SI-BONE, Inc. (NASDAQ:SIBN) Sees Large Growth in Short Interest

SI-BONE, Inc. (NASDAQ:SIBN) was the recipient of a large growth in short interest in the month of March. As of March 15th, there was short interest totalling 1,770,000 shares, a growth of 40.5% from the February 28th total of 1,260,000 shares. Currently, 4.4% of the company’s stock are sold short. Based on an average daily trading volume, of 382,900 shares, the short-interest ratio is currently 4.6 days.

SI-BONE Stock Performance

Shares of SIBN remained flat at $14.03 during mid-day trading on Tuesday. The stock had a trading volume of 31,490 shares, compared to its average volume of 359,064. The stock has a 50 day simple moving average of $16.36 and a 200 day simple moving average of $14.76. SI-BONE has a 52 week low of $11.70 and a 52 week high of $19.16. The company has a market capitalization of $595.62 million, a PE ratio of -15.23 and a beta of 1.17. The company has a debt-to-equity ratio of 0.22, a current ratio of 8.25 and a quick ratio of 7.22.

SI-BONE (NASDAQ:SIBN) last issued its quarterly earnings results on Monday, February 24th. The company reported ($0.11) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.05. SI-BONE had a negative net margin of 23.82% and a negative return on equity of 22.51%. The firm had revenue of $49.00 million for the quarter, compared to the consensus estimate of $48.87 million. On average, analysts predict that SI-BONE will post -0.78 EPS for the current year.

Analysts Set New Price Targets

A number of equities analysts recently commented on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $25.00 price target on shares of SI-BONE in a research report on Tuesday, February 25th. Truist Financial reissued a “buy” rating and issued a $22.00 price objective (up from $18.00) on shares of SI-BONE in a research note on Tuesday, February 25th. Finally, Needham & Company LLC upped their target price on SI-BONE from $20.00 to $24.00 and gave the stock a “buy” rating in a research note on Tuesday, February 25th. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $24.40.

Insiders Place Their Bets

In related news, CFO Anshul Maheshwari sold 5,304 shares of SI-BONE stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $13.91, for a total transaction of $73,778.64. Following the completion of the transaction, the chief financial officer now owns 189,319 shares in the company, valued at approximately $2,633,427.29. This trade represents a 2.73 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Anthony J. Recupero sold 3,670 shares of SI-BONE stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $13.90, for a total value of $51,013.00. Following the transaction, the insider now owns 222,814 shares of the company’s stock, valued at $3,097,114.60. This represents a 1.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 9,311 shares of company stock worth $130,356. Company insiders own 3.90% of the company’s stock.

Hedge Funds Weigh In On SI-BONE

A number of hedge funds and other institutional investors have recently modified their holdings of SIBN. FMR LLC raised its stake in shares of SI-BONE by 103.6% during the 3rd quarter. FMR LLC now owns 2,354 shares of the company’s stock worth $33,000 after purchasing an additional 1,198 shares during the period. Virtus Fund Advisers LLC bought a new stake in shares of SI-BONE in the fourth quarter valued at $40,000. Mainstream Capital Management LLC purchased a new stake in shares of SI-BONE during the 4th quarter valued at approximately $53,000. R Squared Ltd bought a new position in shares of SI-BONE in the fourth quarter worth $73,000. Finally, KLP Kapitalforvaltning AS purchased a new position in shares of SI-BONE in the fourth quarter valued at $97,000. Hedge funds and other institutional investors own 98.11% of the company’s stock.

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.