Surmodics (NASDAQ:SRDX) Shares Cross Above 200-Day Moving Average - What's Next?

Key Points

• Surmodics, Inc.'s share price rose above its 200-day moving average, reaching a high of $35.70 during trading, with a last trading price of $35.01.
• Despite the recent performance, analysts at Needham & Company LLC maintain a "hold" rating on Surmodics stock.
• Hedge funds and institutional investors hold 96.63% of Surmodics' stock, with several firms recently increasing their stakes or purchasing new positions.

Shares of Surmodics, Inc. (NASDAQ:SRDX - Get Free Report) passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $30.88 and traded as high as $35.70. Surmodics shares last traded at $35.01, with a volume of 169,060 shares traded.

Wall Street Analyst Weigh In

Several analysts have recently commented on SRDX shares. Barrington Research restated a "market perform" rating on shares of Surmodics in a research note on Monday. Needham & Company LLC restated a "hold" rating on shares of Surmodics in a research report on Wednesday, April 30th.

Surmodics Price Performance

The company has a quick ratio of 3.10, a current ratio of 3.91 and a debt-to-equity ratio of 0.27. The company has a market cap of $541.61 million, a price-to-earnings ratio of -30.79 and a beta of 1.31. The company has a fifty day simple moving average of $31.44 and a two-hundred day simple moving average of $30.78.

Surmodics (NASDAQ:SRDX - Get Free Report) last posted its earnings results on Friday, August 8th. The company reported $0.06 earnings per share for the quarter, beating the consensus estimate of ($0.21) by $0.27. The company had revenue of $29.57 million for the quarter, compared to analyst estimates of $28.04 million. Surmodics had a negative return on equity of 3.04% and a negative net margin of 14.59%. On average, equities research analysts anticipate that Surmodics, Inc. will post 0.2 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Surmodics

Several hedge funds have recently modified their holdings of the company. Gabelli Funds LLC boosted its stake in shares of Surmodics by 16.3% during the 1st quarter. Gabelli Funds LLC now owns 395,509 shares of the company's stock worth $12,075,000 after purchasing an additional 55,550 shares during the last quarter. Geode Capital Management LLC raised its holdings in Surmodics by 0.3% in the 2nd quarter. Geode Capital Management LLC now owns 336,239 shares of the company's stock valued at $9,992,000 after acquiring an additional 1,128 shares during the last quarter. Hudson Bay Capital Management LP acquired a new position in Surmodics in the 4th quarter valued at $11,880,000. Hsbc Holdings PLC raised its holdings in Surmodics by 4.8% in the 1st quarter. Hsbc Holdings PLC now owns 267,042 shares of the company's stock valued at $8,252,000 after acquiring an additional 12,344 shares during the last quarter. Finally, Millennium Management LLC raised its holdings in Surmodics by 71.6% in the 1st quarter. Millennium Management LLC now owns 206,487 shares of the company's stock valued at $6,304,000 after acquiring an additional 86,143 shares during the last quarter. 96.63% of the stock is owned by institutional investors and hedge funds.

About Surmodics

Surmodics, Inc, together with its subsidiaries, provides performance coating technologies for intravascular medical devices, and chemical and biological components for in vitro diagnostic immunoassay tests and microarrays in the United States and internationally. It operates through two segments, Medical Device and In Vitro Diagnostics (IVD).