Gabelli Funds LLC Buys 55,550 Shares of Surmodics, Inc. $SRDX

Key Points

• Gabelli Funds LLC increased its stake in Surmodics, Inc. by 16.3% during the first quarter, owning 395,509 shares worth approximately $12 million.
• Surmodics reported an earnings beat with an EPS of $0.06 for the last quarter, exceeding the consensus estimate of ($0.21), while its revenue reached $29.57 million.
• The stock currently has a consensus rating of "Hold" with an average price target of $43.00 according to analysts.

Gabelli Funds LLC boosted its stake in shares of Surmodics, Inc. (NASDAQ:SRDX - Free Report) by 16.3% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 395,509 shares of the company's stock after purchasing an additional 55,550 shares during the period. Gabelli Funds LLC owned about 2.77% of Surmodics worth $12,075,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of SRDX. Hudson Bay Capital Management LP purchased a new position in Surmodics during the fourth quarter valued at $11,880,000. Bardin Hill Management Partners LP purchased a new position in Surmodics during the fourth quarter valued at $7,440,000. Eisler Capital Management Ltd. purchased a new position in Surmodics during the fourth quarter valued at $5,394,000. Balyasny Asset Management L.P. purchased a new position in Surmodics during the fourth quarter valued at $4,921,000. Finally, Groupe la Francaise purchased a new position in Surmodics during the first quarter valued at $3,648,000. 96.63% of the stock is currently owned by hedge funds and other institutional investors.

Surmodics Price Performance

Shares of SRDX stock traded up $0.64 during trading hours on Tuesday, hitting $34.68. The stock had a trading volume of 61,546 shares, compared to its average volume of 192,743. Surmodics, Inc. has a one year low of $26.00 and a one year high of $40.38. The company has a debt-to-equity ratio of 0.27, a current ratio of 3.91 and a quick ratio of 3.10. The stock's 50-day moving average price is $33.49 and its two-hundred day moving average price is $30.93. The stock has a market capitalization of $495.85 million, a price-to-earnings ratio of -28.19 and a beta of 1.37.

Surmodics (NASDAQ:SRDX - Get Free Report) last issued its earnings results on Friday, August 8th. The company reported $0.06 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.21) by $0.27. Surmodics had a negative return on equity of 2.99% and a negative net margin of 14.59%.The firm had revenue of $29.57 million for the quarter, compared to analysts' expectations of $28.04 million. Surmodics has set its FY 2025 guidance at -0.350--0.200 EPS. Equities analysts forecast that Surmodics, Inc. will post 0.2 EPS for the current year.

Analyst Upgrades and Downgrades

SRDX has been the topic of several research analyst reports. Barrington Research restated a "market perform" rating on shares of Surmodics in a research report on Monday, August 11th. Zacks Research upgraded Surmodics to a "hold" rating in a research report on Tuesday, August 12th. One equities research analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $43.00.

Surmodics Profile

Surmodics, Inc, together with its subsidiaries, provides performance coating technologies for intravascular medical devices, and chemical and biological components for in vitro diagnostic immunoassay tests and microarrays in the United States and internationally. It operates through two segments, Medical Device and In Vitro Diagnostics (IVD).