Artivion (NYSE:AORT) Shares Gap Up on Better-Than-Expected Earnings

Key Points

• Artivion, Inc. shares opened at $38.49, significantly up from a previous close of $32.70, following a better-than-expected earnings report.
• The company reported $0.24 EPS for the quarter, surpassing the consensus estimate of $0.11, along with a 15.3% year-over-year revenue increase to $112.97 million.
• Analysts have raised price targets for Artivion, with several giving it a "buy" rating, leading to an average target price of $37.00 and one reaching as high as $45.00.

Artivion, Inc. (NYSE:AORT - Get Free Report)'s share price gapped up before the market opened on Friday following a stronger than expected earnings report. The stock had previously closed at $32.70, but opened at $38.49. Artivion shares last traded at $40.15, with a volume of 227,549 shares trading hands.

The company reported $0.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.11 by $0.13. The company had revenue of $112.97 million for the quarter, compared to analyst estimates of $107.96 million. Artivion had a negative net margin of 4.43% and a positive return on equity of 6.32%. The firm's revenue was up 15.3% on a year-over-year basis.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on AORT shares. Canaccord Genuity Group lifted their price target on shares of Artivion from $35.00 to $41.00 and gave the stock a "buy" rating in a report on Friday. Stifel Nicolaus lifted their price target on shares of Artivion from $36.00 to $40.00 and gave the stock a "buy" rating in a report on Friday. Needham & Company LLC reaffirmed a "buy" rating and issued a $45.00 price target (up from $32.00) on shares of Artivion in a report on Friday. JMP Securities lifted their price target on shares of Artivion from $33.00 to $42.00 and gave the stock a "market outperform" rating in a report on Friday. Finally, Wall Street Zen upgraded shares of Artivion from a "hold" rating to a "buy" rating in a research note on Saturday. Six analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Buy" and a consensus price target of $40.00.

Insider Activity

In related news, SVP Marshall S. Stanton sold 15,000 shares of the business's stock in a transaction on Tuesday, June 17th. The shares were sold at an average price of $29.50, for a total transaction of $442,500.00. Following the completion of the transaction, the senior vice president directly owned 64,200 shares in the company, valued at $1,893,900. The trade was a 18.94% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Jean F. Holloway sold 8,748 shares of the business's stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $29.00, for a total transaction of $253,692.00. Following the transaction, the senior vice president owned 178,510 shares of the company's stock, valued at $5,176,790. This represents a 4.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 62,406 shares of company stock valued at $1,801,262 over the last ninety days. 7.60% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Legacy Advisors LLC acquired a new position in Artivion during the first quarter valued at $28,000. MCF Advisors LLC lifted its position in Artivion by 109.3% during the first quarter. MCF Advisors LLC now owns 1,176 shares of the company's stock valued at $29,000 after purchasing an additional 614 shares during the period. Point72 Asia Singapore Pte. Ltd. acquired a new position in Artivion during the fourth quarter valued at $64,000. James Investment Research Inc. acquired a new position in Artivion during the second quarter valued at $210,000. Finally, Atria Investments Inc acquired a new position in Artivion during the second quarter valued at $244,000. 86.37% of the stock is currently owned by institutional investors and hedge funds.

Artivion Stock Up 25.0%

The company has a market capitalization of $1.75 billion, a price-to-earnings ratio of -97.36 and a beta of 1.64. The business's 50-day moving average is $30.78 and its 200-day moving average is $28.00. The company has a quick ratio of 3.95, a current ratio of 5.53 and a debt-to-equity ratio of 1.08.

Artivion Company Profile

Artivion, Inc manufactures, processes, and distributes medical devices and implantable human tissues worldwide. The company provides BioGlue, a polymer consisting of bovine blood protein and an agent for cross-linking proteins for cardiac, vascular, neurologic, and pulmonary procedures; cardiac preservation services; PhotoFix, a bovine pericardial patch; and aortic arch stent grafts including E-vita Open Plus and E-vita Open Neo.