Orthofix Medical (NASDAQ:OFIX) Stock Price Passes Above 200-Day Moving Average – What’s Next?

Shares of Orthofix Medical Inc. (NASDAQ:OFIX) passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $16.61 and traded as high as $17.10. Orthofix Medical shares last traded at $17.00, with a volume of 752,168 shares trading hands.

Analyst Ratings Changes

Several brokerages have weighed in on OFIX. Stifel Nicolaus upgraded Orthofix Medical from a “hold” rating to a “buy” rating and lifted their target price for the company from $18.00 to $24.00 in a research note on Friday, November 8th. Roth Mkm reiterated a “buy” rating and issued a $22.00 target price (up from $20.00) on shares of Orthofix Medical in a research note on Friday, November 8th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $23.00.

Orthofix Medical Stock Performance

The company has a market capitalization of $649.64 million, a price-to-earnings ratio of -5.43 and a beta of 1.10. The stock has a fifty day moving average price of $18.17 and a two-hundred day moving average price of $16.67. The company has a quick ratio of 1.11, a current ratio of 2.39 and a debt-to-equity ratio of 0.25.

Hedge Funds Weigh In On Orthofix Medical

A number of institutional investors have recently made changes to their positions in OFIX. Paradigm Capital Management Inc. NY raised its holdings in shares of 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 worth $33,894,000 after acquiring an additional 609,137 shares during the last quarter. Engine Capital Management LP raised its holdings in shares of 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 worth $44,668,000 after acquiring an additional 333,364 shares during the last quarter. Marshall Wace LLP acquired a new position in shares of Orthofix Medical in the second quarter worth $2,193,000. HighVista Strategies LLC acquired a new position in shares of Orthofix Medical in the third quarter worth $1,689,000. Finally, JPMorgan Chase & Co. increased its stake in Orthofix Medical by 480.7% in the third quarter. JPMorgan Chase & Co. now owns 84,379 shares of the medical device company’s stock valued at $1,318,000 after purchasing an additional 69,848 shares during the last quarter. 89.76% of the stock is owned by institutional investors and hedge funds.

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.