Orthofix Medical Inc. (NASDAQ:OFIX) Sees Significant Decrease in Short Interest

Orthofix Medical Inc. (NASDAQ:OFIX) saw a large decline in short interest in the month of January. As of January 15th, there was short interest totalling 790,300 shares, a decline of 26.8% from the December 31st total of 1,080,000 shares. Based on an average daily volume of 255,400 shares, the days-to-cover ratio is presently 3.1 days.

Insider Transactions at Orthofix Medical

In other news, CFO Julie Andrews sold 4,655 shares of the business’s stock in a transaction that occurred on Thursday, January 16th. The stock was sold at an average price of $17.89, for a total transaction of $83,277.95. Following the sale, the chief financial officer now directly owns 28,312 shares in the company, valued at approximately $506,501.68. The trade was a 14.12 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Massimo Calafiore sold 9,203 shares of the firm’s stock in a transaction on Monday, January 13th. The stock was sold at an average price of $17.14, for a total value of $157,739.42. Following the completion of the transaction, the chief executive officer now directly owns 124,151 shares of the company’s stock, valued at approximately $2,127,948.14. This trade represents a 6.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 24,675 shares of company stock worth $423,238. 2.60% of the stock is currently owned by company insiders.

Institutional Trading of Orthofix Medical

Several hedge funds have recently added to or reduced their stakes in OFIX. Marshall Wace LLP bought a new stake in shares of Orthofix Medical in the second quarter worth about $2,193,000. HighVista Strategies LLC acquired a new position in shares of Orthofix Medical in the 3rd quarter valued at approximately $1,689,000. JPMorgan Chase & Co. increased its stake in Orthofix Medical by 480.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 84,379 shares of the medical device company’s stock worth $1,318,000 after purchasing an additional 69,848 shares in the last quarter. Millrace Asset Group Inc. acquired a new stake in Orthofix Medical during the 3rd quarter worth approximately $906,000. Finally, HighTower Advisors LLC lifted its stake in Orthofix Medical by 114.9% in the third quarter. HighTower Advisors LLC now owns 89,183 shares of the medical device company’s stock valued at $1,393,000 after buying an additional 47,680 shares in the last quarter. Institutional investors and hedge funds own 89.76% of the company’s stock.

Analyst Ratings Changes

OFIX has been the subject of several recent research reports. StockNews.com raised shares of Orthofix Medical from a “hold” rating to a “buy” rating in a research report on Friday. Roth Mkm reissued a “buy” rating and issued a $22.00 target price (up from $20.00) on shares of Orthofix Medical in a report on Friday, November 8th. Canaccord Genuity Group assumed coverage on Orthofix Medical in a research note on Wednesday, January 22nd. They issued a “buy” rating and a $24.00 price target on the stock. Finally, Stifel Nicolaus upgraded Orthofix Medical from a “hold” rating to a “buy” rating and upped their price target for the company from $18.00 to $24.00 in a research report on Friday, November 8th. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $23.33.

Orthofix Medical Stock Performance

NASDAQ:OFIX opened at $18.65 on Friday. The company has a current ratio of 2.39, a quick ratio of 1.11 and a debt-to-equity ratio of 0.25. Orthofix Medical has a 1 year low of $12.08 and a 1 year high of $20.73. The firm has a 50 day moving average of $18.08 and a 200-day moving average of $17.06.

Orthofix Medical (NASDAQ:OFIX) last issued its quarterly earnings data on Thursday, November 7th. The medical device company reported ($0.71) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.14) by ($0.57). The business had revenue of $196.61 million during the quarter, compared to the consensus estimate 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) EPS. Equities research analysts expect that Orthofix Medical will post -2.81 earnings per share for the current fiscal year.

About Orthofix Medical

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.