BlackRock Inc. Takes $5.87 Million Position in Sanara MedTech Inc. $SMTI

Key Points

• BlackRock acquired 248,827 shares of Sanara MedTech during the second quarter, worth approximately $5.87 million and representing a 2.72% stake. Institutional investors collectively own 8.10% of the company.
• Sanara MedTech’s stock opened at $34.73, near its 52-week high of $35.95, despite the company missing quarterly expectations with an adjusted loss of $0.05 per share and revenue of $28.14 million.
• Analyst sentiment has weakened, with multiple firms downgrading the stock; the consensus rating is “Reduce” with a $35.00 price target.

BlackRock Inc. bought a new position in shares of Sanara MedTech Inc. (NASDAQ:SMTI - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 248,827 shares of the company's stock, valued at approximately $5,870,000. BlackRock Inc. owned 2.72% of Sanara MedTech as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of SMTI. BNP Paribas Financial Markets boosted its position in shares of Sanara MedTech by 351.7% during the 3rd quarter. BNP Paribas Financial Markets now owns 1,504 shares of the company's stock valued at $48,000 after purchasing an additional 1,171 shares in the last quarter. Wells Fargo & Company MN grew its stake in shares of Sanara MedTech by 78.1% in the 4th quarter. Wells Fargo & Company MN now owns 3,322 shares of the company's stock worth $78,000 after purchasing an additional 1,457 shares during the last quarter. Lazard Asset Management LLC raised its holdings in shares of Sanara MedTech by 63,100.0% in the 2nd quarter. Lazard Asset Management LLC now owns 3,160 shares of the company's stock worth $89,000 after purchasing an additional 3,155 shares in the last quarter. Deutsche Bank AG raised its holdings in shares of Sanara MedTech by 171.1% in the 4th quarter. Deutsche Bank AG now owns 3,985 shares of the company's stock worth $93,000 after purchasing an additional 2,515 shares in the last quarter. Finally, Bank of America Corp DE raised its holdings in shares of Sanara MedTech by 44.1% in the 3rd quarter. Bank of America Corp DE now owns 3,181 shares of the company's stock worth $101,000 after purchasing an additional 973 shares in the last quarter. 8.10% of the stock is currently owned by institutional investors.

Sanara MedTech Price Performance

SMTI stock opened at $34.73 on Friday. Sanara MedTech Inc. has a one year low of $16.05 and a one year high of $35.95. The firm has a 50-day moving average of $30.09 and a two-hundred day moving average of $23.62. The firm has a market capitalization of $319.17 million, a PE ratio of -9.67 and a beta of 1.16. The company has a current ratio of 2.58, a quick ratio of 2.30 and a debt-to-equity ratio of 5.86.

Sanara MedTech (NASDAQ:SMTI - Get Free Report) last released its earnings results on Tuesday, August 11th. The company reported ($0.05) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($0.03). Sanara MedTech had a positive return on equity of 29.72% and a negative net margin of 29.15%.The firm had revenue of $28.14 million during the quarter, compared to analysts' expectations of $28.95 million. On average, analysts forecast that Sanara MedTech Inc. will post 0.16 earnings per share for the current year.

Analysts Set New Price Targets

SMTI has been the subject of a number of research reports. Lake Street Capital cut shares of Sanara MedTech from a "buy" rating to a "hold" rating and set a $35.00 target price for the company. in a report on Thursday, July 30th. HC Wainwright cut Sanara MedTech from a "buy" rating to a "neutral" rating and dropped their price target for the company from $36.00 to $35.00 in a report on Thursday, July 30th. Freedom Capital downgraded Sanara MedTech from a "strong-buy" rating to a "hold" rating in a research report on Monday, August 3rd. Wall Street Zen lowered Sanara MedTech from a "strong-buy" rating to a "buy" rating in a research note on Saturday, August 1st. Finally, Zacks Research raised Sanara MedTech from a "strong sell" rating to a "hold" rating in a research note on Wednesday, June 10th. Four equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Reduce" and a consensus price target of $35.00.

About Sanara MedTech

Sanara MedTech is a medical technology company focused on developing and commercializing innovative devices for ear, nose and throat (ENT) healthcare. The company's core offering centers on minimally invasive sinus dilation systems designed to treat chronic sinusitis and related conditions. These products leverage balloon catheter technology to expand sinus pathways and improve patient outcomes while reducing recovery times. In addition to sinus solutions, the portfolio extends to procedural tools and implants for otology and cranial applications.

With its legacy rooted in the assets of a former Johnson & Johnson business, Sanara MedTech combines decades of research and development in ENT therapies.

Want to see what other hedge funds are holding SMTI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Sanara MedTech Inc. (NASDAQ:SMTI - Free Report).

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.