Orthofix Medical Inc (NASDAQ:OFIX) Short Interest Down 21.1% in October

Orthofix Medical Inc (NASDAQ:OFIX) was the target of a large drop in short interest in October. As of October 31st, there was short interest totalling 378,900 shares, a drop of 21.1% from the September 30th total of 480,100 shares. Approximately 2.1% of the company’s stock are sold short. Based on an average daily volume of 124,800 shares, the short-interest ratio is presently 3.0 days.

In other news, Director Ronald A. Matricaria purchased 20,000 shares of the company’s stock in a transaction dated Thursday, October 31st. The shares were purchased at an average cost of $42.27 per share, for a total transaction of $845,400.00. Following the purchase, the director now directly owns 133,800 shares in the company, valued at approximately $5,655,726. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Brad Mason sold 5,805 shares of the firm’s stock in a transaction on Wednesday, August 28th. The stock was sold at an average price of $50.97, for a total value of $295,880.85. Following the completion of the transaction, the chief executive officer now owns 165,041 shares in the company, valued at $8,412,139.77. The disclosure for this sale can be found here. 5.80% of the stock is currently owned by company insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in OFIX. Marshall Wace North America L.P. purchased a new position in Orthofix Medical during the first quarter valued at $25,000. Tower Research Capital LLC TRC purchased a new position in Orthofix Medical during the second quarter valued at $54,000. Quantamental Technologies LLC lifted its position in Orthofix Medical by 14,277.8% during the second quarter. Quantamental Technologies LLC now owns 1,294 shares of the medical device company’s stock valued at $68,000 after purchasing an additional 1,285 shares in the last quarter. Congress Asset Management Co. MA purchased a new position in Orthofix Medical during the second quarter valued at $234,000. Finally, Paloma Partners Management Co purchased a new position in Orthofix Medical during the second quarter valued at $244,000. Institutional investors own 97.65% of the company’s stock.

Shares of OFIX stock traded up $0.13 on Thursday, reaching $44.45. The stock had a trading volume of 72,800 shares, compared to its average volume of 131,157. The stock has a market cap of $842.61 million, a P/E ratio of 22.68, a price-to-earnings-growth ratio of 2.90 and a beta of 0.38. Orthofix Medical has a 1 year low of $39.75 and a 1 year high of $74.44. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.77 and a current ratio of 2.69. The company has a 50 day simple moving average of $49.21 and a 200 day simple moving average of $51.23.

Orthofix Medical (NASDAQ:OFIX) last released its quarterly earnings results on Monday, October 28th. The medical device company reported $0.41 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.51 by ($0.10). The firm had revenue of $113.50 million during the quarter, compared to analysts’ expectations of $117.83 million. Orthofix Medical had a positive return on equity of 9.16% and a negative net margin of 6.81%. The business’s quarterly revenue was up 1.6% on a year-over-year basis. During the same quarter last year, the business earned $0.44 earnings per share. On average, equities research analysts anticipate that Orthofix Medical will post 1.53 earnings per share for the current fiscal year.

A number of equities analysts have recently issued reports on OFIX shares. Zacks Investment Research downgraded Orthofix Medical from a “hold” rating to a “sell” rating in a research note on Friday, November 1st. BidaskClub downgraded Orthofix Medical from a “hold” rating to a “sell” rating in a research note on Wednesday, October 30th. Finally, Cantor Fitzgerald downgraded Orthofix Medical from an “overweight” rating to a “neutral” rating and dropped their price target for the stock from $71.00 to $48.00 in a research note on Tuesday, October 29th. Two investment analysts have rated the stock with a sell rating and three have given a hold rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $53.50.

Orthofix Medical Company Profile

Orthofix Medical Inc, a medical device company, provides musculoskeletal healing products and therapies worldwide. It operates through four segments: Bone Growth Therapies, Spinal Implants, Biologics, and Orthofix Extremities. The Bone Growth Therapies segment manufactures, distributes, and provides support services for bone growth stimulator devices that enhance bone fusion and are indicated as treatment to enhance fusion success rates in cervical and lumbar spine, as well as a therapeutic treatment for non-spinal appendicular fractures.

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