Orthofix Medical (NASDAQ:OFIX) Upgraded by Stifel Nicolaus to “Buy” Rating

Orthofix Medical (NASDAQ:OFIX) was upgraded by stock analysts at Stifel Nicolaus from a “hold” rating to a “buy” rating in a note issued to investors on Friday, MarketBeat.com reports. The firm presently has a $24.00 price target on the medical device company’s stock, up from their prior price target of $18.00. Stifel Nicolaus’ price objective indicates a potential upside of 31.72% from the company’s previous close.

Orthofix Medical Price Performance

OFIX stock opened at $18.22 on Friday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.13 and a current ratio of 2.48. Orthofix Medical has a 1 year low of $9.57 and a 1 year high of $19.47. The firm has a market cap of $695.55 million, a P/E ratio of -5.71 and a beta of 1.05. The stock has a 50-day simple moving average of $16.20 and a 200-day simple moving average of $15.23.

Orthofix Medical (NASDAQ:OFIX) last posted its earnings results on Tuesday, August 6th. The medical device company reported ($0.88) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.58). Orthofix Medical had a negative net margin of 15.61% and a negative return on equity of 20.68%. The company had revenue of $198.62 million during the quarter, compared to analyst estimates of $195.75 million. On average, equities analysts predict that Orthofix Medical will post -2.13 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Orthofix Medical

A number of large investors have recently modified their holdings of OFIX. Paradigm Capital Management Inc. NY boosted its holdings in Orthofix Medical by 31.3% in the second quarter. Paradigm Capital Management Inc. NY now owns 2,556,100 shares of the medical device company’s stock valued at $33,894,000 after purchasing an additional 609,137 shares during the last quarter. Engine Capital Management LP boosted its holdings in Orthofix Medical by 11.0% in the second quarter. Engine Capital Management LP now owns 3,368,665 shares of the medical device company’s stock valued at $44,668,000 after purchasing an additional 333,364 shares during the last quarter. Marshall Wace LLP purchased a new position in Orthofix Medical in the second quarter valued at about $2,193,000. AYAL Capital Advisors Ltd boosted its holdings in Orthofix Medical by 10.2% in the second quarter. AYAL Capital Advisors Ltd now owns 686,794 shares of the medical device company’s stock valued at $9,107,000 after purchasing an additional 63,697 shares during the last quarter. Finally, Victory Capital Management Inc. purchased a new position in Orthofix Medical in the second quarter valued at about $832,000. Institutional investors and hedge funds own 89.76% of the company’s stock.

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.