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

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

Analyst Upgrades and Downgrades

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

SI-BONE Price Performance

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

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

Insider Buying and Selling at SI-BONE

In related news, CFO Anshul Maheshwari sold 5,304 shares of the firm’s stock in a transaction that occurred 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 directly owns 189,319 shares in the company, valued at $2,633,427.29. This trade represents a 2.73 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Anthony J. Recupero sold 3,670 shares of SI-BONE stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $13.90, for a total transaction of $51,013.00. Following the completion of the transaction, the insider now directly owns 222,814 shares in the company, valued at approximately $3,097,114.60. The trade was a 1.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 9,311 shares of company stock worth $130,356 over the last three months. 3.90% of the stock is owned by insiders.

Institutional Investors Weigh In On SI-BONE

A number of hedge funds have recently added to or reduced their stakes in the stock. American Century Companies Inc. boosted its stake in shares of SI-BONE by 11.0% in the 4th quarter. American Century Companies Inc. now owns 2,378,068 shares of the company’s stock worth $33,341,000 after buying an additional 236,167 shares during the last quarter. Silvercrest Asset Management Group LLC lifted its holdings in SI-BONE by 21.9% in the fourth quarter. Silvercrest Asset Management Group LLC now owns 1,953,806 shares of the company’s stock valued at $27,392,000 after acquiring an additional 350,970 shares during the period. Bellevue Group AG boosted its position in SI-BONE by 4.1% in the third quarter. Bellevue Group AG now owns 1,444,109 shares of the company’s stock worth $20,189,000 after purchasing an additional 56,500 shares during the last quarter. Paradigm Capital Management Inc. NY grew its stake in shares of SI-BONE by 5.3% during the 4th quarter. Paradigm Capital Management Inc. NY now owns 1,386,031 shares of the company’s stock valued at $19,432,000 after purchasing an additional 69,831 shares during the period. Finally, Nuveen Asset Management LLC increased its position in shares of SI-BONE by 17.8% during the 4th quarter. Nuveen Asset Management LLC now owns 1,263,988 shares of the company’s stock valued at $17,721,000 after purchasing an additional 190,830 shares during the last quarter. 98.11% of the stock is currently owned by hedge funds and other institutional investors.

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.