SeaSpine (NASDAQ:SPNE) Upgraded to Hold by StockNews.com

SeaSpine (NASDAQ:SPNEGet Rating) was upgraded by StockNews.com from a “sell” rating to a “hold” rating in a report issued on Wednesday.

Other analysts also recently issued research reports about the company. Stifel Nicolaus lowered their target price on SeaSpine from $18.00 to $16.00 and set a “buy” rating on the stock in a research report on Monday, March 14th. Cantor Fitzgerald lowered their target price on SeaSpine from $27.00 to $21.00 and set an “overweight” rating on the stock in a research report on Friday, April 22nd. Finally, Piper Sandler lowered their target price on SeaSpine from $28.00 to $21.00 and set an “overweight” rating on the stock in a research report on Monday, March 14th. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $30.71.

Shares of SPNE traded down $0.43 during midday trading on Wednesday, hitting $7.84. The stock had a trading volume of 298,551 shares, compared to its average volume of 104,957. The company has a 50 day simple moving average of $9.84 and a two-hundred day simple moving average of $11.70. SeaSpine has a twelve month low of $7.76 and a twelve month high of $21.98. The firm has a market cap of $288.51 million, a price-to-earnings ratio of -4.87 and a beta of 1.28.

SeaSpine (NASDAQ:SPNEGet Rating) last released its quarterly earnings results on Tuesday, May 3rd. The medical equipment provider reported ($0.45) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.36) by ($0.09). The firm had revenue of $50.69 million during the quarter, compared to analyst estimates of $48.96 million. SeaSpine had a negative net margin of 29.09% and a negative return on equity of 20.19%. The business’s revenue for the quarter was up 20.8% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.46) EPS. On average, sell-side analysts predict that SeaSpine will post -1.35 earnings per share for the current fiscal year.

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Morgan Stanley boosted its holdings in shares of SeaSpine by 2,023.3% during the second quarter. Morgan Stanley now owns 69,028 shares of the medical equipment provider’s stock worth $1,415,000 after acquiring an additional 65,777 shares during the period. Invesco Ltd. boosted its stake in shares of SeaSpine by 7.7% in the second quarter. Invesco Ltd. now owns 20,996 shares of the medical equipment provider’s stock valued at $430,000 after buying an additional 1,509 shares during the period. Wells Fargo & Company MN boosted its stake in shares of SeaSpine by 14.0% in the second quarter. Wells Fargo & Company MN now owns 86,613 shares of the medical equipment provider’s stock valued at $1,776,000 after buying an additional 10,658 shares during the period. Advisor Group Holdings Inc. lifted its stake in SeaSpine by 131.5% during the third quarter. Advisor Group Holdings Inc. now owns 26,521 shares of the medical equipment provider’s stock worth $417,000 after purchasing an additional 15,064 shares during the last quarter. Finally, BlackRock Inc. lifted its stake in SeaSpine by 0.5% during the third quarter. BlackRock Inc. now owns 2,415,642 shares of the medical equipment provider’s stock worth $37,998,000 after purchasing an additional 13,132 shares during the last quarter. 73.10% of the stock is currently owned by hedge funds and other institutional investors.

About SeaSpine (Get Rating)

SeaSpine Holdings Corporation, a medical technology company, focuses on the design, development, and commercialization of surgical solutions for the treatment of spinal disorders in the United States and internationally. It offers orthobiologics and spinal implant solutions for the neurosurgeons and orthopedic spine surgeons to perform fusion procedures in the lumbar, thoracic, and cervical spine.

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Analyst Recommendations for SeaSpine (NASDAQ:SPNE)

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