Prelude Capital Management LLC, a leading institutional investor, has reduced its holdings in Silk Road Medical, Inc (NASDAQ:SILK) by 47.6% during the first quarter of this year. According to their most recent Form 13F filing with the Securities and Exchange Commission, the company now owns 11,784 shares of Silk Road Medical’s stock after selling 10,721 shares during the quarter. As of the filing date, these holdings were estimated to be worth $461,000.
Silk Road Medical recently released its quarterly earnings data on August 1st, revealing that it reported earnings per share of ($0.35) for the quarter. This figure exceeded analysts’ expectations by $0.04 as the consensus estimate had predicted an EPS of ($0.39). However, the company did experience a negative return on equity of 40.05% and a negative net margin of 32.83%. Despite this, its revenue for the quarter stood at $45.30 million compared to analysts’ estimates of $43.32 million.
In other news related to Silk Road Medical, insider Andrew S. Davis sold 6,587 shares of the company’s stock on August 3rd in a transaction valued at $145,770.31 with an average price per share of $22.13. As a result of this sale, Davis now holds approximately 109,534 shares worth approximately $2,423,987.42.
Moreover, CEO Erica J. Rogers also sold 1,000 shares of Silk Road Medical’s stock on July 11th at an average price per share of $31.56 for a total value of $31,560. Following this transaction completion, Rogers currently possesses around 269,Erica J908 shares valued at roughly $8,LBargeon4006.Saturdays com837pletEpi
These transactions were disclosed in legal filings with the Securities & Exchange Commission and are also available on the SEC website. Furthermore, additional insider selling activity took place in the past 90 days, with insiders collectively selling 9,195 shares valued at $210,404. It is noteworthy that insiders currently own 6.70% of Silk Road Medical’s stock.
As we look ahead to the future prospects of Silk Road Medical, analysts anticipate that it will post an EPS of -1.46 for the current fiscal year. While these recent developments regarding a decrease in holdings by Prelude Capital Management LLC and insider selling may raise some concerns among investors, it is important to take into account a variety of factors when evaluating a company’s performance and potential for growth.
Silk Road Medical remains committed to its mission of pioneering innovative solutions for patients suffering from vascular diseases. The company specializes in designing and manufacturing devices that enable less invasive treatment options.
In conclusion, Prelude Capital Management LLC has reduced its stake in Silk Road Medical, Inc during the first quarter while insiders have also engaged in selling activities over the past few months. However, it is crucial to conduct thorough research and consider various factors while assessing a company’s investment potential.
Note: The referenced information provided was accurate as of September 17, 2023.
Avery Dennison Corporation
Updated on: 05/12/2023
Debt to equity ratio: Strong Buy
Price to earnings ratio: Strong Buy
Price to book ratio: Strong Buy
DCF: Strong Buy
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Institutional Investors and Hedge Funds Increase Holdings in Silk Road Medical, Inc.
Silk Road Medical, Inc. has captured the attention of institutional investors and hedge funds, leading to modifications in their holdings of the company’s stock. Ameriprise Financial Inc., a prominent financial services provider, increased its holdings in Silk Road Medical by 1.0% during the first quarter. This move added 810 additional shares to Ameriprise Financial’s portfolio, bringing the total number of shares owned to 80,824, with an estimated value of $3,163,000.
Another heavyweight in the financial industry, JPMorgan Chase & Co., experienced significant growth in its stake in Silk Road Medical during the same period. They saw a staggering increase of 99.9%, now owning 205,460 shares valued at $8,040,000 after purchasing an additional 102,661 shares last quarter.
In addition to these renowned institutions, Thrivent Financial for Lutherans and Kayne Anderson Rudnick Investment Management LLC also reported growth in their stakes in Silk Road Medical during the first quarter. Thrivent Financial for Lutherans expanded its holdings by 2.5%, adding 10,651 more shares worth $16,889,000 to their collection. Meanwhile, Kayne Anderson Rudnick Investment Management LLC experienced a modest increase of 1.6%, accumulating an extra 21,352 shares valued at $53,673,000.
State Street Corp rounded out this impressive list of institutional investors who have strengthened their positions in Silk Road Medical by growing their stake by 9.7% during the first quarter. State Street Corp acquired an additional 81,604 shares for a total ownership of 922,850 shares valued at $36,111,
On September 17th,NASDAQ SILK opened at $16.92—a relatively low price range compared to its twelve-month high mark of $58.04 recorded earlier this year on March—showcasing a volatile trading journey for the company. With a market capitalization of $657.00 million, Silk Road Medical operates in the healthcare industry and focuses on medical devices.
Examining its financials, Silk Road Medical demonstrates a healthy debt-to-equity ratio of 0.48, indicating a relatively stable financial position. Furthermore, their quick ratio stands at 8.90 and the current ratio sits at 9.69—both indicators suggest strong liquidity for the company.
Shareholders should take note of the stock’s average rating of “Hold” and consensus target price of $37.60 from analysts covering Silk Road Medical. Various research reports have offered differing perspectives on the company’s performance, with Stifel Nicolaus lowering their target price from $50 to $45 and maintaining a “buy” rating on the stock in August. Conversely, JPMorgan Chase & Co downgraded Silk Road Medical from an “overweight” rating to “neutral,” reducing their target price from $50 to $28 in July.
Bank of America also downgraded Silk Road Medical from a “buy” rating to an “underperform” rating while slashing their price target from $51 to $28 during the same month. These contrasting viewpoints indicate a level of uncertainty within the investment community regarding the outlook for Silk Road Medical.
As investors analyze this perplexing situation, staying informed about emerging developments and conducting thorough analysis will be crucial for making well-informed investment decisions regarding Silk Road Medical’s stock (NASDAQ: SILK).