Surgalign (NASDAQ:SRGA) Upgraded to “Hold” at Zacks Investment Research


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Zacks Investment Research upgraded shares of Surgalign (NASDAQ:SRGA) from a sell rating to a hold rating in a report released on Wednesday morning, Zacks.com reports.

According to Zacks, “Surgalign Holdings Inc. is a surgical implant company. Surgalign Holdings Inc., formerly known as RTI Surgical Holdings Inc., is headquartered in Deerfield, Illinois. “

A number of other analysts have also commented on SRGA. Piper Sandler assumed coverage on Surgalign in a research note on Tuesday, February 2nd. They issued an overweight rating and a $4.00 price target for the company. BTIG Research assumed coverage on Surgalign in a research note on Wednesday, February 3rd. They issued a buy rating and a $4.00 price target for the company. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. The company has an average rating of Buy and a consensus target price of $4.33.

NASDAQ:SRGA opened at $2.10 on Wednesday. The stock has a market capitalization of $231.56 million, a price-to-earnings ratio of -1.17 and a beta of 2.21. Surgalign has a fifty-two week low of $1.49 and a fifty-two week high of $3.97. The company’s 50 day moving average is $2.41.

Surgalign (NASDAQ:SRGA) last released its quarterly earnings data on Monday, March 15th. The company reported ($0.22) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.15) by ($0.07). The company had revenue of $26.19 million for the quarter, compared to analysts’ expectations of $26.19 million. Surgalign had a negative net margin of 56.07% and a negative return on equity of 101.34%. On average, sell-side analysts forecast that Surgalign will post -0.68 earnings per share for the current fiscal year.

In other news, insider William Scott Durall acquired 333,333 shares of the firm’s stock in a transaction on Monday, February 1st. The stock was acquired at an average price of $1.50 per share, for a total transaction of $499,999.50. Following the completion of the acquisition, the insider now owns 460,884 shares in the company, valued at $691,326. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Terry M. Rich acquired 808,204 shares of the firm’s stock in a transaction on Monday, February 1st. The stock was purchased at an average price of $1.50 per share, with a total value of $1,212,306.00. Following the acquisition, the chief executive officer now owns 1,100,936 shares of the company’s stock, valued at approximately $1,651,404. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 1,158,204 shares of company stock valued at $1,737,306. 3.70% of the stock is owned by corporate insiders.

Several large investors have recently modified their holdings of SRGA. ProShare Advisors LLC bought a new position in shares of Surgalign during the fourth quarter valued at $28,000. XTX Markets LLC bought a new position in shares of Surgalign during the fourth quarter valued at $29,000. HighTower Advisors LLC bought a new position in shares of Surgalign during the fourth quarter valued at $30,000. Burney Co. bought a new position in shares of Surgalign during the fourth quarter valued at $34,000. Finally, Credit Suisse AG bought a new position in shares of Surgalign during the fourth quarter valued at $36,000. Hedge funds and other institutional investors own 53.47% of the company’s stock.

Surgalign Company Profile

Surgalign Holdings, Inc, a medical technology company, develops, manufactures, distributes, and markets spine implants worldwide. It offers products for thoracolumbar procedures, including Streamline TL Spinal Fixation system, a system for degenerative and complex spine procedures; and Streamline MIS Spinal Fixation system, a range of implants and instruments used via a percutaneous or mini-open approach; and interbody fusion devices, as well as products for cervical procedures, such as CervAlign ACP system, a comprehensive anterior cervical plate system; Fortilink-C IBF system, a cervical interbody fusion device that utilizes TETRAfuse 3D technology; and Streamline OCT system, a range of implants used in the occipito-cervico-thoracic posterior spine.

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