Shoulder Innovations (NYSE:SI) Hits New 1-Year High – Still a Buy?

Shoulder Innovations, Inc. (NYSE:SI)’s stock price reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $23.86 and last traded at $24.2230, with a volume of 107211 shares traded. The stock had previously closed at $20.96.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on SI. Piper Sandler reiterated an “overweight” rating and issued a $19.00 price objective (up from $18.00) on shares of Shoulder Innovations in a research note on Friday, May 8th. UBS Group started coverage on shares of Shoulder Innovations in a report on Tuesday. They issued a “buy” rating and a $27.00 target price on the stock. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Shoulder Innovations in a research report on Monday, June 29th. Six analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $22.00.

Shoulder Innovations Stock Performance

The stock has a market cap of $502.39 million and a PE ratio of -0.15. The stock has a fifty day moving average of $18.50 and a 200-day moving average of $15.55. The company has a quick ratio of 10.04, a current ratio of 11.81 and a debt-to-equity ratio of 0.11.

Shoulder Innovations (NYSE:SI) last posted its quarterly earnings data on Wednesday, May 13th. The company reported ($0.41) EPS for the quarter, beating the consensus estimate of ($0.44) by $0.03. Shoulder Innovations had a negative return on equity of 35.11% and a negative net margin of 81.78%.The firm had revenue of $16.71 million during the quarter. On average, equities analysts forecast that Shoulder Innovations, Inc. will post -1.67 EPS for the current year.

Insider Activity at Shoulder Innovations

In related news, COO Matthew Fraser Ahearn sold 4,144 shares of the stock in a transaction on Monday, June 15th. The stock was sold at an average price of $18.84, for a total transaction of $78,072.96. Following the completion of the sale, the chief operating officer directly owned 269,176 shares of the company’s stock, valued at $5,071,275.84. This trade represents a 1.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 29.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Shoulder Innovations

A number of large investors have recently bought and sold shares of SI. Bank of America Corp DE lifted its stake in shares of Shoulder Innovations by 43.7% in the 1st quarter. Bank of America Corp DE now owns 26,983 shares of the company’s stock worth $392,000 after acquiring an additional 8,205 shares during the period. Royal Bank of Canada raised its holdings in Shoulder Innovations by 7,046.3% during the first quarter. Royal Bank of Canada now owns 53,883 shares of the company’s stock worth $783,000 after purchasing an additional 53,129 shares in the last quarter. KCM Capital Inc purchased a new position in Shoulder Innovations during the first quarter worth about $509,000. Roubaix Capital LLC lifted its position in Shoulder Innovations by 61.9% in the first quarter. Roubaix Capital LLC now owns 257,121 shares of the company’s stock valued at $3,736,000 after purchasing an additional 98,305 shares during the period. Finally, Bank of New York Mellon Corp purchased a new stake in Shoulder Innovations in the 1st quarter valued at approximately $252,000.

Shoulder Innovations Company Profile

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.