Barrington Research Cuts Orthofix Medical (NASDAQ:OFIX) Price Target to $15.00

Orthofix Medical (NASDAQ:OFIX) had its price target reduced by equities research analysts at Barrington Research from $17.00 to $15.00 in a report issued on Friday,Benzinga reports. The brokerage presently has an “outperform” rating on the medical device company’s stock. Barrington Research’s price objective suggests a potential upside of 44.09% from the stock’s current price.

Other research analysts also recently issued reports about the stock. Canaccord Genuity Group set a $18.00 price target on shares of Orthofix Medical in a research note on Thursday. Stifel Nicolaus cut their price objective on shares of Orthofix Medical from $18.00 to $15.00 and set a “buy” rating for the company in a research note on Friday. TD Cowen reaffirmed a “hold” rating on shares of Orthofix Medical in a research note on Thursday. Wall Street Zen cut shares of Orthofix Medical from a “buy” rating to a “hold” rating in a research note on Saturday, May 2nd. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Orthofix Medical in a research note on Tuesday, April 21st. Three investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Orthofix Medical currently has a consensus rating of “Hold” and an average target price of $15.50.

Orthofix Medical Trading Down 14.3%

Shares of OFIX opened at $10.41 on Friday. The firm’s 50 day simple moving average is $11.99 and its 200 day simple moving average is $13.61. The company has a market capitalization of $420.77 million, a P/E ratio of -6.89 and a beta of 0.79. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.87 and a quick ratio of 1.76. Orthofix Medical has a 1-year low of $9.50 and a 1-year high of $16.99.

Orthofix Medical (NASDAQ:OFIX) last announced its earnings results on Tuesday, May 5th. The medical device company reported ($0.52) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.68) by $0.16. The business had revenue of $196.71 million for the quarter, compared to the consensus estimate of $196.40 million. Orthofix Medical had a negative net margin of 7.27% and a negative return on equity of 13.44%. Sell-side analysts forecast that Orthofix Medical will post -1.37 earnings per share for the current fiscal year.

Insider Buying and Selling at Orthofix Medical

In other news, Director John B. Henneman III bought 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 7th. The shares were bought at an average cost of $12.26 per share, with a total value of $61,300.00. Following the completion of the purchase, the director directly owned 90,809 shares in the company, valued at $1,113,318.34. This represents a 5.83% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, insider Jorge Andres Cedron sold 3,743 shares of Orthofix Medical stock in a transaction on Thursday, April 16th. The stock was sold at an average price of $12.82, for a total transaction of $47,985.26. Following the completion of the transaction, the insider directly owned 59,006 shares in the company, valued at approximately $756,456.92. The trade was a 5.97% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders purchased a total of 327,754 shares of company stock worth $4,029,443 over the last 90 days. Company insiders own 2.70% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. Engine Capital Management LP increased its stake in shares of Orthofix Medical by 3.2% in the first quarter. Engine Capital Management LP now owns 4,390,779 shares of the medical device company’s stock worth $50,362,000 after buying an additional 137,858 shares during the period. Quantinno Capital Management LP increased its stake in shares of Orthofix Medical by 109.7% in the first quarter. Quantinno Capital Management LP now owns 37,494 shares of the medical device company’s stock worth $430,000 after buying an additional 19,610 shares during the period. Renaissance Technologies LLC increased its stake in shares of Orthofix Medical by 25.3% in the first quarter. Renaissance Technologies LLC now owns 101,991 shares of the medical device company’s stock worth $1,170,000 after buying an additional 20,600 shares during the period. Gamco Investors INC. ET AL increased its stake in shares of Orthofix Medical by 17.5% in the first quarter. Gamco Investors INC. ET AL now owns 201,800 shares of the medical device company’s stock worth $2,315,000 after buying an additional 30,000 shares during the period. Finally, Public Employees Retirement System of Ohio increased its stake in shares of Orthofix Medical by 960.1% in the first quarter. Public Employees Retirement System of Ohio now owns 33,393 shares of the medical device company’s stock worth $383,000 after buying an additional 30,243 shares during the period. 89.76% of the stock is owned by hedge funds and other institutional investors.

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.