Sanara MedTech (NASDAQ:SMTI) Upgraded at Wall Street Zen

Key Points

• Sanara MedTech has been upgraded from a "hold" rating to a "buy" rating by Wall Street Zen, indicating increased confidence in the company's stock.
• HC Wainwright also raised their target price for Sanara MedTech shares from $53.00 to $54.00, reinforcing the buy sentiment for the stock.
• The company's recent quarterly earnings surpassed expectations, reporting a loss of ($0.23) EPS against an estimated loss of ($0.33), alongside revenue of $25.83 million exceeding forecasts.

Wall Street Zen upgraded shares of Sanara MedTech (NASDAQ:SMTI - Free Report) from a hold rating to a buy rating in a report published on Friday morning.

Separately, HC Wainwright lifted their target price on Sanara MedTech from $53.00 to $54.00 and gave the stock a "buy" rating in a report on Monday, August 18th. Two equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, Sanara MedTech currently has a consensus rating of "Buy" and a consensus price target of $50.00.

Sanara MedTech Stock Performance

Sanara MedTech stock traded up $1.52 during mid-day trading on Friday, hitting $35.28. 13,391 shares of the company's stock traded hands, compared to its average volume of 31,629. The firm has a 50 day simple moving average of $29.50 and a two-hundred day simple moving average of $30.24. Sanara MedTech has a fifty-two week low of $23.53 and a fifty-two week high of $39.08. The stock has a market cap of $313.99 million, a price-to-earnings ratio of -30.41 and a beta of 1.19. The company has a debt-to-equity ratio of 1.25, a current ratio of 2.26 and a quick ratio of 2.03.

Sanara MedTech (NASDAQ:SMTI - Get Free Report) last announced its quarterly earnings results on Wednesday, August 13th. The company reported ($0.23) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.33) by $0.10. Sanara MedTech had a negative return on equity of 26.43% and a negative net margin of 10.22%.The business had revenue of $25.83 million during the quarter, compared to the consensus estimate of $25.15 million. On average, research analysts expect that Sanara MedTech will post -1.1 EPS for the current fiscal year.

Institutional Investors Weigh In On Sanara MedTech

A number of hedge funds and other institutional investors have recently modified their holdings of SMTI. Stonebridge Wealth Management LLC bought a new position in shares of Sanara MedTech in the second quarter worth $3,397,000. Lazard Asset Management LLC increased its position in shares of Sanara MedTech by 63,100.0% in the second quarter. Lazard Asset Management LLC now owns 3,160 shares of the company's stock worth $89,000 after purchasing an additional 3,155 shares during the period. Marshall Wace LLP increased its position in shares of Sanara MedTech by 144.3% in the second quarter. Marshall Wace LLP now owns 71,511 shares of the company's stock worth $2,030,000 after purchasing an additional 42,237 shares during the period. Hsbc Holdings PLC bought a new position in shares of Sanara MedTech in the second quarter worth $382,000. Finally, Stephens Inc. AR increased its position in shares of Sanara MedTech by 18.0% in the second quarter. Stephens Inc. AR now owns 12,794 shares of the company's stock worth $363,000 after purchasing an additional 1,952 shares during the period. Institutional investors and hedge funds own 8.10% of the company's stock.

Sanara MedTech Company Profile

Sanara MedTech Inc, a medical technology company, develops, markets, and distributes surgical, wound, and skincare products and services to physicians, hospitals, clinics, and post-acute care settings in the United States. The company offers CellerateRX Surgical, a medical hydrolysate of Type I bovine collagen indicated for the management of surgical, traumatic, and partial- and full-thickness wounds, as well as first- and second-degree burns; and HYCOL, a medical hydrolysate of Type I bovine collagen intended for the management of full and partial thickness wounds, including pressure ulcers, venous and arterial leg ulcers, and diabetic foot ulcers.