Surgalign Holdings, Inc. (NASDAQ:SRGA) Short Interest Update

Surgalign Holdings, Inc. (NASDAQ:SRGAGet Rating) was the recipient of a large decline in short interest in May. As of May 15th, there was short interest totalling 155,300 shares, a decline of 96.4% from the April 30th total of 4,330,000 shares. Currently, 2.9% of the shares of the stock are short sold. Based on an average daily volume of 81,800 shares, the short-interest ratio is currently 1.9 days.

Separately, Lake Street Capital set a $30.00 target price on shares of Surgalign in a research report on Monday, February 14th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, Surgalign has an average rating of “Buy” and an average price target of $58.50.

Shares of NASDAQ:SRGA traded up $0.07 during midday trading on Wednesday, hitting $5.31. 1,126 shares of the stock traded hands, compared to its average volume of 107,344. The stock has a market capitalization of $35.14 million, a PE ratio of -0.34 and a beta of 2.22. The business’s 50 day moving average is $10.33 and its two-hundred day moving average is $16.38. The company has a quick ratio of 2.76, a current ratio of 3.57 and a debt-to-equity ratio of 0.39. Surgalign has a one year low of $4.28 and a one year high of $59.40.

Surgalign (NASDAQ:SRGAGet Rating) last released its quarterly earnings results on Tuesday, May 10th. The company reported ($2.40) earnings per share (EPS) for the quarter. The company had revenue of $20.61 million during the quarter. Surgalign had a negative return on equity of 169.33% and a negative net margin of 79.07%.

In other news, CFO David Lyle purchased 19,000 shares of Surgalign stock in a transaction dated Wednesday, May 18th. The stock was purchased at an average cost of $5.26 per share, for a total transaction of $99,940.00. Following the transaction, the chief financial officer now directly owns 59,000 shares of the company’s stock, valued at $310,340. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. 10.30% of the stock is owned by insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in SRGA. Alyeska Investment Group L.P. purchased a new stake in Surgalign in the first quarter worth about $639,000. Morgan Stanley grew its holdings in shares of Surgalign by 205.5% during the second quarter. Morgan Stanley now owns 2,804,186 shares of the company’s stock valued at $3,897,000 after buying an additional 1,886,281 shares during the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. grew its holdings in shares of Surgalign by 76.5% during the fourth quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 3,296,922 shares of the company’s stock valued at $2,601,000 after buying an additional 1,428,900 shares during the last quarter. State Street Corp grew its holdings in shares of Surgalign by 26.0% during the fourth quarter. State Street Corp now owns 5,789,342 shares of the company’s stock valued at $4,147,000 after buying an additional 1,194,047 shares during the last quarter. Finally, Atria Wealth Solutions Inc. purchased a new stake in Surgalign in the first quarter worth approximately $350,000. Institutional investors and hedge funds own 28.35% of the company’s stock.

Surgalign Company Profile (Get Rating)

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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