Shoulder Innovations (NYSE:SI) Upgraded by Zacks Research to Hold Rating

Key Points

• Shoulder Innovations (NYSE:SI) has been upgraded to a "hold" rating by Zacks Research, while several brokerages have initiated coverage with positive ratings and target prices ranging from $18.00 to $23.00.
• The company's stock experienced a 5.7% increase, opening at $15.78, with a current market capitalization of $240.33 million and a P/E ratio of -0.53.
• Insider trading activity showed significant investment as Director Geoffrey B. Pardo purchased 100,000 shares for $1.5 million, increasing their ownership, along with another major shareholder acquiring 266,666 shares.

Shoulder Innovations (NYSE:SI - Get Free Report) was upgraded by stock analysts at Zacks Research to a "hold" rating in a report issued on Tuesday, August 26th,Zacks.com reports.

Several other brokerages have also recently commented on SI. Wall Street Zen upgraded shares of Shoulder Innovations to a "hold" rating in a research report on Saturday, August 16th. Piper Sandler initiated coverage on shares of Shoulder Innovations in a research report on Monday, August 25th. They issued an "overweight" rating and a $18.00 price target on the stock. The Goldman Sachs Group initiated coverage on shares of Shoulder Innovations in a research report on Monday, August 25th. They issued a "buy" rating and a $20.00 price target on the stock. Morgan Stanley initiated coverage on shares of Shoulder Innovations in a research report on Monday, August 25th. They issued an "overweight" rating and a $18.00 price target on the stock. Finally, Jefferies Financial Group started coverage on shares of Shoulder Innovations in a research report on Monday, August 25th. They issued a "buy" rating and a $19.00 price target on the stock. Five equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $19.60.

Shoulder Innovations Trading Up 3.9%

Shoulder Innovations stock traded up $0.58 during midday trading on Tuesday, hitting $15.40. The company's stock had a trading volume of 33,096 shares, compared to its average volume of 182,622. Shoulder Innovations has a 12 month low of $11.75 and a 12 month high of $17.94. The stock has a market cap of $234.54 million and a PE ratio of -0.51.

Insider Transactions at Shoulder Innovations

In related news, Director Casey M. Tansey purchased 40,000 shares of the company's stock in a transaction that occurred on Friday, August 1st. The shares were purchased at an average price of $15.00 per share, with a total value of $600,000.00. Following the purchase, the director owned 47,666 shares of the company's stock, valued at $714,990. This trade represents a 521.78% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. Also, major shareholder Healthcare Holding B.V. Gilde bought 100,000 shares of the company's stock in a transaction dated Friday, August 1st. The stock was acquired at an average price of $15.00 per share, for a total transaction of $1,500,000.00. Following the acquisition, the insider directly owned 2,380,482 shares in the company, valued at $35,707,230. This trade represents a 4.39% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought a total of 778,382 shares of company stock worth $11,675,730 in the last three months.

About Shoulder Innovations

We are a commercial-stage medical technology company exclusively focused on transforming the shoulder surgical care market. We currently offer advanced implant systems for shoulder arthroplasty. These systems are a core element of our ecosystem, which we designed to improve core components of shoulder surgical care – preoperative planning, implant design and procedural efficiency – to benefit each stakeholder in the care chain.