Canaccord Genuity Group Has Lowered Expectations for Orthofix Medical (NASDAQ:OFIX) Stock Price

Orthofix Medical (NASDAQ:OFIX) had its target price reduced by equities research analysts at Canaccord Genuity Group from $18.00 to $13.00 in a research report issued on Monday,Benzinga reports. The firm presently has a “buy” rating on the medical device company’s stock. Canaccord Genuity Group’s target price would suggest a potential upside of 26.46% from the stock’s previous close.

A number of other research firms have also recently issued reports on OFIX. Weiss Ratings reissued a “sell (d-)” rating on shares of Orthofix Medical in a research note on Friday, July 17th. Stifel Nicolaus reduced their price target on shares of Orthofix Medical from $18.00 to $15.00 and set a “buy” rating for the company in a report on Friday, May 22nd. Wall Street Zen downgraded shares of Orthofix Medical from a “buy” rating to a “hold” rating in a research report on Saturday, May 2nd. TD Cowen restated a “hold” rating on shares of Orthofix Medical in a report on Thursday, May 21st. Finally, Barrington Research boosted their price objective on shares of Orthofix Medical from $15.00 to $17.00 and gave the company an “outperform” rating in a research report on Monday, July 6th. Three analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $14.75.

Orthofix Medical Price Performance

NASDAQ:OFIX opened at $10.28 on Monday. Orthofix Medical has a 1 year low of $8.85 and a 1 year high of $16.99. The stock has a 50-day moving average price of $10.52 and a two-hundred day moving average price of $11.69. The stock has a market cap of $415.52 million, a price-to-earnings ratio of -6.68 and a beta of 0.68. The company has a current ratio of 2.84, a quick ratio of 1.67 and a debt-to-equity ratio of 0.55.

Orthofix Medical (NASDAQ:OFIX) last released its quarterly earnings results on Wednesday, August 5th. The medical device company reported ($0.39) EPS for the quarter, topping analysts’ consensus estimates of ($0.41) by $0.02. Orthofix Medical had a negative return on equity of 14.05% and a negative net margin of 7.41%.The company had revenue of $210.93 million for the quarter, compared to analyst estimates of $209.28 million. As a group, equities analysts expect that Orthofix Medical will post -1.4 earnings per share for the current year.

Insider Transactions at Orthofix Medical

In related news, insider Aviva Mcpherron sold 3,670 shares of Orthofix Medical stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $9.38, for a total value of $34,424.60. Following the sale, the insider owned 66,330 shares of the company’s stock, valued at approximately $622,175.40. This trade represents a 5.24% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Corporate insiders own 2.70% of the company’s stock.

Hedge Funds Weigh In On Orthofix Medical

Large investors have recently bought and sold shares of the company. Kestra Advisory Services LLC bought a new position in shares of Orthofix Medical during the 4th quarter worth approximately $56,000. CWM LLC lifted its position in shares of Orthofix Medical by 136.4% in the fourth quarter. CWM LLC now owns 4,538 shares of the medical device company’s stock worth $69,000 after purchasing an additional 2,618 shares in the last quarter. Strs Ohio bought a new stake in shares of Orthofix Medical in the first quarter worth $150,000. Mackenzie Financial Corp acquired a new position in Orthofix Medical during the third quarter worth $148,000. Finally, VARCOV Co. acquired a new position in Orthofix Medical during the fourth quarter worth $164,000. Institutional investors and hedge funds own 89.76% of the company’s stock.

About Orthofix Medical

Orthofix Medical Inc (NASDAQ: OFIX) is a global medical device company focused on the design and development of innovative orthopedic and spinal solutions. The company’s core business is divided into two segments: spine and orthopedics. In the spine segment, Orthofix offers a range of titanium implants, biologics and portable bone growth stimulation devices designed to support spinal fusion, deformity correction and minimally invasive procedures. Its orthopedic segment encompasses products for fracture fixation, external fixation systems, trauma care and sports medicine, providing surgeons with implantable devices and instruments for complex bone reconstruction and healing.

Orthofix’s product portfolio includes strut systems, bone growth stimulators, interbody fusion devices and fixation hardware that address various indications such as degenerative disc disease, spinal deformities, non-unions and long-bone fractures.