Orthofix Medical (NASDAQ:OFIX) Earns Buy Rating from Analysts at Canaccord Genuity Group

Canaccord Genuity Group assumed coverage on shares of Orthofix Medical (NASDAQ:OFIX) in a research report report published on Wednesday morning, MarketBeat.com reports. The firm issued a buy rating and a $24.00 target price on the medical device company’s stock.

OFIX has been the topic of a number of other research reports. Stifel Nicolaus upgraded Orthofix Medical from a “hold” rating to a “buy” rating and lifted their target price for the company from $18.00 to $24.00 in a report on Friday, November 8th. Roth Mkm reaffirmed a “buy” rating and issued a $22.00 price objective (up from $20.00) on shares of Orthofix Medical in a research note on Friday, November 8th. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $23.33.

Orthofix Medical Stock Up 0.1 %

OFIX opened at $18.38 on Wednesday. Orthofix Medical has a 12 month low of $12.08 and a 12 month high of $20.73. The business has a 50-day moving average of $18.07 and a two-hundred day moving average of $16.93. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.39 and a quick ratio of 1.11. The stock has a market capitalization of $702.37 million, a price-to-earnings ratio of -5.87 and a beta of 1.10.

Orthofix Medical (NASDAQ:OFIX) last released its earnings results on Thursday, November 7th. The medical device company reported ($0.71) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.57). The company had revenue of $196.61 million during the quarter, compared to analysts’ expectations of $196.60 million. Orthofix Medical had a negative net margin of 15.18% and a negative return on equity of 21.25%. During the same quarter in the previous year, the firm posted ($0.77) earnings per share. On average, research analysts expect that Orthofix Medical will post -2.81 earnings per share for the current year.

Insider Activity at Orthofix Medical

In other news, CFO Julie Andrews sold 4,655 shares of the 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 completion of the sale, the chief financial officer now owns 28,312 shares in the company, valued at approximately $506,501.68. This trade represents a 14.12 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Massimo Calafiore sold 10,078 shares of the firm’s stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $16.83, for a total value of $169,612.74. Following the sale, the chief executive officer now owns 133,354 shares in the company, valued at approximately $2,244,347.82. The trade was a 7.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 24,675 shares of company stock worth $423,238. Corporate insiders own 2.60% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Armistice Capital LLC lifted its holdings in Orthofix Medical by 1.4% in the 2nd quarter. Armistice Capital LLC now owns 3,750,000 shares of the medical device company’s stock worth $49,725,000 after buying an additional 50,000 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Orthofix Medical by 1.4% during the third quarter. Geode Capital Management LLC now owns 839,189 shares of the medical device company’s stock worth $13,111,000 after acquiring an additional 11,559 shares during the last quarter. AYAL Capital Advisors Ltd lifted its stake in shares of Orthofix Medical by 10.2% in the second quarter. AYAL Capital Advisors Ltd now owns 686,794 shares of the medical device company’s stock worth $9,107,000 after acquiring an additional 63,697 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Orthofix Medical by 14.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 324,807 shares of the medical device company’s stock valued at $5,073,000 after purchasing an additional 39,901 shares during the last quarter. Finally, Algert Global LLC grew its stake in Orthofix Medical by 25.6% during the 3rd quarter. Algert Global LLC now owns 214,445 shares of the medical device company’s stock valued at $3,350,000 after purchasing an additional 43,753 shares in the last quarter. 89.76% of the stock is currently owned by hedge funds and other 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.