SI-BONE (NASDAQ:SIBN) Shares Gap Up on Strong Earnings

SI-BONE, Inc. (NASDAQ:SIBN - Get Free Report)'s stock price gapped up before the market opened on Tuesday following a stronger than expected earnings report. The stock had previously closed at $14.25, but opened at $15.84. SI-BONE shares last traded at $16.17, with a volume of 305,591 shares traded.

The company reported ($0.15) EPS for the quarter, topping the consensus estimate of ($0.24) by $0.09. The firm had revenue of $47.29 million during the quarter, compared to analysts' expectations of $45.13 million. SI-BONE had a negative return on equity of 22.51% and a negative net margin of 23.82%.

Analysts Set New Price Targets

A number of research analysts recently issued reports on SIBN shares. Cantor Fitzgerald reiterated an "overweight" rating and issued a $25.00 price target on shares of SI-BONE in a research note on Tuesday, May 6th. Truist Financial upped their target price on shares of SI-BONE from $20.00 to $22.00 and gave the company a "buy" rating in a report on Tuesday, May 6th. Finally, Needham & Company LLC reissued a "buy" rating and issued a $24.00 price target on shares of SI-BONE in a research report on Tuesday, May 6th.

Insider Transactions at SI-BONE

In other news, CEO Laura Francis sold 38,504 shares of the company's stock in a transaction that occurred on Wednesday, May 7th. The stock was sold at an average price of $17.18, for a total transaction of $661,498.72. Following the completion of the sale, the chief executive officer now owns 302,958 shares in the company, valued at $5,204,818.44. This represents a 11.28 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Michael A. Pisetsky sold 3,128 shares of the stock in a transaction on Wednesday, April 2nd. The stock was sold at an average price of $14.14, for a total value of $44,229.92. Following the sale, the senior vice president now directly owns 244,878 shares of the company's stock, valued at approximately $3,462,574.92. This represents a 1.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 50,216 shares of company stock worth $841,138. Insiders own 4.00% of the company's stock.

Institutional Trading of SI-BONE

Several hedge funds and other institutional investors have recently made changes to their positions in SIBN. Barclays PLC lifted its position in SI-BONE by 190.8% in the third quarter. Barclays PLC now owns 96,623 shares of the company's stock valued at $1,350,000 after purchasing an additional 63,402 shares during the period. JPMorgan Chase & Co. boosted its stake in shares of SI-BONE by 14.7% in the third quarter. JPMorgan Chase & Co. now owns 177,793 shares of the company's stock valued at $2,486,000 after buying an additional 22,732 shares in the last quarter. R Squared Ltd acquired a new position in SI-BONE during the fourth quarter worth $73,000. Legato Capital Management LLC lifted its holdings in SI-BONE by 9.1% in the fourth quarter. Legato Capital Management LLC now owns 62,707 shares of the company's stock valued at $879,000 after acquiring an additional 5,209 shares during the period. Finally, Rhumbline Advisers lifted its holdings in SI-BONE by 3.0% in the fourth quarter. Rhumbline Advisers now owns 57,621 shares of the company's stock valued at $808,000 after acquiring an additional 1,683 shares during the period. Hedge funds and other institutional investors own 98.11% of the company's stock.

SI-BONE Price Performance

The company has a debt-to-equity ratio of 0.22, a quick ratio of 7.22 and a current ratio of 8.25. The stock's fifty day moving average price is $14.53 and its 200-day moving average price is $14.82. The firm has a market cap of $787.21 million, a PE ratio of -20.12 and a beta of 0.82.

About SI-BONE

SI-BONE, Inc, a medical device company, that operate to solve musculoskeletal disorders of the sacropelvic anatomy in the United States and internationally. It offers proprietary minimally invasive surgical implant system to address sacroiliac joint dysfunction and fusion, adult deformity and degeneration, and pelvic trauma; and implantable bone products.