Shoulder Innovations, Inc. (NYSE:SI) Short Interest Update

Key Points

• Short interest jumped 21.6% in April to 475,948 shares (about 2.3% of shares sold short), leaving a days-to-cover ratio of 5.5 based on average volume.
• Company insiders showed buying activity: CFO Jeffrey S. Points bought 2,000 shares and CEO Robert J. Ball bought 2,200 shares on March 13, and insiders purchased 5,200 shares totaling $78,236 in the last three months.
• Shoulder Innovations reported EPS -$0.38 (beating -$0.42) and revenue of $14.42M (above estimates) but remains unprofitable; analysts hold a "Moderate Buy" consensus with an average price target of $20.80.

Shoulder Innovations, Inc. (NYSE:SI - Get Free Report) was the recipient of a large increase in short interest during the month of April. As of April 15th, there was short interest totaling 475,948 shares, an increase of 21.6% from the March 31st total of 391,514 shares. Currently, 2.3% of the company's shares are sold short. Based on an average trading volume of 86,284 shares, the days-to-cover ratio is presently 5.5 days.

Shoulder Innovations Stock Performance

Shares of SI stock opened at $12.35 on Thursday. The firm has a 50 day moving average of $14.07 and a two-hundred day moving average of $13.94. The stock has a market capitalization of $255.02 million and a PE ratio of -0.06. The company has a quick ratio of 9.55, a current ratio of 11.07 and a debt-to-equity ratio of 0.11. Shoulder Innovations has a 52 week low of $10.92 and a 52 week high of $17.94.

Shoulder Innovations (NYSE:SI - Get Free Report) last posted its quarterly earnings data on Tuesday, March 10th. The company reported ($0.38) earnings per share for the quarter, topping analysts' consensus estimates of ($0.42) by $0.04. Shoulder Innovations had a negative return on equity of 37.68% and a negative net margin of 85.29%.The business had revenue of $14.42 million for the quarter, compared to analyst estimates of $12.69 million. On average, research analysts predict that Shoulder Innovations will post -1.71 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms recently commented on SI. The Goldman Sachs Group reiterated a "buy" rating on shares of Shoulder Innovations in a report on Friday, January 9th. BTIG Research boosted their price objective on shares of Shoulder Innovations from $23.00 to $24.00 and gave the company a "buy" rating in a report on Wednesday, March 11th. Five 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 company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $20.80.

Insider Transactions at Shoulder Innovations

In other news, CFO Jeffrey S. Points acquired 2,000 shares of the company's stock in a transaction that occurred on Friday, March 13th. The stock was purchased at an average price of $15.00 per share, with a total value of $30,000.00. Following the completion of the acquisition, the chief financial officer owned 70,785 shares of the company's stock, valued at $1,061,775. This trade represents a 2.91% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Robert Joseph Ball bought 2,200 shares of Shoulder Innovations stock in a transaction on Friday, March 13th. The shares were purchased at an average cost of $15.18 per share, for a total transaction of $33,396.00. Following the completion of the purchase, the chief executive officer directly owned 278,866 shares of the company's stock, valued at $4,233,185.88. This trade represents a 0.80% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders purchased 5,200 shares of company stock valued at $78,236 in the last three months.

Institutional Trading of Shoulder Innovations

A number of large investors have recently made changes to their positions in the company. Sectoral Asset Management Inc. lifted its position in shares of Shoulder Innovations by 14.4% during the 4th quarter. Sectoral Asset Management Inc. now owns 492,435 shares of the company's stock worth $7,042,000 after purchasing an additional 62,153 shares during the last quarter. Deerfield Management Company L.P. purchased a new stake in Shoulder Innovations during the 3rd quarter worth about $6,056,000. Alyeska Investment Group L.P. acquired a new position in shares of Shoulder Innovations during the 3rd quarter worth about $5,667,000. TimesSquare Capital Management LLC purchased a new position in shares of Shoulder Innovations in the 3rd quarter valued at about $4,799,000. Finally, Federated Hermes Inc. purchased a new position in shares of Shoulder Innovations in the 3rd quarter valued at about $2,510,000.

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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