SiBone (NASDAQ:SIBN) Short Interest Update

Key Points

• Short interest surged: Short interest rose 19.3% to 4,632,479 shares as of April 15 (about 10.9% of shares shorted) and the days-to-cover ratio is 5.6 days, signaling increased bearish positioning.
• Quarterly results beat modestly but company remains unprofitable: Si-BONE reported EPS of ($0.04) versus estimates of ($0.13) and revenue of $56.35M (vs. $56.26M), yet it still has negative net margin and ROE and analysts expect fiscal-year EPS of about -$0.52.
• Insider selling and analyst view: Insiders sold ~167,697 shares worth $2.55M in the quarter (including CEO and SVP sales), while analysts maintain a consensus "Moderate Buy" with a $24 average price target amid mixed recent revisions.

SiBone (NASDAQ:SIBN - Get Free Report) saw a significant increase in short interest during the month of April. As of April 15th, there was short interest totaling 4,632,479 shares, an increase of 19.3% from the March 31st total of 3,882,808 shares. Based on an average daily volume of 832,483 shares, the days-to-cover ratio is currently 5.6 days. Approximately 10.9% of the company's shares are short sold.

SiBone Price Performance

Shares of NASDAQ SIBN opened at $11.93 on Thursday. The firm's 50-day moving average price is $13.76 and its 200-day moving average price is $16.24. SiBone has a 1-year low of $11.80 and a 1-year high of $21.89. The firm has a market capitalization of $527.83 million, a P/E ratio of -27.11 and a beta of 0.77. The company has a current ratio of 8.55, a quick ratio of 7.21 and a debt-to-equity ratio of 0.20.

SiBone (NASDAQ:SIBN - Get Free Report) last announced its quarterly earnings data on Monday, February 23rd. The company reported ($0.04) earnings per share for the quarter, beating the consensus estimate of ($0.13) by $0.09. SiBone had a negative net margin of 9.41% and a negative return on equity of 11.01%. The firm had revenue of $56.35 million for the quarter, compared to analyst estimates of $56.26 million. Equities research analysts anticipate that SiBone will post -0.52 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. TD Cowen upped their price target on shares of SiBone from $21.00 to $22.00 and gave the company a "buy" rating in a research report on Tuesday, February 24th. Wall Street Zen cut shares of SiBone from a "buy" rating to a "hold" rating in a research report on Saturday, April 18th. Finally, Truist Financial cut their price target on shares of SiBone from $24.00 to $20.00 and set a "buy" rating on the stock in a research report on Wednesday, April 15th. Six equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, SiBone presently has an average rating of "Moderate Buy" and a consensus price target of $24.00.

Insider Buying and Selling

In related news, SVP Michael A. Pisetsky sold 20,756 shares of the business's stock in a transaction on Tuesday, February 17th. The shares were sold at an average price of $15.35, for a total value of $318,604.60. Following the sale, the senior vice president owned 285,974 shares of the company's stock, valued at $4,389,700.90. The trade was a 6.77% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Laura Francis sold 93,475 shares of the business's stock in a transaction on Tuesday, February 17th. The stock was sold at an average price of $15.32, for a total transaction of $1,432,037.00. Following the completion of the sale, the chief executive officer directly owned 544,369 shares in the company, valued at approximately $8,339,733.08. This represents a 14.65% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 167,697 shares of company stock valued at $2,551,086 over the last quarter. 3.90% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On SiBone

Several institutional investors have recently made changes to their positions in SIBN. First Light Asset Management LLC raised its holdings in shares of SiBone by 162.4% during the fourth quarter. First Light Asset Management LLC now owns 5,032,904 shares of the company's stock valued at $99,249,000 after purchasing an additional 3,115,001 shares during the period. Cadian Capital Management LP raised its holdings in shares of SiBone by 96.8% during the fourth quarter. Cadian Capital Management LP now owns 1,171,100 shares of the company's stock valued at $23,094,000 after purchasing an additional 576,100 shares during the period. American Century Companies Inc. raised its holdings in shares of SiBone by 22.5% during the third quarter. American Century Companies Inc. now owns 2,838,107 shares of the company's stock valued at $41,777,000 after purchasing an additional 521,683 shares during the period. Wellington Management Group LLP raised its holdings in shares of SiBone by 74.7% in the 3rd quarter. Wellington Management Group LLP now owns 853,266 shares of the company's stock worth $12,560,000 after acquiring an additional 364,897 shares during the last quarter. Finally, Impax Asset Management Group plc raised its holdings in shares of SiBone by 48.2% in the 3rd quarter. Impax Asset Management Group plc now owns 1,025,010 shares of the company's stock worth $15,088,000 after acquiring an additional 333,249 shares during the last quarter. Institutional investors and hedge funds own 98.11% of the company's stock.

About SiBone

Si-BONE, Inc is a commercial‐stage medical device company focused on the design, development and commercialization of implant systems to treat degenerative conditions of the sacroiliac (SI) joint. Its flagship product, the iFuse Implant System, consists of triangular titanium implants that are inserted via a minimally invasive surgical procedure to stabilize the SI joint and alleviate chronic lower back and buttock pain.

FDA‐cleared in 2012, the iFuse portfolio has expanded to include the iFuse-3D and iFuse-3Di devices, which feature a porous, 3D-printed surface to promote bone ongrowth and biological fixation.

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