Armistice Capital LLC Has $40.14 Million Holdings in Orthofix Medical Inc. $OFIX

Key Points

• Armistice Capital increased its Orthofix Medical stake by 18.4% in the fourth quarter, holding 2.648 million shares valued at about $40.14 million. The position represents 6.69% of Orthofix and is the fund’s 29th-largest holding.
• Insider buying picked up recently, with Director John B. Henneman III and major shareholder Engine Capital Management both purchasing shares in May. Over the last 90 days, insiders bought 189,896 shares worth about $2.29 million.
• Orthofix Medical reported a smaller-than-expected quarterly loss of $0.52 per share and revenue of $196.71 million, while analysts currently rate the stock a consensus Hold with an average price target of $15.50. Shares were trading near $9.23, close to their 12-month low.

Armistice Capital LLC boosted its stake in Orthofix Medical Inc. (NASDAQ:OFIX - Free Report) by 18.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,648,000 shares of the medical device company's stock after purchasing an additional 412,000 shares during the quarter. Orthofix Medical comprises 0.5% of Armistice Capital LLC's investment portfolio, making the stock its 29th biggest position. Armistice Capital LLC owned 6.69% of Orthofix Medical worth $40,144,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of OFIX. Kestra Advisory Services LLC acquired a new position in Orthofix Medical in the fourth quarter valued at about $56,000. CWM LLC raised its stake in Orthofix Medical by 136.4% in the fourth quarter. CWM LLC now owns 4,538 shares of the medical device company's stock valued at $69,000 after purchasing an additional 2,618 shares in the last quarter. Mackenzie Financial Corp acquired a new position in Orthofix Medical in the third quarter valued at about $148,000. Strs Ohio acquired a new position in Orthofix Medical in the first quarter valued at about $150,000. Finally, Diversified Trust Co. acquired a new position in Orthofix Medical in the fourth quarter valued at about $159,000. Institutional investors and hedge funds own 89.76% of the company's stock.

Insiders Place Their Bets

In other Orthofix Medical news, Director John B. Henneman III bought 5,000 shares of the stock in a transaction on Thursday, May 7th. The stock was purchased at an average price of $12.26 per share, with a total value of $61,300.00. Following the completion of the purchase, the director owned 90,809 shares in the company, valued at $1,113,318.34. The trade was a 5.83% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Also, major shareholder Engine Capital Management, Lp bought 112,950 shares of the stock in a transaction on Tuesday, May 5th. The shares were acquired at an average cost of $11.99 per share, with a total value of $1,354,270.50. Following the purchase, the insider owned 3,783,131 shares of the company's stock, valued at approximately $45,359,740.69. This represents a 3.08% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last 90 days, insiders acquired 189,896 shares of company stock valued at $2,293,970. 2.70% of the stock is currently owned by corporate insiders.

Orthofix Medical Stock Down 1.9%

Shares of NASDAQ OFIX opened at $9.23 on Thursday. The company has a current ratio of 2.87, a quick ratio of 1.76 and a debt-to-equity ratio of 0.54. The company has a market cap of $373.08 million, a price-to-earnings ratio of -6.11 and a beta of 0.71. Orthofix Medical Inc. has a 12 month low of $9.12 and a 12 month high of $16.99. The stock has a 50-day moving average price of $11.22 and a two-hundred day moving average price of $12.88.

Orthofix Medical (NASDAQ:OFIX - Get Free Report) last issued its earnings results on Tuesday, May 5th. The medical device company reported ($0.52) EPS for the quarter, topping the consensus estimate of ($0.68) by $0.16. The firm had revenue of $196.71 million during the quarter, compared to the consensus estimate of $196.40 million. Orthofix Medical had a negative return on equity of 13.44% and a negative net margin of 7.27%. As a group, analysts forecast that Orthofix Medical Inc. will post -1.48 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. Stifel Nicolaus dropped their price target on Orthofix Medical from $18.00 to $15.00 and set a "buy" rating for the company in a research note on Friday, May 22nd. TD Cowen reaffirmed a "hold" rating on shares of Orthofix Medical in a research note on Thursday, May 21st. Barrington Research dropped their price target on Orthofix Medical from $17.00 to $15.00 and set an "outperform" rating for the company in a research note on Friday, May 22nd. Wall Street Zen downgraded Orthofix Medical from a "buy" rating to a "hold" rating in a research note on Saturday, May 2nd. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Orthofix Medical in a research note on Tuesday, April 21st. Three investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $15.50.

About Orthofix Medical

Orthofix Medical Inc NASDAQ: OFIX is a global medical device company focused on the design and development of innovative orthopedic and spinal solutions. The company's core business is divided into two segments: spine and orthopedics. In the spine segment, Orthofix offers a range of titanium implants, biologics and portable bone growth stimulation devices designed to support spinal fusion, deformity correction and minimally invasive procedures. Its orthopedic segment encompasses products for fracture fixation, external fixation systems, trauma care and sports medicine, providing surgeons with implantable devices and instruments for complex bone reconstruction and healing.

Orthofix's product portfolio includes strut systems, bone growth stimulators, interbody fusion devices and fixation hardware that address various indications such as degenerative disc disease, spinal deformities, non-unions and long-bone fractures.

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