Divisadero Street Capital Management LP Trims Holdings in SiBone $SIBN

Key Points

• Divisadero Street Capital cut its stake in SiBone by 27.2% in Q3, selling 92,328 shares and leaving it with 247,463 shares valued at about $3.64 million.
• Company insiders have been active sellers, offloading 231,753 shares worth roughly $3.9 million in the last three months (including sales by Anthony J. Recupero and Mika Nishimura); institutional investors own about 98.11% of the stock while insiders hold 3.90%.
• Shares opened at $13.05 and are trading below their 50- and 200-day averages, yet analysts maintain a “Moderate Buy” consensus with an average target of $24.67 despite negative profitability and an expected -0.78 EPS for the year.

Divisadero Street Capital Management LP reduced its stake in SiBone (NASDAQ:SIBN - Free Report) by 27.2% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 247,463 shares of the company's stock after selling 92,328 shares during the quarter. Divisadero Street Capital Management LP owned 0.57% of SiBone worth $3,643,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the stock. State of Alaska Department of Revenue purchased a new stake in SiBone in the third quarter valued at approximately $39,000. State of Wyoming purchased a new position in shares of SiBone during the second quarter worth $55,000. Canada Pension Plan Investment Board acquired a new stake in shares of SiBone in the second quarter valued at $68,000. Tower Research Capital LLC TRC raised its holdings in shares of SiBone by 198.8% in the 2nd quarter. Tower Research Capital LLC TRC now owns 4,897 shares of the company's stock valued at $92,000 after buying an additional 3,258 shares during the period. Finally, State of Tennessee Department of Treasury purchased a new stake in shares of SiBone in the 2nd quarter valued at $137,000. Hedge funds and other institutional investors own 98.11% of the company's stock.

SiBone Trading Down 5.6%

NASDAQ SIBN opened at $13.05 on Monday. The firm's fifty day moving average price is $16.28 and its 200 day moving average price is $16.73. SiBone has a 12 month low of $12.49 and a 12 month high of $21.89. The company has a debt-to-equity ratio of 0.20, a current ratio of 8.55 and a quick ratio of 7.21. The company has a market capitalization of $576.42 million, a price-to-earnings ratio of -29.66 and a beta of 0.69.

SiBone (NASDAQ:SIBN - Get Free Report) last announced its quarterly earnings results on Monday, February 23rd. The company reported ($0.04) earnings per share for the quarter, beating analysts' consensus estimates of ($0.13) by $0.09. SiBone had a negative net margin of 9.41% and a negative return on equity of 11.01%. The firm had revenue of $56.35 million during the quarter, compared to analysts' expectations of $56.26 million. On average, sell-side analysts expect that SiBone will post -0.78 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages recently commented on SIBN. Weiss Ratings restated a "sell (d-)" rating on shares of SiBone in a report on Monday, December 29th. Truist Financial reiterated a "buy" rating and set a $24.00 price target (up from $23.00) on shares of SiBone in a research note on Tuesday, February 24th. Needham & Company LLC raised their price objective on shares of SiBone from $24.00 to $27.00 and gave the company a "buy" rating in a research note on Tuesday, December 16th. Canaccord Genuity Group lifted their price objective on shares of SiBone from $26.00 to $27.00 and gave the company a "buy" rating in a report on Wednesday, December 17th. Finally, TD Cowen upped their target price on shares of SiBone from $21.00 to $22.00 and gave the stock a "buy" rating in a research note on Tuesday, February 24th. Six research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $24.67.

Insiders Place Their Bets

In related news, insider Anthony J. Recupero sold 21,049 shares of the firm's stock in a transaction that occurred on Tuesday, February 17th. The stock was sold at an average price of $15.40, for a total transaction of $324,154.60. Following the transaction, the insider owned 243,418 shares in the company, valued at $3,748,637.20. This trade represents a 7.96% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Mika Nishimura sold 4,100 shares of SiBone stock in a transaction that occurred on Thursday, March 12th. The stock was sold at an average price of $13.83, for a total value of $56,703.00. Following the transaction, the director directly owned 32,716 shares in the company, valued at approximately $452,462.28. This trade represents a 11.14% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 231,753 shares of company stock worth $3,904,805. Corporate insiders own 3.90% of the company's stock.

SiBone Profile

Si-BONE, Inc is a commercial‐stage medical device company focused on the design, development and commercialization of implant systems to treat degenerative conditions of the sacroiliac (SI) joint. Its flagship product, the iFuse Implant System, consists of triangular titanium implants that are inserted via a minimally invasive surgical procedure to stabilize the SI joint and alleviate chronic lower back and buttock pain.

FDA‐cleared in 2012, the iFuse portfolio has expanded to include the iFuse-3D and iFuse-3Di devices, which feature a porous, 3D-printed surface to promote bone ongrowth and biological fixation.

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