SI-Bone Inc (NASDAQ:SIBN) Sees Significant Growth in Short Interest

SI-Bone Inc (NASDAQ:SIBN) was the target of a large growth in short interest in the month of September. As of September 30th, there was short interest totalling 445,500 shares, a growth of 31.4% from the September 15th total of 339,100 shares. Approximately 2.1% of the shares of the company are sold short. Based on an average trading volume of 204,300 shares, the short-interest ratio is presently 2.2 days.

SIBN has been the topic of several recent research reports. Canaccord Genuity reiterated a “buy” rating and issued a $24.00 price objective on shares of SI-Bone in a research note on Tuesday, August 4th. Morgan Stanley increased their price objective on shares of SI-Bone from $20.00 to $25.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 4th. Needham & Company LLC increased their price objective on shares of SI-Bone from $22.00 to $24.00 and gave the stock a “buy” rating in a research note on Tuesday, August 4th. Zacks Investment Research cut shares of SI-Bone from a “buy” rating to a “hold” rating in a research note on Tuesday, October 6th. Finally, JMP Securities increased their price objective on shares of SI-Bone from $22.00 to $27.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 30th. One investment analyst has rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. SI-Bone has a consensus rating of “Buy” and an average target price of $25.14.

NASDAQ SIBN opened at $23.49 on Friday. SI-Bone has a 12 month low of $7.20 and a 12 month high of $26.41. The stock has a market cap of $672.52 million, a price-to-earnings ratio of -13.58 and a beta of 1.46. The company’s 50 day moving average is $22.87 and its two-hundred day moving average is $18.15. The company has a current ratio of 13.18, a quick ratio of 12.75 and a debt-to-equity ratio of 0.36.

SI-Bone (NASDAQ:SIBN) last announced its quarterly earnings data on Monday, August 3rd. The company reported ($0.44) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.64) by $0.20. SI-Bone had a negative net margin of 68.27% and a negative return on equity of 51.27%. The business had revenue of $14.05 million during the quarter, compared to analyst estimates of $9.48 million. Sell-side analysts forecast that SI-Bone will post -1.61 EPS for the current year.

In other SI-Bone news, insider Michael A. Pisetsky sold 3,000 shares of the company’s stock in a transaction dated Friday, September 18th. The shares were sold at an average price of $25.00, for a total transaction of $75,000.00. Following the transaction, the insider now owns 52,252 shares in the company, valued at approximately $1,306,300. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Jeffrey W. Dunn sold 4,771 shares of the company’s stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $17.51, for a total transaction of $83,540.21. The disclosure for this sale can be found here. Insiders have sold a total of 170,154 shares of company stock worth $3,560,213 in the last 90 days. Company insiders own 15.50% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Orbimed Advisors LLC purchased a new stake in SI-Bone during the 1st quarter valued at approximately $16,507,000. Gilder Gagnon Howe & Co. LLC grew its holdings in SI-Bone by 2.9% during the 2nd quarter. Gilder Gagnon Howe & Co. LLC now owns 1,345,207 shares of the company’s stock valued at $21,443,000 after buying an additional 37,877 shares in the last quarter. Vanguard Group Inc. grew its holdings in SI-Bone by 22.3% during the 2nd quarter. Vanguard Group Inc. now owns 1,241,255 shares of the company’s stock valued at $19,786,000 after buying an additional 226,176 shares in the last quarter. Driehaus Capital Management LLC grew its holdings in SI-Bone by 1.4% during the 2nd quarter. Driehaus Capital Management LLC now owns 1,123,448 shares of the company’s stock valued at $17,908,000 after buying an additional 15,450 shares in the last quarter. Finally, Morgan Stanley grew its holdings in SI-Bone by 165.8% during the 1st quarter. Morgan Stanley now owns 780,676 shares of the company’s stock valued at $9,329,000 after buying an additional 486,924 shares in the last quarter. 66.66% of the stock is owned by institutional investors and hedge funds.

SI-Bone Company Profile

SI-BONE, Inc, a medical device company, develops and commercializes a proprietary minimally invasive surgical implant system in the United States and Internationally. It offers iFuse, an implant system to fuse the sacroiliac joint to treat sacroiliac joint dysfunction that causes lower back pain. The company was founded in 2008 and is headquartered in Santa Clara, California.

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