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

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 equities researchers at Zacks Research to a "hold" rating in a research note issued to investors on Tuesday,Zacks.com reports.

Several other brokerages have also weighed in on SI. Piper Sandler started coverage on shares of Shoulder Innovations in a research note on Monday. They set an "overweight" rating and a $18.00 target price for the company. BTIG Research initiated coverage on shares of Shoulder Innovations in a research report on Monday. They set a "buy" rating and a $23.00 price target on the stock. Morgan Stanley initiated coverage on shares of Shoulder Innovations in a research report on Monday. They set 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. They set a "buy" rating and a $20.00 price target on the stock. Finally, Jefferies Financial Group initiated coverage on shares of Shoulder Innovations in a research report on Monday. They set a "buy" rating and a $19.00 price target on the stock. Five research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $19.60.

Shoulder Innovations Stock Up 5.7%

Shares of SI opened at $15.78 on Tuesday. The stock has a market capitalization of $240.33 million and a P/E ratio of -0.53. Shoulder Innovations has a 12-month low of $11.75 and a 12-month high of $17.94.

Insider Buying and Selling

In related news, Director Geoffrey B. Pardo purchased 100,000 shares of the company's stock in a transaction on Friday, August 1st. The shares were bought at an average cost of $15.00 per share, for a total transaction of $1,500,000.00. Following the completion of the purchase, the director directly owned 2,380,482 shares of the company's stock, valued at approximately $35,707,230. This trade represents a 4.39% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, major shareholder Lsv Associates Ii, Llc bought 266,666 shares of the stock in a transaction dated Friday, August 1st. The shares were acquired at an average price of $15.00 per share, for a total transaction of $3,999,990.00. Following the completion of the transaction, the insider owned 1,885,136 shares of the company's stock, valued at approximately $28,277,040. The trade was a 16.48% increase in their position. The disclosure for this purchase can be found here. Insiders bought a total of 778,382 shares of company stock valued at $11,675,730 over the last three months. 1.71% of the stock is currently owned by insiders.

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.

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