Dark Forest Capital Management LP Makes New $401,000 Investment in Silk Road Medical, Inc (NASDAQ:SILK)

Dark Forest Capital Management LP bought a new position in shares of Silk Road Medical, Inc (NASDAQ:SILK) in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 10,256 shares of the company’s stock, valued at approximately $401,000.

Several other hedge funds also recently modified their holdings of SILK. PNC Financial Services Group Inc. boosted its position in shares of Silk Road Medical by 91.0% in the fourth quarter. PNC Financial Services Group Inc. now owns 466 shares of the company’s stock valued at $25,000 after acquiring an additional 222 shares during the period. US Bancorp DE raised its stake in shares of Silk Road Medical by 41.3% in the first quarter. US Bancorp DE now owns 1,673 shares of the company’s stock valued at $69,000 after purchasing an additional 489 shares in the last quarter. Wells Fargo & Company MN raised its stake in shares of Silk Road Medical by 12.9% in the fourth quarter. Wells Fargo & Company MN now owns 1,829 shares of the company’s stock valued at $97,000 after purchasing an additional 209 shares in the last quarter. Tower Research Capital LLC TRC raised its stake in shares of Silk Road Medical by 154.3% in the third quarter. Tower Research Capital LLC TRC now owns 3,187 shares of the company’s stock valued at $143,000 after purchasing an additional 1,934 shares in the last quarter. Finally, Arcadia Investment Management Corp MI acquired a new position in shares of Silk Road Medical in the fourth quarter valued at $198,000.

Wall Street Analyst Weigh In

A number of research analysts recently commented on SILK shares. JPMorgan Chase & Co. lowered Silk Road Medical from an “overweight” rating to a “neutral” rating and cut their target price for the company from $50.00 to $28.00 in a research note on Wednesday, July 12th. Bank of America lowered Silk Road Medical from a “buy” rating to an “underperform” rating and cut their target price for the company from $51.00 to $28.00 in a research note on Wednesday, July 12th. Argus dropped their price objective on Silk Road Medical from $70.00 to $55.00 in a research note on Monday, May 22nd. B. Riley dropped their price objective on Silk Road Medical from $58.00 to $54.00 and set a “buy” rating for the company in a research note on Wednesday, August 2nd. Finally, Piper Sandler dropped their price objective on Silk Road Medical from $46.00 to $41.00 in a research note on Wednesday, May 10th. Two analysts have rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company. According to MarketBeat, Silk Road Medical has an average rating of “Hold” and a consensus price target of $38.44.

Insider Transactions at Silk Road Medical

In other news, CEO Erica J. Rogers sold 1,000 shares of the stock in a transaction on Monday, June 12th. The stock was sold at an average price of $32.13, for a total transaction of $32,130.00. Following the sale, the chief executive officer now owns 269,639 shares in the company, valued at $8,663,501.07. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Andrew S. Davis sold 6,587 shares of the firm’s stock in a transaction dated Thursday, August 3rd. The stock was sold at an average price of $22.13, for a total value of $145,770.31. Following the transaction, the insider now owns 109,534 shares in the company, valued at $2,423,987.42. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Erica J. Rogers sold 1,000 shares of the firm’s stock in a transaction dated Monday, June 12th. The shares were sold at an average price of $32.13, for a total value of $32,130.00. Following the completion of the transaction, the chief executive officer now owns 269,639 shares in the company, valued at approximately $8,663,501.07. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 10,195 shares of company stock worth $242,534. Insiders own 6.70% of the company’s stock.

Silk Road Medical Price Performance

Shares of SILK stock opened at $19.69 on Friday. The stock’s fifty day moving average is $23.72 and its 200-day moving average is $34.32. The company has a debt-to-equity ratio of 0.48, a quick ratio of 8.90 and a current ratio of 9.69. The stock has a market capitalization of $764.56 million, a PE ratio of -13.96 and a beta of 1.14. Silk Road Medical, Inc has a 52 week low of $19.26 and a 52 week high of $58.04.

Silk Road Medical (NASDAQ:SILK) last announced its earnings results on Tuesday, August 1st. The company reported ($0.35) EPS for the quarter, topping the consensus estimate of ($0.39) by $0.04. The company had revenue of $45.30 million for the quarter, compared to analysts’ expectations of $43.32 million. Silk Road Medical had a negative return on equity of 40.05% and a negative net margin of 32.83%. Equities research analysts expect that Silk Road Medical, Inc will post -1.46 EPS for the current fiscal year.

Silk Road Medical Company Profile

Silk Road Medical, Inc operates as a medical device company in the United States. The company offers various products for the treatment of carotid artery disease called transcarotid artery revascularization. Its products include ENROUTE Transcarotid Neuroprotection System that is used to directly access the common carotid artery and initiate temporary blood flow reversal; ENROUTE Transcarotid Stent System, a self-expanding, self-tapering stent; ENHANCE Transcarotid Peripheral Access Kit for use in gaining initial access to the common carotid artery; ENROUTE 0.014 Guidewire for navigating and crossing the target lesion for delivery of interventional devices; and ENROUTE Enflate Transcarotid RX Balloon Dilation Catheter, a specialty balloon for the TCAR procedure.