Sanara MedTech Inc. (NASDAQ:SMTI) Stock Has Average Price Target of $35.00 According to Brokerages

Key Points

• Analyst sentiment is cautious: Five brokerages give Sanara MedTech a consensus “Reduce” rating—one sell and four holds—with an average 12-month price target of $35.
• Recent rating changes included downgrades from HC Wainwright, Freedom Capital, and Lake Street Capital; HC Wainwright lowered its target from $36 to $35.
• SMTI traded at $32.35, below the consensus target, and institutional investors and hedge funds own 8.1% of the company’s shares.

Shares of Sanara MedTech Inc. (NASDAQ:SMTI - Get Free Report) have been assigned a consensus recommendation of "Reduce" from the five brokerages that are covering the firm, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating and four have given a hold rating to the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $35.00.

SMTI has been the subject of several recent research reports. Weiss Ratings reissued a "sell (d-)" rating on shares of Sanara MedTech in a research report on Wednesday, November 4th. HC Wainwright downgraded Sanara MedTech from a "buy" rating to a "neutral" rating and reduced their price objective for the company from $36.00 to $35.00 in a research report on Thursday, July 30th. Freedom Capital lowered Sanara MedTech from a "strong-buy" rating to a "hold" rating in a research note on Monday, August 3rd. Lake Street Capital cut Sanara MedTech from a "buy" rating to a "hold" rating and set a $35.00 price objective for the company. in a research report on Thursday, July 30th. Finally, Wall Street Zen cut Sanara MedTech from a "strong-buy" rating to a "buy" rating in a research report on Saturday, August 1st.

Sanara MedTech Price Performance

Shares of SMTI traded down $0.19 during mid-day trading on Friday, reaching $32.35. 24,981 shares of the company's stock were exchanged, compared to its average volume of 101,015. The company has a quick ratio of 2.30, a current ratio of 2.58 and a debt-to-equity ratio of 5.86. The company has a 50-day simple moving average of $33.98 and a two-hundred day simple moving average of $26.00. Sanara MedTech has a 52-week low of $16.05 and a 52-week high of $35.52. The company has a market cap of $297.30 million, a price-to-earnings ratio of -92.43 and a beta of 1.23.

Institutional Investors Weigh In On Sanara MedTech

Several hedge funds have recently modified their holdings of the company. BlackRock Inc. purchased a new stake in shares of Sanara MedTech during the second quarter worth about $5,870,000. Transmarket Holdings LP acquired a new stake in Sanara MedTech during the third quarter worth approximately $5,234,000. Royal Bank of Canada boosted its position in Sanara MedTech by 11.7% during the first quarter. Royal Bank of Canada now owns 131,389 shares of the company's stock worth $2,257,000 after acquiring an additional 13,746 shares during the last quarter. Alberta Investment Management Corp acquired a new stake in Sanara MedTech during the third quarter worth approximately $3,598,000. Finally, Renaissance Technologies LLC grew its stake in Sanara MedTech by 72.0% in the 1st quarter. Renaissance Technologies LLC now owns 64,680 shares of the company's stock worth $1,111,000 after acquiring an additional 27,078 shares during the period. 8.10% of the stock is owned by institutional investors and hedge funds.

About Sanara MedTech

Sanara MedTech, Inc. develops, markets and distributes medical products for wound care, surgical tissue repair and related applications. Its offerings are intended for use by healthcare professionals treating acute and chronic wounds and supporting tissue healing. The company's portfolio includes CellerateRX® collagen-based products and BIAKŌS® antimicrobial products, along with other solutions for wound and surgical care. Sanara sells its products to healthcare providers and through distribution channels.

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