Sanara MedTech (NASDAQ:SMTI) Upgraded by Wall Street Zen to "Buy" Rating

Key Points

• Sanara MedTech has been upgraded from a "hold" to a "buy" rating by Wall Street Zen, indicating positive investor sentiment.
• HC Wainwright raised the target price for Sanara MedTech from $53.00 to $54.00, reflecting increasing confidence in the company's growth potential.
• Despite reporting a loss of ($0.23) earnings per share, the company exceeded analyst estimates and reported revenue of $25.83 million for the quarter.

Sanara MedTech (NASDAQ:SMTI - Get Free Report) was upgraded by analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a research note issued on Saturday.

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

Sanara MedTech Stock Up 1.3%

NASDAQ:SMTI traded up $0.45 during mid-day trading on Friday, hitting $34.64. The stock had a trading volume of 19,926 shares, compared to its average volume of 24,931. The stock has a 50-day simple moving average of $29.96 and a two-hundred day simple moving average of $30.24. The company has a market capitalization of $308.30 million, a PE ratio of -29.86 and a beta of 1.19. Sanara MedTech has a twelve month low of $23.53 and a twelve month high of $39.08. The company has a current ratio of 2.26, a quick ratio of 2.03 and a debt-to-equity ratio of 1.25.

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

Institutional Investors Weigh In On Sanara MedTech

Several hedge funds have recently modified their holdings of SMTI. Dimensional Fund Advisors LP lifted its holdings in shares of Sanara MedTech by 116.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 15,925 shares of the company's stock worth $529,000 after purchasing an additional 8,567 shares during the period. Price T Rowe Associates Inc. MD acquired a new stake in shares of Sanara MedTech during the fourth quarter worth $208,000. Northern Trust Corp lifted its holdings in shares of Sanara MedTech by 0.9% during the fourth quarter. Northern Trust Corp now owns 40,816 shares of the company's stock worth $1,355,000 after purchasing an additional 358 shares during the period. BNP Paribas Financial Markets acquired a new stake in shares of Sanara MedTech during the fourth quarter worth $106,000. Finally, Bank of America Corp DE lifted its holdings in shares of Sanara MedTech by 38.7% during the fourth quarter. Bank of America Corp DE now owns 3,778 shares of the company's stock worth $125,000 after purchasing an additional 1,055 shares during the period. 8.10% of the stock is owned by institutional investors and hedge funds.

About Sanara MedTech

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.