Truist Financial Issues Positive Forecast for SiBone (NASDAQ:SIBN) Stock Price

Key Points

• Truist Financial raised its SiBone price target to $25 from $23 and maintained a “buy” rating, implying roughly 27% upside from the stock’s $19.66 price. Analysts overall rate the stock “Moderate Buy,” with an average target of $24.50.
• SiBone’s latest quarterly results exceeded expectations, with an adjusted loss of $0.09 per share versus the $0.15 consensus estimate and revenue of $56.01 million versus expectations of $55.34 million.
• Despite strong institutional ownership at 98.11%, company insiders sold about 186,962 shares worth $3.61 million over the past 90 days. The stock remains unprofitable, with a negative P/E ratio and analysts expecting a full-year loss of $0.40 per share.

SiBone (NASDAQ:SIBN - Get Free Report) had its price objective hoisted by research analysts at Truist Financial from $23.00 to $25.00 in a report issued on Wednesday, Benzinga reports. The brokerage presently has a "buy" rating on the stock. Truist Financial's target price suggests a potential upside of 27.19% from the stock's current price.

Several other brokerages have also recently issued reports on SIBN. Weiss Ratings upgraded shares of SiBone from a "sell (e+)" rating to a "sell (d-)" rating in a report on Thursday, August 20th. UBS Group upped their price objective on shares of SiBone from $24.00 to $25.00 and gave the company a "buy" rating in a report on Tuesday, August 4th. Finally, TD Cowen raised their target price on SiBone from $18.00 to $20.00 and gave the stock a "buy" rating in a research note on Tuesday, August 4th. Six analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $24.50.

SiBone Stock Down 0.1%

SIBN traded down $0.03 on Wednesday, hitting $19.66. The company had a trading volume of 117,848 shares, compared to its average volume of 609,011. The stock has a fifty day simple moving average of $18.89 and a 200-day simple moving average of $16.43. The company has a debt-to-equity ratio of 0.20, a current ratio of 9.15 and a quick ratio of 7.55. The firm has a market capitalization of $871.70 million, a P/E ratio of -57.71 and a beta of 0.66. SiBone has a 52-week low of $11.48 and a 52-week high of $21.89.

SiBone (NASDAQ:SIBN - Get Free Report) last announced its earnings results on Monday, August 3rd. The company reported ($0.09) EPS for the quarter, beating analysts' consensus estimates of ($0.15) by $0.06. SiBone had a negative net margin of 6.85% and a negative return on equity of 8.23%. The business had revenue of $56.01 million during the quarter, compared to analysts' expectations of $55.34 million. As a group, equities analysts expect that SiBone will post -0.40 EPS for the current fiscal year.

Insider Activity

In other news, Director Jeffrey Dunn sold 20,000 shares of SiBone stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $18.46, for a total transaction of $369,200.00. Following the completion of the sale, the director directly owned 16,057 shares in the company, valued at $296,412.22. The trade was a 55.47% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Anshul Maheshwari sold 11,636 shares of SiBone stock in a transaction on Monday, August 24th. The shares were sold at an average price of $20.11, for a total value of $233,999.96. Following the completion of the sale, the insider directly owned 223,284 shares of the company's stock, valued at approximately $4,490,241.24. This represents a 4.95% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 186,962 shares of company stock worth $3,606,097 in the last 90 days. 4.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the business. Versant Capital Management Inc grew its holdings in shares of SiBone by 102.9% in the second quarter. Versant Capital Management Inc now owns 1,749 shares of the company's stock worth $29,000 after acquiring an additional 887 shares during the period. D.A. Davidson & CO. increased its stake in SiBone by 5.7% in the 1st quarter. D.A. Davidson & CO. now owns 36,882 shares of the company's stock worth $466,000 after buying an additional 1,991 shares in the last quarter. Diversified Trust Co grew its position in shares of SiBone by 10.8% during the first quarter. Diversified Trust Co now owns 24,335 shares of the company's stock worth $307,000 after purchasing an additional 2,375 shares in the last quarter. State of Wyoming raised its position in shares of SiBone by 70.8% during the first quarter. State of Wyoming now owns 10,832 shares of the company's stock valued at $137,000 after buying an additional 4,490 shares during the last quarter. Finally, Quantinno Capital Management LP increased its holdings in shares of SiBone by 58.2% in the first quarter. Quantinno Capital Management LP now owns 29,475 shares of the company's stock worth $372,000 after purchasing an additional 10,848 shares during the last quarter. Hedge funds and other institutional investors own 98.11% of the company's stock.

About SiBone

SI-BONE, Inc is a medical device company focused on developing and commercializing products for the surgical treatment of disorders affecting the sacroiliac joint, which connects the spine to the pelvis. The company's technology is intended to support minimally invasive procedures for patients with sacroiliac joint dysfunction and related conditions.

Its product portfolio includes the iFuse Implant System, a family of triangular titanium implants designed to stabilize and fuse the sacroiliac joint.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.