Sanara MedTech (NASDAQ: SMTI) has experienced a downgrade in its stock rating from a “strong-buy” to a “hold” by analysts at Zacks Research. This change, reported on October 8, 2023, reflects a broader reassessment of the company’s stock amid fluctuating analyst opinions.
Several other research firms have also recently reevaluated Sanara MedTech’s stock. Weiss Ratings reaffirmed a “sell (e+)” rating, indicating caution among investors. Meanwhile, Wall Street Zen downgraded its rating from “buy” to “hold” on November 1, 2023. In a separate report, HC Wainwright adjusted its price target for Sanara MedTech from $54.00 to $36.00, while maintaining a “buy” rating as of November 14, 2023. Currently, two analysts recommend buying the stock, one suggests holding, and one advises selling. According to data from MarketBeat.com, the consensus rating stands at “hold” with a target price of $41.00.
Financial Performance Overview
Sanara MedTech shared its latest earnings results on November 12, 2023, reporting earnings per share of $0.09. This figure surpassed analysts’ estimates, which had anticipated a loss of ($0.24) by $0.33. The company generated revenues of $26.33 million during the quarter, slightly below the expected $26.63 million. Despite this positive earnings surprise, Sanara MedTech recorded a negative return on equity of 21.33% and a net margin of 36.79%. Analysts now project an average earnings forecast of -1.1 for the current fiscal year.
Investor Activity and Market Insights
Recent trading activity indicates significant interest from institutional investors. Stonebridge Wealth Management LLC acquired a new stake in Sanara MedTech valued at approximately $3.4 million during the second quarter. Additionally, Stephens Inc. AR increased its holdings by 18.0%, owning now 12,794 shares worth $363,000. Meanwhile, Rhumbline Advisers raised its stake by 14.9%, acquiring an additional 483 shares to hold a total of 3,714 shares valued at $115,000. JPMorgan Chase & Co. also boosted its holdings by 26.5%, now owning 11,057 shares worth $351,000 after adding 2,315 shares.
Hedge funds and other institutional investors currently control approximately 8.10% of Sanara MedTech’s stock, highlighting a diverse investment landscape surrounding the company.
Sanara MedTech focuses on developing innovative medical devices for ear, nose, and throat (ENT) healthcare. Its primary offerings include minimally invasive sinus dilation systems aimed at treating chronic sinusitis. These products utilize balloon catheter technology designed to enhance sinus pathways, promoting better patient outcomes and shorter recovery times. Additionally, the company’s portfolio features procedural tools and implants for otology and cranial applications, reflecting a legacy of research and development rooted in a former Johnson & Johnson business.
As Sanara MedTech navigates these changes in stock ratings and investor interest, stakeholders will be keenly observing its performance in the upcoming quarters.
