Royal Bank of Canada Purchases 53,129 Shares of Shoulder Innovations, Inc. $SI

Royal Bank of Canada raised its position in Shoulder Innovations, Inc. (NYSE:SI) by 7,046.3% in the 1st quarter, HoldingsChannel reports. The fund owned 53,883 shares of the company’s stock after purchasing an additional 53,129 shares during the period. Royal Bank of Canada’s holdings in Shoulder Innovations were worth $783,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in shares of Shoulder Innovations during the 3rd quarter worth approximately $28,000. Rhumbline Advisers acquired a new position in shares of Shoulder Innovations in the third quarter valued at $54,000. Wells Fargo & Company MN lifted its position in Shoulder Innovations by 66.3% in the fourth quarter. Wells Fargo & Company MN now owns 5,250 shares of the company’s stock worth $75,000 after purchasing an additional 2,094 shares during the period. Renaissance Technologies LLC bought a new position in Shoulder Innovations in the fourth quarter worth $176,000. Finally, Blue Trust Inc. acquired a new stake in Shoulder Innovations during the first quarter worth $228,000.

Insider Buying and Selling at Shoulder Innovations

In other news, COO Matthew Fraser Ahearn sold 14,186 shares of the company’s stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $20.99, for a total value of $297,764.14. Following the sale, the chief operating officer owned 244,176 shares of the company’s stock, valued at approximately $5,125,254.24. This represents a 5.49% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, major shareholder Healthcare Holding B.V. Gilde sold 2,095 shares of the stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $22.60, for a total transaction of $47,347.00. Following the sale, the insider owned 2,212,207 shares of the company’s stock, valued at $49,995,878.20. This trade represents a 0.09% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 210,775 shares of company stock worth $4,684,668 in the last 90 days. 29.00% of the stock is owned by corporate insiders.

Shoulder Innovations Price Performance

Shares of SI stock opened at $22.15 on Friday. The stock’s fifty day simple moving average is $20.95 and its 200 day simple moving average is $16.52. The company has a debt-to-equity ratio of 0.12, a current ratio of 10.71 and a quick ratio of 8.92. The firm has a market cap of $461.16 million and a price-to-earnings ratio of -11.54. Shoulder Innovations, Inc. has a one year low of $10.92 and a one year high of $24.59.

Shoulder Innovations (NYSE:SI) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($0.49) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.46) by ($0.03). Shoulder Innovations had a negative net margin of 58.33% and a negative return on equity of 23.61%. The company had revenue of $17.18 million during the quarter. On average, analysts expect that Shoulder Innovations, Inc. will post -1.9 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. BTIG Research boosted their price target on shares of Shoulder Innovations from $24.00 to $26.00 and gave the company a “buy” rating in a report on Friday, August 7th. UBS Group raised their price objective on shares of Shoulder Innovations from $27.00 to $28.00 and gave the stock a “buy” rating in a report on Monday, August 10th. Piper Sandler reissued an “overweight” rating and issued a $25.00 target price (up from $19.00) on shares of Shoulder Innovations in a research note on Friday, August 7th. Finally, Weiss Ratings raised shares of Shoulder Innovations from a “sell (d-)” rating to a “sell (d)” rating in a research report on Monday, August 3rd. Six equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Shoulder Innovations currently has an average rating of “Moderate Buy” and a consensus price target of $23.50.

About Shoulder Innovations

Shoulder Innovations (NYSE:SI) is a medical device company focused on the design, development and commercialization of shoulder implant systems and related surgical instruments for orthopedic surgery. The company’s product portfolio includes modular shoulder prostheses, humeral and glenoid components, and instrumentation kits designed to facilitate both primary and revision shoulder arthroplasty procedures. Emphasizing a patient-centric approach, Shoulder Innovations works to offer implant solutions that aim to restore mobility and reduce post-operative complications.

In addition to its core implant offerings, Shoulder Innovations provides comprehensive clinical support and training programs for surgeons and operating room teams.