Orthofix Medical (NASDAQ:OFIX) Upgraded by Wall Street Zen to "Hold" Rating

Key Points

• Orthofix Medical has been upgraded by Wall Street Zen from a "sell" to a "hold" rating, reflecting a change in analysts' sentiment towards the company's stock performance.
• The company reported a Q2 earnings loss of ($0.36) per share, significantly missing the consensus estimate, despite revenue of $203.12 million which surpassed expectations.
• Institutional investors have shown increased interest, with several firms raising their stakes in Orthofix Medical, resulting in a concentration of 89.76% of the stock owned by institutional investors.

Orthofix Medical (NASDAQ:OFIX - Get Free Report) was upgraded by analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a research report issued to clients and investors on Saturday.

OFIX has been the subject of several other research reports. Barrington Research raised Orthofix Medical to a "strong-buy" rating and set a $16.00 price target for the company in a report on Monday, June 23rd. JMP Securities reissued a "market perform" rating on shares of Orthofix Medical in a report on Friday, June 6th. Two investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Orthofix Medical has an average rating of "Moderate Buy" and an average target price of $21.50.

Orthofix Medical Price Performance

Shares of OFIX stock opened at $12.51 on Friday. Orthofix Medical has a 1-year low of $10.24 and a 1-year high of $20.73. The stock's 50-day moving average is $11.12 and its 200 day moving average is $13.93. The company has a market cap of $490.14 million, a P/E ratio of -3.95 and a beta of 0.82. The company has a debt-to-equity ratio of 0.38, a current ratio of 2.67 and a quick ratio of 1.50.

Orthofix Medical (NASDAQ:OFIX - Get Free Report) last issued its quarterly earnings results on Tuesday, August 5th. The medical device company reported ($0.36) earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.40). The business had revenue of $203.12 million during the quarter, compared to analyst estimates of $196.89 million. Orthofix Medical had a negative return on equity of 25.43% and a negative net margin of 15.29%. Research analysts predict that Orthofix Medical will post -2.81 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Aviva Mcpherron sold 3,728 shares of the firm's stock in a transaction dated Wednesday, June 18th. The stock was sold at an average price of $10.51, for a total value of $39,181.28. Following the completion of the transaction, the insider directly owned 46,322 shares in the company, valued at $486,844.22. This trade represents a 7.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 1.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Renaissance Technologies LLC raised its stake in shares of Orthofix Medical by 166.9% in the fourth quarter. Renaissance Technologies LLC now owns 82,190 shares of the medical device company's stock worth $1,435,000 after purchasing an additional 51,399 shares during the last quarter. Lazard Asset Management LLC purchased a new position in Orthofix Medical during the fourth quarter valued at approximately $45,000. Assenagon Asset Management S.A. raised its position in Orthofix Medical by 421.1% during the first quarter. Assenagon Asset Management S.A. now owns 72,226 shares of the medical device company's stock valued at $1,178,000 after acquiring an additional 58,366 shares in the last quarter. JPMorgan Chase & Co. raised its position in Orthofix Medical by 244.1% during the fourth quarter. JPMorgan Chase & Co. now owns 290,351 shares of the medical device company's stock valued at $5,070,000 after acquiring an additional 205,972 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Orthofix Medical by 14.0% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 71,371 shares of the medical device company's stock valued at $1,246,000 after acquiring an additional 8,772 shares in the last quarter. 89.76% of the stock is currently owned by hedge funds and other institutional investors.

About Orthofix Medical

Orthofix Medical Inc operates as a spine and orthopedics company in the United States, Italy, Germany, the United Kingdom, France, Brazil, and internationally. It operates through two segments, Global Spine and Global Orthopedics. The Global Spine segment manufactures and distributes bone growth stimulator devices for enhance of bone fusion, including adjunctive and noninvasive treatment of cervical and lumbar spine, as well as a therapeutic treatment for non-spine; designs, develops, and markets a portfolio of motion preservation and fixation implant products, which are used in surgical procedures of the spine; and offers biological products, such as fiber-based and particulate demineralized bone matrices, cellular bone allografts, collagen ceramic matrices, and synthetic bone void fillers, and tissue forms, which allow physicians to treat various spinal and orthopedic conditions.

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