Silk Road Medical (NASDAQ:SILK) Issues Quarterly Earnings Results

Silk Road Medical (NASDAQ:SILK - Get Free Report) released its earnings results on Tuesday. The company reported ($0.36) EPS for the quarter, topping analysts' consensus estimates of ($0.40) by $0.04, Briefing.com reports. The company had revenue of $48.50 million for the quarter, compared to analysts' expectations of $44.67 million. Silk Road Medical had a negative net margin of 31.70% and a negative return on equity of 36.38%. The firm's revenue was up 20.9% compared to the same quarter last year. During the same quarter last year, the business earned ($0.43) EPS. Silk Road Medical updated its FY 2024 guidance to EPS.

Silk Road Medical Price Performance

Shares of SILK traded up $0.72 during mid-day trading on Wednesday, hitting $20.16. 1,501,089 shares of the stock were exchanged, compared to its average volume of 794,778. The company has a debt-to-equity ratio of 0.50, a quick ratio of 6.97 and a current ratio of 7.95. The company has a market cap of $795.11 million, a PE ratio of -14.00 and a beta of 1.48. Silk Road Medical has a 52-week low of $6.08 and a 52-week high of $44.11. The firm has a 50-day moving average of $17.63 and a two-hundred day moving average of $13.49.

Insider Activity

In related news, CAO Marie L. Jones sold 2,602 shares of the company's stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $17.17, for a total transaction of $44,676.34. Following the sale, the chief accounting officer now owns 76,894 shares of the company's stock, valued at $1,320,269.98. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, Director Kevin J. Ballinger bought 11,700 shares of the company's stock in a transaction dated Tuesday, March 5th. The stock was purchased at an average price of $16.99 per share, for a total transaction of $198,783.00. Following the acquisition, the director now owns 17,807 shares in the company, valued at $302,540.93. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Marie L. Jones sold 2,602 shares of the business's stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $17.17, for a total value of $44,676.34. Following the transaction, the chief accounting officer now directly owns 76,894 shares in the company, valued at approximately $1,320,269.98. The disclosure for this sale can be found here. In the last ninety days, insiders sold 20,457 shares of company stock worth $351,247. 6.70% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on SILK. JPMorgan Chase & Co. raised their price objective on shares of Silk Road Medical from $19.00 to $21.00 and gave the company a "neutral" rating in a research report on Wednesday. Lake Street Capital started coverage on Silk Road Medical in a research report on Wednesday, January 3rd. They issued a "buy" rating and a $20.00 price objective on the stock. Piper Sandler upped their price objective on Silk Road Medical from $18.00 to $20.00 and gave the stock a "neutral" rating in a research note on Wednesday. Argus raised Silk Road Medical from a "hold" rating to a "buy" rating and set a $24.00 target price on the stock in a research note on Thursday, March 7th. Finally, Stifel Nicolaus boosted their price target on Silk Road Medical from $20.00 to $23.00 and gave the stock a "buy" rating in a report on Thursday, February 29th. Two analysts have rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $22.55.

Silk Road Medical Company Profile

Silk Road Medical, Inc operates as a medical device company in the United States. The company offers various products for the treatment of carotid artery disease called transcarotid artery revascularization (TCAR). Its products comprise ENROUTE Transcarotid Neuroprotection System that is used to directly access the common carotid artery and establish temporary blood flow reversal; ENROUTE Transcarotid Stent System for transcarotid access; ENHANCE Transcarotid Peripheral Access Kit, which is used to gain initial access to the common carotid artery; ENROUTE 0.014 Guidewire for atraumatic vessel navigation and target lesion crossing for delivery of interventional devices; and ENROUTE Enflate Transcarotid RX Balloon Dilation Catheter, a transcarotid rapid exchange balloon for the TCAR procedure.