rating and issued a $22.00 price target (up previously from $20.00) on shares of Orthofix Medical in a research report on Friday, November 8th. Stifel Nicolaus raised shares of Orthofix Medical from a “hold” rating to a “buy” rating and upped their price objective for the stock from $18.00 to $24.00 in a report on Friday, November 8th. Finally, StockNews.com upgraded shares of Orthofix Medical from a “hold” rating to a “buy” rating in a research note on Friday, January 31st. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, Orthofix Medical presently has an average rating of “Moderate Buy” and a consensus price target of $23.33.

Orthofix Medical Price Performance

The company has a quick ratio of 1.11, a current ratio of 2.39 and a debt-to-equity ratio of 0.25. The stock’s 50-day moving average is $17.94 and its 200-day moving average is $17.34. The firm has a market cap of $651.74 million, a P/E ratio of -5.42 and a beta of 1.10.

Orthofix Medical (NASDAQ:OFIX) last announced its quarterly earnings data on Tuesday, February 25th. The medical device company reported ($0.75) EPS for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.81). Orthofix Medical had a negative net margin of 15.18% and a negative return on equity of 21.25%. As a group, equities analysts anticipate that Orthofix Medical Inc. will post -2.81 EPS for the current fiscal year.

Insider Activity

In related news, CEO Massimo Calafiore sold 10,078 shares of Orthofix Medical stock in a transaction on Friday, January 10th. The shares were sold at an average price of $16.83, for a total value of $169,612.74. Following the completion of the sale, the chief executive officer now owns 133,354 shares of the company’s stock, valued at approximately $2,244,347.82. This trade represents a 7.03 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Julie Andrews sold 4,655 shares of the company’s stock in a transaction on Thursday, January 16th. The stock was sold at an average price of $17.89, for a total transaction of $83,277.95. Following the transaction, the chief financial officer now owns 28,312 shares in the company, valued at approximately $506,501.68. The trade was a 14.12 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 25,442 shares of company stock worth $436,883 in the last three months. Company insiders own 2.60% of the company’s stock.

Institutional Trading of Orthofix Medical

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Lazard Asset Management LLC purchased a new position in shares of Orthofix Medical during the fourth quarter valued at approximately $45,000. R Squared Ltd purchased a new position in Orthofix Medical during the 4th quarter worth $50,000. KLP Kapitalforvaltning AS bought a new stake in shares of Orthofix Medical in the 4th quarter worth $112,000. Tower Research Capital LLC TRC raised its holdings in shares of Orthofix Medical by 120.8% in the fourth quarter. Tower Research Capital LLC TRC now owns 8,458 shares of the medical device company’s stock valued at $148,000 after purchasing an additional 4,627 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Orthofix Medical by 5.9% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,994 shares of the medical device company’s stock valued at $156,000 after purchasing an additional 559 shares in the last quarter. 89.76% of the stock is owned by institutional investors.

Orthofix Medical Company Profile

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.