Royal Bank of Canada Acquires 53,129 Shares of Shoulder Innovations, Inc. $SI

Key Points

• Royal Bank of Canada increased its Shoulder Innovations stake by 7,046.3% in the first quarter, acquiring 53,129 additional shares and bringing its total holdings to 53,883 shares worth approximately $783,000.
• Shoulder Innovations reported quarterly revenue of $17.18 million and an adjusted loss of $0.49 per share, missing analysts’ $0.46-loss estimate. Analysts expect the company to post a full-year loss of approximately $1.90 per share.
• Analyst sentiment remains generally positive, with six Buy ratings, one Hold and one Sell, producing a “Moderate Buy” consensus and a $23.50 average price target. However, insiders sold 210,775 shares worth about $4.68 million over the past three months.

Royal Bank of Canada lifted its holdings in shares of Shoulder Innovations, Inc. (NYSE:SI - Free Report) by 7,046.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 53,883 shares of the company's stock after purchasing an additional 53,129 shares during the quarter. Royal Bank of Canada owned approximately 0.26% of Shoulder Innovations worth $783,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Deerfield Management Company L.P. bought a new stake in Shoulder Innovations in the third quarter worth $6,056,000. Alyeska Investment Group L.P. acquired a new position in Shoulder Innovations during the third quarter worth $5,667,000. Vanguard Group Inc. bought a new position in Shoulder Innovations during the third quarter valued at about $1,836,000. Roubaix Capital LLC lifted its position in shares of Shoulder Innovations by 61.9% in the first quarter. Roubaix Capital LLC now owns 257,121 shares of the company's stock worth $3,736,000 after buying an additional 98,305 shares during the last quarter. Finally, Millennium Management LLC bought a new stake in shares of Shoulder Innovations during the 4th quarter worth about $1,316,000.

Shoulder Innovations Price Performance

NYSE SI opened at $22.15 on Friday. Shoulder Innovations, Inc. has a twelve month low of $10.92 and a twelve month high of $24.59. The company has a debt-to-equity ratio of 0.12, a quick ratio of 8.92 and a current ratio of 10.71. The stock has a market capitalization of $461.16 million and a PE ratio of -11.54. The stock has a 50-day simple moving average of $20.95 and a 200 day simple moving average of $16.52.

Shoulder Innovations (NYSE:SI - Get Free Report) last announced its earnings results on Thursday, August 6th. The company reported ($0.49) earnings per share for the quarter, missing the consensus estimate of ($0.46) by ($0.03). The business had revenue of $17.18 million for the quarter. Shoulder Innovations had a negative net margin of 58.33% and a negative return on equity of 23.61%. Research analysts anticipate that Shoulder Innovations, Inc. will post -1.9 EPS for the current year.

Insider Activity at Shoulder Innovations

In other news, COO Matthew Fraser Ahearn sold 14,186 shares of the stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $20.99, for a total value of $297,764.14. Following the completion of the sale, the chief operating officer directly owned 244,176 shares of the company's stock, valued at approximately $5,125,254.24. This represents a 5.49% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, major shareholder Healthcare Holding B.V. Gilde sold 2,095 shares of the business's stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $22.60, for a total transaction of $47,347.00. Following the transaction, the insider directly owned 2,212,207 shares in the company, valued at $49,995,878.20. This trade represents a 0.09% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 210,775 shares of company stock valued at $4,684,668 over the last three months. 29.00% of the stock is owned by company insiders.

Analyst Ratings Changes

SI has been the topic of a number of recent analyst reports. UBS Group raised their price objective on Shoulder Innovations from $27.00 to $28.00 and gave the company a "buy" rating in a research note on Monday, August 10th. BTIG Research upped their target price on Shoulder Innovations from $24.00 to $26.00 and gave the stock a "buy" rating in a research report on Friday, August 7th. Weiss Ratings upgraded Shoulder Innovations from a "sell (d-)" rating to a "sell (d)" rating in a report on Monday, August 3rd. Finally, Piper Sandler reissued an "overweight" rating and issued a $25.00 price target (up from $19.00) on shares of Shoulder Innovations in a research report on Friday, August 7th. Six research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $23.50.

Shoulder Innovations Profile

Shoulder Innovations NYSE: SI is a medical device company focused on the design, development and commercialization of shoulder implant systems and related surgical instruments for orthopedic surgery. The company’s product portfolio includes modular shoulder prostheses, humeral and glenoid components, and instrumentation kits designed to facilitate both primary and revision shoulder arthroplasty procedures. Emphasizing a patient-centric approach, Shoulder Innovations works to offer implant solutions that aim to restore mobility and reduce post-operative complications.

In addition to its core implant offerings, Shoulder Innovations provides comprehensive clinical support and training programs for surgeons and operating room teams.

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