Silk Road Medical (NASDAQ:SILK) Stock Rating Upgraded by Zacks Investment Research

Zacks Investment Research upgraded shares of Silk Road Medical (NASDAQ:SILK) from a sell rating to a hold rating in a report published on Wednesday, Zacks.com reports.

According to Zacks, “Silk Road Medical Inc. is a medical device company. It is focused on reducing the risk of stroke and its devastating impact. The company has pioneered a new approach for the treatment of carotid artery disease called TransCarotid Artery Revascularization. TCAR is a clinically proven procedure combining surgical principles of neuroprotection with minimally invasive endovascular techniques to treat blockages in the carotid artery at risk of causing a stroke. Silk Road Medical Inc. is based in Sunnyvale, California. “

Several other equities research analysts also recently commented on the company. Citigroup raised Silk Road Medical from a sell rating to a neutral rating and set a $50.00 target price on the stock in a report on Friday, November 19th. Argus dropped their target price on Silk Road Medical from $70.00 to $60.00 and set a buy rating on the stock in a report on Monday, November 22nd. Piper Sandler dropped their target price on Silk Road Medical from $55.00 to $48.00 in a report on Monday, January 3rd. Finally, SVB Leerink dropped their target price on Silk Road Medical from $75.00 to $66.00 and set an outperform rating on the stock in a report on Wednesday, November 10th. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of Hold and a consensus target price of $57.00.

NASDAQ SILK opened at $36.09 on Wednesday. The company has a quick ratio of 6.62, a current ratio of 7.38 and a debt-to-equity ratio of 0.55. The stock’s 50 day moving average is $43.82 and its 200 day moving average is $50.36. Silk Road Medical has a twelve month low of $34.81 and a twelve month high of $67.49. The firm has a market capitalization of $1.26 billion, a PE ratio of -23.90 and a beta of 1.57.

Silk Road Medical (NASDAQ:SILK) last released its earnings results on Tuesday, November 9th. The company reported ($0.40) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.31) by ($0.09). Silk Road Medical had a negative return on equity of 52.81% and a negative net margin of 54.99%. The company had revenue of $24.70 million during the quarter, compared to the consensus estimate of $26.03 million. During the same period last year, the firm posted ($0.31) earnings per share. On average, research analysts anticipate that Silk Road Medical will post -1.41 earnings per share for the current year.

In other Silk Road Medical news, CEO Erica J. Rogers purchased 2,500 shares of the firm’s stock in a transaction dated Tuesday, November 30th. The stock was purchased at an average price of $41.30 per share, for a total transaction of $103,250.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Erica J. Rogers sold 10,000 shares of the company’s stock in a transaction on Tuesday, January 11th. The shares were sold at an average price of $41.88, for a total value of $418,800.00. The disclosure for this sale can be found here. Insiders sold 62,900 shares of company stock valued at $3,134,282 in the last 90 days. Company insiders own 7.70% of the company’s stock.

A number of institutional investors have recently bought and sold shares of the stock. Segall Bryant & Hamill LLC increased its position in Silk Road Medical by 2.7% during the third quarter. Segall Bryant & Hamill LLC now owns 95,849 shares of the company’s stock valued at $5,275,000 after acquiring an additional 2,545 shares during the last quarter. Bank of New York Mellon Corp increased its position in Silk Road Medical by 15.1% during the third quarter. Bank of New York Mellon Corp now owns 186,221 shares of the company’s stock valued at $10,248,000 after acquiring an additional 24,418 shares during the last quarter. Schonfeld Strategic Advisors LLC purchased a new stake in Silk Road Medical during the third quarter valued at $1,970,000. BNP Paribas Arbitrage SA increased its position in Silk Road Medical by 380.0% during the third quarter. BNP Paribas Arbitrage SA now owns 6,053 shares of the company’s stock valued at $333,000 after acquiring an additional 4,792 shares during the last quarter. Finally, Thrivent Financial for Lutherans increased its position in Silk Road Medical by 1.4% during the third quarter. Thrivent Financial for Lutherans now owns 446,591 shares of the company’s stock valued at $24,576,000 after acquiring an additional 6,356 shares during the last quarter.

Silk Road Medical Company Profile

Silk Road Medical, Inc develops and manufactures medical devices to treat neurovascular diseases. Its products include ENROUTE transcarotid neuroprotection system, ENROUTE transcarotid stent system, and ENROUTE transcarotid peripheral access kit. The company was founded by Tony M. Chou and Michi Garrison on March 21, 2007 and is headquartered in Sunnyvale, CA.

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