Piper Sandler Reiterates "Overweight" Rating for Shoulder Innovations (NYSE:SI)

Key Points

• Piper Sandler reiterated an “Overweight” rating on Shoulder Innovations and raised its price target from $19 to $25, implying 26.14% upside from the stock’s $19.82 price. The analyst consensus is “Moderate Buy,” with an average target of $23.33.
• Shoulder Innovations reported quarterly EPS of -$0.41, beating the consensus estimate of -$0.44, on revenue of $16.71 million. Analysts expect a full-year loss of approximately $1.67 per share.
• The stock has climbed from a 52-week low of $10.92 but declined $2.61 on Friday; meanwhile, insiders sold 178,842 shares worth roughly $4.0 million during the latest quarter.

Shoulder Innovations (NYSE:SI - Get Free Report)'s stock had its "overweight" rating reiterated by research analysts at Piper Sandler in a research report issued to clients and investors on Friday,Benzinga reports. They currently have a $25.00 price target on the stock, up from their prior price target of $19.00. Piper Sandler's target price would indicate a potential upside of 26.14% from the stock's current price.

A number of other research analysts have also recently issued reports on the company. Weiss Ratings raised Shoulder Innovations from a "sell (d-)" rating to a "sell (d)" rating in a report on Monday. UBS Group started coverage on shares of Shoulder Innovations in a report on Tuesday, July 28th. They set a "buy" rating and a $27.00 price objective on the stock. Finally, BTIG Research boosted their target price on shares of Shoulder Innovations from $24.00 to $26.00 and gave the stock a "buy" rating in a research note on Friday. Six investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Shoulder Innovations has a consensus rating of "Moderate Buy" and an average target price of $23.33.

Shoulder Innovations Stock Performance

Shoulder Innovations stock traded down $2.61 on Friday, hitting $19.82. The company's stock had a trading volume of 130,534 shares, compared to its average volume of 92,414. Shoulder Innovations has a one year low of $10.92 and a one year high of $24.59. The firm has a market cap of $411.07 million and a P/E ratio of -0.12. The company has a quick ratio of 10.04, a current ratio of 11.81 and a debt-to-equity ratio of 0.11. The company has a fifty day moving average price of $19.79 and a 200-day moving average price of $16.04.

Shoulder Innovations (NYSE:SI - Get Free Report) last released its quarterly earnings data on Wednesday, May 13th. The company reported ($0.41) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.44) by $0.03. The firm had revenue of $16.71 million during the quarter. Shoulder Innovations had a negative return on equity of 35.11% and a negative net margin of 81.78%. On average, equities analysts anticipate that Shoulder Innovations will post -1.67 earnings per share for the current year.

Insider Activity

In related news, major shareholder Healthcare Holding B.V. Gilde sold 99,812 shares of Shoulder Innovations stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $22.77, for a total value of $2,272,719.24. Following the completion of the sale, the insider directly owned 2,221,640 shares in the company, valued at $50,586,742.80. This trade represents a 4.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Matthew Fraser Ahearn sold 15,856 shares of the business's stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $18.68, for a total value of $296,190.08. Following the sale, the chief operating officer directly owned 273,320 shares of the company's stock, valued at $5,105,617.60. This represents a 5.48% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 178,842 shares of company stock worth $4,006,314. 29.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Shoulder Innovations

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in shares of Shoulder Innovations during the 3rd quarter worth about $28,000. Rhumbline Advisers acquired a new stake in shares of Shoulder Innovations during the third quarter worth $54,000. Wells Fargo & Company MN lifted its holdings in shares of Shoulder Innovations by 66.3% in the fourth quarter. Wells Fargo & Company MN now owns 5,250 shares of the company's stock valued at $75,000 after purchasing an additional 2,094 shares in the last quarter. Renaissance Technologies LLC acquired a new position in Shoulder Innovations during the 4th quarter worth approximately $176,000. Finally, Blue Trust Inc. acquired a new position in Shoulder Innovations during the first quarter worth $228,000.

Shoulder Innovations Company 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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