Surgery Partners (NASDAQ:SGRY) Shares Gap Down – Here’s Why

Surgery Partners, Inc. (NASDAQ:SGRY) gapped down before the market opened on Tuesday . The stock had previously closed at $31.43, but opened at $28.07. Surgery Partners shares last traded at $29.06, with a volume of 410,406 shares changing hands.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on SGRY. KeyCorp started coverage on Surgery Partners in a research report on Friday, October 11th. They issued a “sector weight” rating on the stock. Macquarie lowered their price target on Surgery Partners from $35.00 to $34.00 and set an “outperform” rating for the company in a research report on Wednesday. Citigroup cut their price objective on shares of Surgery Partners from $38.00 to $36.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. Benchmark reaffirmed a “buy” rating and issued a $50.00 target price on shares of Surgery Partners in a report on Monday, August 26th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $49.00 price target on shares of Surgery Partners in a report on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $40.00.

Surgery Partners Stock Down 13.7 %

The company has a quick ratio of 1.69, a current ratio of 1.83 and a debt-to-equity ratio of 0.96. The company has a market cap of $3.24 billion, a PE ratio of -53.14, a PEG ratio of 2.34 and a beta of 2.76. The company’s fifty day moving average is $30.88 and its 200-day moving average is $28.47.

Institutional Trading of Surgery Partners

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Arizona State Retirement System lifted its holdings in shares of Surgery Partners by 1.9% in the second quarter. Arizona State Retirement System now owns 19,494 shares of the company’s stock worth $464,000 after buying an additional 359 shares in the last quarter. Natixis Advisors LLC lifted its stake in Surgery Partners by 3.0% in the 3rd quarter. Natixis Advisors LLC now owns 12,828 shares of the company’s stock worth $414,000 after purchasing an additional 376 shares in the last quarter. KBC Group NV grew its position in shares of Surgery Partners by 31.8% during the third quarter. KBC Group NV now owns 2,385 shares of the company’s stock valued at $77,000 after purchasing an additional 576 shares in the last quarter. Mackenzie Financial Corp increased its holdings in shares of Surgery Partners by 3.4% in the second quarter. Mackenzie Financial Corp now owns 19,999 shares of the company’s stock worth $476,000 after purchasing an additional 662 shares during the last quarter. Finally, ProShare Advisors LLC boosted its stake in Surgery Partners by 7.8% during the first quarter. ProShare Advisors LLC now owns 13,588 shares of the company’s stock valued at $405,000 after buying an additional 986 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.