Shoulder Innovations (NYSE:SI) Sets New 52-Week High - Here's What Happened

Key Points

• Shoulder Innovations shares surged 15.6%, reaching a new 52-week high of $23.86 and trading around $24.22, above the previous close of $20.96.
• Analyst sentiment is generally positive: UBS initiated coverage with a Buy rating and a $27 price target, while the stock has a consensus “Moderate Buy” rating and a $22 average target.
• The company exceeded quarterly EPS expectations, reporting a loss of $0.41 per share versus the expected $0.44 loss, but remains unprofitable with a negative net margin of 81.78%.

Shoulder Innovations, Inc. (NYSE:SI - Get Free Report) shares reached a new 52-week high during trading on Tuesday . The stock traded as high as $23.86 and last traded at $24.2230, with a volume of 107211 shares. The stock had previously closed at $20.96.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. UBS Group started coverage on Shoulder Innovations in a research note on Tuesday. They issued a "buy" rating and a $27.00 price objective for the company. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Shoulder Innovations in a report on Monday, June 29th. Finally, Piper Sandler reiterated an "overweight" rating and issued a $19.00 price target (up from $18.00) on shares of Shoulder Innovations in a research note on Friday, May 8th. Six analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $22.00.

Shoulder Innovations Stock Up 15.6%

The company has a quick ratio of 10.04, a current ratio of 11.81 and a debt-to-equity ratio of 0.11. The stock has a market cap of $502.39 million and a PE ratio of -0.15. The firm has a fifty day moving average of $18.50 and a 200 day moving average of $15.55.

Shoulder Innovations (NYSE:SI - Get Free Report) last announced its quarterly earnings results on Wednesday, May 13th. The company reported ($0.41) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.44) by $0.03. The company had revenue of $16.71 million during the quarter. Shoulder Innovations had a negative return on equity of 35.11% and a negative net margin of 81.78%. On average, equities research analysts anticipate that Shoulder Innovations, Inc. will post -1.67 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, COO Matthew Fraser Ahearn sold 4,144 shares of the business's stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $18.84, for a total transaction of $78,072.96. Following the completion of the sale, the chief operating officer owned 269,176 shares in the company, valued at $5,071,275.84. The trade was a 1.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 29.00% of the stock is currently owned by insiders.

Institutional Trading of Shoulder Innovations

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in shares of Shoulder Innovations in the 3rd quarter valued at $28,000. Rhumbline Advisers purchased a new stake in Shoulder Innovations in the third quarter valued at $54,000. Wells Fargo & Company MN boosted its stake in Shoulder Innovations by 66.3% in the fourth quarter. Wells Fargo & Company MN now owns 5,250 shares of the company's stock valued at $75,000 after acquiring an additional 2,094 shares in the last quarter. Renaissance Technologies LLC purchased a new position in shares of Shoulder Innovations during the fourth quarter worth about $176,000. Finally, Blue Trust Inc. purchased a new position in shares of Shoulder Innovations during the first quarter worth about $228,000.

About Shoulder Innovations

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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