Surgery Partners (NASDAQ:SGRY) Shares Gap Down - Here's What Happened

Surgery Partners, Inc. (NASDAQ:SGRY - Get Free Report) gapped down prior to trading on Tuesday . The stock had previously closed at $23.17, but opened at $20.01. Surgery Partners shares last traded at $20.22, with a volume of 1,462,798 shares.

Wall Street Analyst Weigh In

Several research firms have issued reports on SGRY. Macquarie reduced their price objective on Surgery Partners from $34.00 to $33.00 and set an "outperform" rating on the stock in a report on Tuesday, March 11th. Benchmark reaffirmed a "buy" rating and issued a $35.00 target price on shares of Surgery Partners in a research note on Monday, April 21st. Barclays cut their price objective on shares of Surgery Partners from $25.00 to $24.00 and set an "equal weight" rating on the stock in a report on Tuesday, May 27th. Finally, Royal Bank of Canada reiterated an "outperform" rating and set a $35.00 target price on shares of Surgery Partners in a research report on Tuesday, March 25th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Surgery Partners presently has an average rating of "Moderate Buy" and an average price target of $33.56.

Surgery Partners Price Performance

The company has a market cap of $2.57 billion, a P/E ratio of -41.96, a P/E/G ratio of 19.21 and a beta of 1.93. The company's 50-day moving average price is $22.47 and its 200-day moving average price is $22.75. The company has a debt-to-equity ratio of 0.99, a current ratio of 1.80 and a quick ratio of 1.66.

Surgery Partners (NASDAQ:SGRY - Get Free Report) last released its quarterly earnings data on Monday, May 12th. The company reported $0.04 EPS for the quarter, missing the consensus estimate of $0.08 by ($0.04). The company had revenue of $776.00 million during the quarter, compared to analyst estimates of $777.77 million. Surgery Partners had a negative net margin of 2.03% and a positive return on equity of 2.85%. The company's quarterly revenue was up 8.2% compared to the same quarter last year. During the same period in the previous year, the company posted $0.10 EPS. As a group, sell-side analysts predict that Surgery Partners, Inc. will post 0.67 earnings per share for the current fiscal year.

Institutional Trading of Surgery Partners

Large investors have recently made changes to their positions in the company. AlphaQuest LLC boosted its holdings in Surgery Partners by 112.0% in the first quarter. AlphaQuest LLC now owns 1,058 shares of the company's stock valued at $25,000 after acquiring an additional 559 shares during the last quarter. PNC Financial Services Group Inc. increased its position in shares of Surgery Partners by 86.4% during the first quarter. PNC Financial Services Group Inc. now owns 1,169 shares of the company's stock valued at $28,000 after buying an additional 542 shares during the period. Summit Securities Group LLC purchased a new position in Surgery Partners during the first quarter valued at approximately $31,000. DekaBank Deutsche Girozentrale bought a new position in shares of Surgery Partners in the first quarter worth $65,000. Finally, State of Wyoming increased its stake in Surgery Partners by 94.4% in the 4th quarter. State of Wyoming now owns 4,002 shares of the company's stock worth $85,000 after acquiring an additional 1,943 shares during the last quarter.

About Surgery Partners

Surgery Partners, Inc, together with its subsidiaries, owns and operates a network of surgical facilities and ancillary services in the United States. The company provides ambulatory surgery centers and surgical hospitals that offer non-emergency surgical procedures in various specialties, including orthopedics and pain management, ophthalmology, gastroenterology, and general surgery.

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