Sanara MedTech (NASDAQ:SMTI) Rating Increased to Buy 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 research report sent to investors on Friday morning.

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

Sanara MedTech Stock Down 1.7%

Shares of NASDAQ:SMTI traded down $0.60 during midday trading on Friday, reaching $33.79. The company had a trading volume of 2,712 shares, compared to its average volume of 33,504. The stock has a market capitalization of $300.80 million, a P/E ratio of -29.22 and a beta of 1.19. The stock's fifty day moving average price is $29.32 and its 200-day moving average price is $30.21. 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 has a one year low of $23.53 and a one year high of $39.08.

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

Institutional Trading of Sanara MedTech

Several hedge funds have recently made changes to their positions in the stock. Stonebridge Wealth Management LLC acquired a new position in Sanara MedTech during the 2nd quarter valued at approximately $3,397,000. Lazard Asset Management LLC lifted its stake in Sanara MedTech by 63,100.0% in the second quarter. Lazard Asset Management LLC now owns 3,160 shares of the company's stock valued at $89,000 after buying an additional 3,155 shares during the last quarter. Marshall Wace LLP boosted its holdings in shares of Sanara MedTech by 144.3% during the second quarter. Marshall Wace LLP now owns 71,511 shares of the company's stock valued at $2,030,000 after acquiring an additional 42,237 shares during the period. Hsbc Holdings PLC bought a new position in shares of Sanara MedTech during the second quarter worth about $382,000. Finally, Stephens Inc. AR grew its position in shares of Sanara MedTech by 18.0% during the second quarter. Stephens Inc. AR now owns 12,794 shares of the company's stock worth $363,000 after acquiring an additional 1,952 shares during the last quarter. Institutional investors 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.