SmileDirectClub’s Quiet Period To End on October 22nd (NASDAQ:SDC)

SmileDirectClub’s (NASDAQ:SDC) quiet period will end on Tuesday, October 22nd. SmileDirectClub had issued 58,537,000 shares in its initial public offering on September 12th. The total size of the offering was $1,346,351,000 based on an initial share price of $23.00. During the company’s quiet period, underwriters and any insiders involved in the IPO are restricted from issuing any research reports or earnings estimates for the company because of SEC regulations. Following the end of the company’s quiet period, it’s expected that the brokerages that served as underwriters on the stock will initiate research coverage on the company.

A number of brokerages have weighed in on SDC. Credit Suisse Group began coverage on shares of SmileDirectClub in a research report on Monday, October 7th. They issued an “outperform” rating and a $18.00 target price on the stock. JPMorgan Chase & Co. began coverage on shares of SmileDirectClub in a research report on Monday, October 7th. They issued an “overweight” rating and a $31.00 target price on the stock. William Blair began coverage on shares of SmileDirectClub in a research report on Monday, October 7th. They issued an “outperform” rating on the stock. Guggenheim began coverage on shares of SmileDirectClub in a research report on Monday, October 7th. They issued a “buy” rating and a $24.00 target price on the stock. Finally, Loop Capital began coverage on shares of SmileDirectClub in a research report on Monday, October 7th. They issued a “buy” rating and a $20.00 target price on the stock. Ten research analysts have rated the stock with a buy rating, SmileDirectClub presently has an average rating of “Buy” and a consensus target price of $21.78.

Shares of SmileDirectClub stock opened at $9.13 on Tuesday. SmileDirectClub has a fifty-two week low of $8.73 and a fifty-two week high of $21.10.

In other SmileDirectClub news, General Counsel Susan Greenspon Rammelt purchased 4,100 shares of the company’s stock in a transaction dated Friday, September 13th. The stock was purchased at an average price of $18.51 per share, with a total value of $75,891.00. Also, major shareholder Cd&R Investment Associates X, sold 2,275,857 shares of the firm’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $21.85, for a total transaction of $49,727,475.45. Insiders acquired 43,800 shares of company stock worth $808,019 in the last 90 days.

Several hedge funds have recently added to or reduced their stakes in the company. Integrated Investment Consultants LLC bought a new position in shares of SmileDirectClub during the third quarter valued at $261,000. Douglas Lane & Associates LLC bought a new position in shares of SmileDirectClub during the third quarter valued at $166,000. Finally, Signaturefd LLC bought a new position in shares of SmileDirectClub during the third quarter valued at $65,000.

About SmileDirectClub

SmileDirectClub, Inc operates a teledentistry platform that provides member's with a customized clear aligner therapy treatment in the United States and internationally. The company manages the end-to-end process, which include marketing, aligner manufacturing, fulfillment, treatment by a doctor, and monitoring through completion of their treatment proprietary with a network of approximately 240 state licensed orthodontists and general dentists through its teledentistry platform, SmileCheck.

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