Orthofix Medical Inc. (NASDAQ:OFIX) Sees Large Decline in Short Interest

Orthofix Medical Inc. (NASDAQ:OFIX) was the recipient of a significant decline in short interest during the month of November. As of November 30th, there was short interest totalling 1,370,000 shares, a decline of 17.5% from the November 15th total of 1,660,000 shares. Based on an average daily volume of 257,600 shares, the days-to-cover ratio is currently 5.3 days.

Analysts Set New Price Targets

Several research firms have weighed in on OFIX. Stifel Nicolaus upgraded shares of Orthofix Medical from a “hold” rating to a “buy” rating and raised their target price for the company from $18.00 to $24.00 in a report on Friday, November 8th. Roth Mkm reaffirmed a “buy” rating and set a $22.00 price objective (up previously from $20.00) on shares of Orthofix Medical in a research note on Friday, November 8th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $23.00.

Orthofix Medical Stock Performance

Shares of NASDAQ OFIX traded down $0.13 during midday trading on Friday, reaching $17.96. 97,722 shares of the company traded hands, compared to its average volume of 322,332. Orthofix Medical has a 52 week low of $11.86 and a 52 week high of $20.73. The company has a market cap of $686.32 million, a price-to-earnings ratio of -5.74 and a beta of 1.09. The stock has a 50-day moving average price of $17.55 and a 200 day moving average price of $16.07. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.39 and a quick ratio of 1.11.

Institutional Investors Weigh In On Orthofix Medical

Several institutional investors and hedge funds have recently modified their holdings of the business. Franklin Resources Inc. increased its holdings in shares of Orthofix Medical by 37.4% during the third quarter. Franklin Resources Inc. now owns 20,960 shares of the medical device company’s stock worth $337,000 after buying an additional 5,702 shares in the last quarter. Geode Capital Management LLC grew its holdings in Orthofix Medical by 1.4% during the third quarter. Geode Capital Management LLC now owns 839,189 shares of the medical device company’s stock valued at $13,111,000 after purchasing an additional 11,559 shares during the period. Barclays PLC grew its holdings in shares of Orthofix Medical by 38.8% in the 3rd quarter. Barclays PLC now owns 122,472 shares of the medical device company’s stock valued at $1,912,000 after buying an additional 34,210 shares during the period. Jane Street Group LLC raised its position in shares of Orthofix Medical by 10.7% during the third quarter. Jane Street Group LLC now owns 48,134 shares of the medical device company’s stock worth $752,000 after purchasing an additional 4,647 shares during the period. Finally, HighTower Advisors LLC raised its holdings in Orthofix Medical by 114.9% during the 3rd quarter. HighTower Advisors LLC now owns 89,183 shares of the medical device company’s stock worth $1,393,000 after buying an additional 47,680 shares during the period. 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.