Orthofix Medical (NASDAQ:OFIX) Share Price Breaks Above 50 Day Moving Average - Time to Sell?

Key Points

• Orthofix shares rose 11% and moved above their 50-day moving average of $9.34, recently trading at $9.72.
• Analysts have an average Hold rating and a $14.75 price target. Canaccord Genuity cut its target from $18 to $13 but maintained a Buy rating.
• The company’s latest quarterly results beat estimates: adjusted loss was $0.39 per share versus $0.41 expected, while revenue was $210.93 million versus $209.28 million forecast.

Orthofix Medical Inc. (NASDAQ:OFIX - Get Free Report) shares passed above its 50 day moving average during trading on Wednesday. The stock has a 50 day moving average of $9.34 and traded as high as $9.83. Orthofix Medical shares last traded at $9.72, with a volume of 1,170,807 shares traded.

Analyst Ratings Changes

Several research firms recently issued reports on OFIX. Weiss Ratings downgraded shares of Orthofix Medical from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Tuesday. Canaccord Genuity Group lowered their price objective on shares of Orthofix Medical from $18.00 to $13.00 and set a "buy" rating on the stock in a report on Monday, August 10th. Three research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $14.75.

Orthofix Medical Stock Up 11.0%

The company has a current ratio of 2.84, a quick ratio of 1.67 and a debt-to-equity ratio of 0.55. The stock has a market capitalization of $395.90 million, a PE ratio of -6.31 and a beta of 0.66. The stock's fifty day simple moving average is $9.34 and its 200-day simple moving average is $11.04.

Orthofix Medical (NASDAQ:OFIX - Get Free Report) last announced its earnings results on Wednesday, August 5th. The medical device company reported ($0.39) EPS for the quarter, beating the consensus estimate of ($0.41) by $0.02. Orthofix Medical had a negative net margin of 7.41% and a negative return on equity of 14.05%. The company had revenue of $210.93 million during the quarter, compared to the consensus estimate of $209.28 million. As a group, sell-side analysts forecast that Orthofix Medical Inc. will post -1.29 EPS for the current fiscal year.

Institutional Investors Weigh In On Orthofix Medical

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Engine Capital Management LP boosted its holdings in shares of Orthofix Medical by 3.2% in the 1st quarter. Engine Capital Management LP now owns 4,390,779 shares of the medical device company's stock worth $50,362,000 after buying an additional 137,858 shares during the last quarter. BlackRock Inc. bought a new stake in Orthofix Medical in the second quarter worth about $30,405,000. Paradigm Capital Management Inc. NY bought a new stake in Orthofix Medical in the second quarter worth about $30,167,000. Bank of America Corp DE purchased a new position in Orthofix Medical in the second quarter valued at about $2,667,000. Finally, Gamco Investors INC. ET AL boosted its stake in Orthofix Medical by 17.5% in the first quarter. Gamco Investors INC. ET AL now owns 201,800 shares of the medical device company's stock valued at $2,315,000 after acquiring an additional 30,000 shares during the last quarter. Hedge funds and other institutional investors own 89.76% of the company's stock.

About Orthofix Medical

Orthofix Medical Inc is a medical device company focused on spinal and orthopedic solutions. The company develops, manufactures and distributes products designed to help treat spinal disorders, support bone healing and address orthopedic trauma and related musculoskeletal conditions.

Its product portfolio includes spinal fixation and interbody systems, biologics and bone-grafting products, bone growth stimulation devices, and technologies for spinal motion preservation and deformity correction.

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