Orthofix had a busy month in June with a huge increase in short interest shares sold, according to a report from WKRB News & Analysis.
Here are five things to know about the company's month and where it's headed in the future:
1. By the end of the month, short interest totaled 891,986 shares, a 37.3 percent increase from June 13 to June 30. The short interest ratio was 4.5 days on July 20, based on average daily volume of 198,977 shares.
2. Around 5 percent of the Orthofix's stock are short sold. The company opened today at $34.11 with a 52 week range of $19.35 to $36.90, according to Yahoo Finance.
3. Zacks upgraded the company from "underperform" to "neutral" on June 2. Target price on the stock based on the July 20 report was $32.50.
4. The company has gone through several recent executive moves, including the appointment of James F. Hinrichs to the board of directors and naming Mark A. Heggestad CFO. When Mr. Heggestad was appointed, Orthofix President and CEO Brad Mason mentioned there is "a lot to do in the next few years to become best in class in our finance and business processes" and felt Mr. Heggestad would keep the company focused on key initiatives to drive shareholder value.
5. Orthofix's market cap is $634.2 million as of July 22. The company reported a 2 percent decrease in net sales for the first quarter of 2014, although Mr. Mason said the results were better than expected. The report attributed net sales decreases to the company's market service fee rate with the Musculoskeletal Transplant Foundation growing from 65 percent to 70 percent in April 2013 for the Trinity Evolution and Trinity Elite sales.
In the spine fixation business, the company's net sales decreased 10.6 percent to $22.8 million during the first quarter, primarily due to lower international sales.
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