SeaSpine Holdings Corp (NASDAQ:SPNE) – Equities researchers at Piper Jaffray Companies dropped their Q2 2019 earnings per share (EPS) estimates for shares of SeaSpine in a report released on Wednesday, May 1st. Piper Jaffray Companies analyst M. O’brien now expects that the medical equipment provider will post earnings per share of ($0.39) for the quarter, down from their prior forecast of ($0.29). Piper Jaffray Companies also issued estimates for SeaSpine’s Q3 2019 earnings at ($0.40) EPS, Q4 2019 earnings at ($0.38) EPS, FY2019 earnings at ($1.65) EPS, Q1 2020 earnings at ($0.32) EPS, Q2 2020 earnings at ($0.32) EPS, Q3 2020 earnings at ($0.28) EPS, Q4 2020 earnings at ($0.25) EPS and FY2020 earnings at ($1.17) EPS.
SeaSpine (NASDAQ:SPNE) last announced its quarterly earnings results on Wednesday, May 1st. The medical equipment provider reported ($0.48) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.06). SeaSpine had a negative net margin of 24.18% and a negative return on equity of 30.07%. The company had revenue of $36.15 million during the quarter, compared to analysts’ expectations of $35.72 million.
Other equities research analysts have also recently issued reports about the stock. BidaskClub cut shares of SeaSpine from a “sell” rating to a “strong sell” rating in a research report on Thursday, April 4th. Cantor Fitzgerald reaffirmed a “buy” rating and issued a $22.00 target price on shares of SeaSpine in a report on Thursday, May 2nd. ValuEngine cut shares of SeaSpine from a “strong-buy” rating to a “buy” rating in a report on Thursday, April 11th. BTIG Research reaffirmed a “buy” rating and issued a $20.00 target price on shares of SeaSpine in a report on Sunday, March 31st. Finally, Zacks Investment Research cut shares of SeaSpine from a “buy” rating to a “hold” rating in a report on Tuesday, March 5th. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $20.86.
Shares of SPNE opened at $15.49 on Monday. SeaSpine has a 1-year low of $10.64 and a 1-year high of $20.75. The firm has a market capitalization of $292.70 million, a P/E ratio of -7.11 and a beta of 0.06.
In other news, Director Stuart Essig sold 31,148 shares of the company’s stock in a transaction dated Wednesday, February 13th. The shares were sold at an average price of $16.09, for a total value of $501,171.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold 74,000 shares of company stock valued at $1,189,948 over the last ninety days. Corporate insiders own 12.47% of the company’s stock.
Several large investors have recently made changes to their positions in the company. Wedge Capital Management L L P NC raised its holdings in shares of SeaSpine by 19.2% in the first quarter. Wedge Capital Management L L P NC now owns 90,885 shares of the medical equipment provider’s stock valued at $1,371,000 after buying an additional 14,665 shares during the last quarter. Rhumbline Advisers raised its holdings in SeaSpine by 11.5% during the first quarter. Rhumbline Advisers now owns 20,279 shares of the medical equipment provider’s stock worth $306,000 after purchasing an additional 2,086 shares in the last quarter. BNP Paribas Arbitrage SA raised its holdings in SeaSpine by 546.4% during the first quarter. BNP Paribas Arbitrage SA now owns 3,077 shares of the medical equipment provider’s stock worth $46,000 after purchasing an additional 2,601 shares in the last quarter. Strs Ohio raised its holdings in SeaSpine by 139.0% during the first quarter. Strs Ohio now owns 14,100 shares of the medical equipment provider’s stock worth $212,000 after purchasing an additional 8,200 shares in the last quarter. Finally, Meeder Asset Management Inc. raised its holdings in SeaSpine by 406.2% during the first quarter. Meeder Asset Management Inc. now owns 2,374 shares of the medical equipment provider’s stock worth $35,000 after purchasing an additional 1,905 shares in the last quarter. 63.35% of the stock is owned by institutional investors and hedge funds.
About SeaSpine
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. The company provides orthobiologics and spinal implant solutions for the neurosurgeons and orthopedic spine surgeons to perform fusion procedures in the lumbar, thoracic, and cervical spine.