Canaccord Genuity Group Initiates Coverage on Orthofix Medical (NASDAQ:OFIX)

Stock analysts at Canaccord Genuity Group initiated coverage on shares of Orthofix Medical (NASDAQ:OFIX) in a research note issued on Wednesday, MarketBeat Ratings reports. The brokerage set a “buy” rating and a $24.00 price target on the medical device company’s stock. Canaccord Genuity Group’s price target suggests a potential upside of 30.72% from the stock’s current price.

Several other brokerages have also issued reports on OFIX. Roth Mkm reissued a “buy” rating and issued a $22.00 price target (up previously from $20.00) on shares of Orthofix Medical in a report on Friday, November 8th. Stifel Nicolaus raised Orthofix Medical from a “hold” rating to a “buy” rating and upped their price objective for the stock from $18.00 to $24.00 in a report on Friday, November 8th. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, Orthofix Medical has an average rating of “Moderate Buy” and a consensus target price of $23.33.

Orthofix Medical Stock Performance

Shares of NASDAQ OFIX opened at $18.36 on Wednesday. The stock’s fifty day simple moving average is $18.07 and its 200 day simple moving average is $16.92. The stock has a market capitalization of $701.54 million, a price-to-earnings ratio of -5.87 and a beta of 1.10. The company has a quick ratio of 1.11, a current ratio of 2.39 and a debt-to-equity ratio of 0.25. Orthofix Medical has a 52-week low of $12.08 and a 52-week high of $20.73.

Orthofix Medical (NASDAQ:OFIX) last released its quarterly earnings data on Thursday, November 7th. The medical device company reported ($0.71) earnings per share for the quarter, missing the consensus estimate of ($0.14) by ($0.57). Orthofix Medical had a negative net margin of 15.18% and a negative return on equity of 21.25%. The company had revenue of $196.61 million during the quarter, compared to analyst estimates of $196.60 million. During the same quarter in the prior year, the company posted ($0.77) EPS. As a group, sell-side analysts forecast that Orthofix Medical will post -2.81 earnings per share for the current fiscal year.

Insider Activity at Orthofix Medical

In related news, CEO Massimo Calafiore sold 9,203 shares of Orthofix Medical stock in a transaction that occurred on Monday, January 13th. The shares were sold at an average price of $17.14, for a total value of $157,739.42. Following the transaction, the chief executive officer now directly owns 124,151 shares of the company’s stock, valued at $2,127,948.14. This trade represents a 6.90 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Julie Andrews sold 4,655 shares of the business’s stock in a transaction dated Thursday, January 16th. The stock was sold at an average price of $17.89, for a total value of $83,277.95. Following the transaction, the chief financial officer now directly owns 28,312 shares of the company’s stock, valued at approximately $506,501.68. The trade was a 14.12 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 24,675 shares of company stock worth $423,238. Company insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On Orthofix Medical

Institutional investors and hedge funds have recently modified their holdings of the business. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Orthofix Medical by 5.9% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,994 shares of the medical device company’s stock worth $156,000 after acquiring an additional 559 shares in the last quarter. XTX Topco Ltd purchased a new position in Orthofix Medical during the second quarter valued at approximately $175,000. Assenagon Asset Management S.A. purchased a new stake in shares of Orthofix Medical in the third quarter worth $216,000. Quest Partners LLC grew its holdings in shares of Orthofix Medical by 187.1% during the third quarter. Quest Partners LLC now owns 13,908 shares of the medical device company’s stock worth $217,000 after purchasing an additional 9,063 shares in the last quarter. Finally, SG Americas Securities LLC raised its stake in Orthofix Medical by 74.0% in the third quarter. SG Americas Securities LLC now owns 17,117 shares of the medical device company’s stock valued at $267,000 after purchasing an additional 7,278 shares in the last quarter. 89.76% of the stock is currently owned by institutional investors.

Orthofix Medical Company Profile

Orthofix Medical Inc operates as a spine and orthopedics company in the United States, Italy, Germany, the United Kingdom, France, Brazil, and internationally. It operates through two segments, Global Spine and Global Orthopedics. The Global Spine segment manufactures and distributes bone growth stimulator devices for enhance of bone fusion, including adjunctive and noninvasive treatment of cervical and lumbar spine, as well as a therapeutic treatment for non-spine; designs, develops, and markets a portfolio of motion preservation and fixation implant products, which are used in surgical procedures of the spine; and offers biological products, such as fiber-based and particulate demineralized bone matrices, cellular bone allografts, collagen ceramic matrices, and synthetic bone void fillers, and tissue forms, which allow physicians to treat various spinal and orthopedic conditions.