Orthofix Medical (NASDAQ:OFIX) Price Target Lowered to $13.00 at Canaccord Genuity Group

Key Points

• Canaccord Genuity lowered Orthofix Medical’s price target to $13 from $18 while maintaining a “buy” rating, implying 26.46% upside from the prior close. Analysts overall rate the stock “Hold,” with an average target of $14.75.
• Orthofix slightly beat quarterly expectations, reporting a loss of $0.39 per share versus the $0.41 consensus estimate and revenue of $210.93 million versus $209.28 million expected. The company remains unprofitable, with a negative 7.41% net margin.
• OFIX opened at $10.28, near its 52-week range of $8.85 to $16.99. Institutional investors own approximately 89.76% of the stock, while an insider recently sold shares to cover tax obligations tied to vested equity awards.

Orthofix Medical (NASDAQ:OFIX - Get Free Report) had its price objective reduced by equities research analysts at Canaccord Genuity Group from $18.00 to $13.00 in a report released on Monday,Benzinga reports. The firm presently has a "buy" rating on the medical device company's stock. Canaccord Genuity Group's target price would indicate a potential upside of 26.46% from the company's previous close.

OFIX has been the subject of a number of other research reports. TD Cowen restated a "hold" rating on shares of Orthofix Medical in a research report on Thursday, May 21st. Barrington Research lifted their price objective on Orthofix Medical from $15.00 to $17.00 and gave the stock an "outperform" rating in a research report on Monday, July 6th. Weiss Ratings reissued a "sell (d-)" rating on shares of Orthofix Medical in a report on Friday, July 17th. Wall Street Zen downgraded shares of Orthofix Medical from a "buy" rating to a "hold" rating in a research report on Saturday, May 2nd. Finally, Stifel Nicolaus reduced their target price on shares of Orthofix Medical from $18.00 to $15.00 and set a "buy" rating on the stock in a research note on Friday, May 22nd. Three 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 data from MarketBeat, Orthofix Medical has an average rating of "Hold" and an average price target of $14.75.

Orthofix Medical Price Performance

OFIX opened at $10.28 on Monday. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.84 and a quick ratio of 1.67. The stock has a market capitalization of $415.52 million, a P/E ratio of -6.68 and a beta of 0.68. The company's 50 day simple moving average is $10.52 and its 200-day simple moving average is $11.69. Orthofix Medical has a one year low of $8.85 and a one year high of $16.99.

Orthofix Medical (NASDAQ:OFIX - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The medical device company reported ($0.39) earnings per share for the quarter, topping the consensus estimate of ($0.41) by $0.02. The firm had revenue of $210.93 million during the quarter, compared to analysts' expectations of $209.28 million. Orthofix Medical had a negative net margin of 7.41% and a negative return on equity of 14.05%. Sell-side analysts anticipate that Orthofix Medical will post -1.4 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Aviva Mcpherron sold 3,670 shares of the firm's stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $9.38, for a total value of $34,424.60. Following the transaction, the insider directly owned 66,330 shares in the company, valued at $622,175.40. This trade represents a 5.24% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 2.70% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Orthofix Medical

Several institutional investors have recently modified their holdings of the stock. Kestra Advisory Services LLC acquired a new stake in shares of Orthofix Medical in the 4th quarter valued at approximately $56,000. CWM LLC grew its holdings in Orthofix Medical by 136.4% during the fourth quarter. CWM LLC now owns 4,538 shares of the medical device company's stock valued at $69,000 after purchasing an additional 2,618 shares during the period. Abel Hall LLC acquired a new position in Orthofix Medical during the first quarter valued at approximately $139,000. Mackenzie Financial Corp bought a new stake in Orthofix Medical in the third quarter valued at approximately $148,000. Finally, Strs Ohio bought a new stake in Orthofix Medical in the first quarter valued at approximately $150,000. 89.76% of the stock is currently owned by institutional investors and hedge funds.

About Orthofix Medical

Orthofix Medical Inc NASDAQ: OFIX is a global medical device company focused on the design and development of innovative orthopedic and spinal solutions. The company's core business is divided into two segments: spine and orthopedics. In the spine segment, Orthofix offers a range of titanium implants, biologics and portable bone growth stimulation devices designed to support spinal fusion, deformity correction and minimally invasive procedures. Its orthopedic segment encompasses products for fracture fixation, external fixation systems, trauma care and sports medicine, providing surgeons with implantable devices and instruments for complex bone reconstruction and healing.

Orthofix's product portfolio includes strut systems, bone growth stimulators, interbody fusion devices and fixation hardware that address various indications such as degenerative disc disease, spinal deformities, non-unions and long-bone fractures.

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