Shoulder Innovations (NYSE:SI) Stock Price Up 11% - Here's What Happened

Key Points

• Shoulder Innovations shares jumped 11% in midday trading, reaching as high as $22.53 on volume that was above average. The move came after the stock closed at $20.16 in the prior session.
• Analysts remain mixed but generally constructive on the stock, with Piper Sandler recently raising its price target to $19 and the current consensus rating at Moderate Buy with a $21 average target.
• The company recently beat earnings estimates, reporting a loss of $0.41 per share versus expectations for a $0.44 loss. It also showed a strong balance sheet, with a current ratio of 11.81 and a quick ratio of 10.04.

Shoulder Innovations, Inc. (NYSE:SI - Get Free Report)'s stock price rose 11% during mid-day trading on Monday . The stock traded as high as $22.53 and last traded at $22.3830. Approximately 173,098 shares traded hands during mid-day trading, an increase of 16% from the average session volume of 149,042 shares. The stock had previously closed at $20.16.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Piper Sandler restated an "overweight" rating and set a $19.00 price target (up from $18.00) on shares of Shoulder Innovations in a research report on Friday, May 8th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Shoulder Innovations in a report on Monday, June 29th. Five research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $21.00.

Shoulder Innovations Price Performance

The stock has a market capitalization of $464.22 million and a PE ratio of -0.13. The company has a debt-to-equity ratio of 0.11, a current ratio of 11.81 and a quick ratio of 10.04. The firm's 50 day simple moving average is $17.05 and its 200 day simple moving average is $15.10.

Shoulder Innovations (NYSE:SI - Get Free Report) last announced its quarterly earnings data on Wednesday, May 13th. The company reported ($0.41) earnings per share (EPS) for the quarter, beating 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 net margin of 81.78% and a negative return on equity of 35.11%. As a group, equities analysts forecast that Shoulder Innovations, Inc. will post -1.67 EPS for the current fiscal year.

Insider Activity

In other news, COO Matthew Fraser Ahearn sold 15,856 shares of the firm's stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $18.68, for a total transaction of $296,190.08. Following the transaction, the chief operating officer directly owned 273,320 shares of the company's stock, valued at approximately $5,105,617.60. This trade represents a 5.48% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 29.00% of the company's stock.

Institutional Investors Weigh In On Shoulder Innovations

Several institutional investors and hedge funds have recently bought and sold shares of SI. Rhumbline Advisers purchased a new position in shares of Shoulder Innovations during the third quarter valued at approximately $54,000. Vanguard Group Inc. purchased a new stake in Shoulder Innovations in the third quarter worth $1,836,000. Deerfield Management Company L.P. bought a new stake in Shoulder Innovations in the third quarter valued at $6,056,000. Bank of America Corp DE purchased a new position in Shoulder Innovations during the 3rd quarter valued at $322,000. Finally, Citadel Advisors LLC purchased a new stake in shares of Shoulder Innovations in the 3rd quarter worth about $628,000.

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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