Titan Medical (NASDAQ:TMDI) Cut to “Hold” at Zacks Investment Research

Zacks Investment Research cut shares of Titan Medical (NASDAQ:TMDI) from a buy rating to a hold rating in a report issued on Tuesday morning, Zacks.com reports.

According to Zacks, “Titan Medical Inc. is focused on the design and development of a robotic surgical system for application in minimally invasive surgery. The Company’s SPORT Surgical System includes a surgeon-controlled robotic platform which incorporates a 3D high-definition vision system and multi-articulating instruments for performing MIS procedures through a single incision. The surgical system also includes a surgeon workstation which provides a surgeon with an advanced ergonomic interface to the robotic platform for controlling the instruments and viewing the inside of a patient’s body in 3D during MIS procedures. Titan Medical Inc. is based in ON, Canada. “

TMDI has been the topic of a number of other research reports. Northland Securities restated a buy rating on shares of Titan Medical in a report on Thursday, July 18th. ValuEngine upgraded Titan Medical from a hold rating to a buy rating in a report on Thursday, August 1st. Finally, Piper Jaffray Companies started coverage on Titan Medical in a report on Wednesday, May 22nd. They issued an overweight rating and a $6.00 target price on the stock. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Titan Medical presently has an average rating of Buy and an average target price of $5.56.

Shares of NASDAQ:TMDI opened at $2.15 on Tuesday. The business’s 50 day simple moving average is $2.23 and its two-hundred day simple moving average is $2.75. The firm has a market cap of $52.24 million, a P/E ratio of -1.58 and a beta of 5.15. Titan Medical has a 52-week low of $1.05 and a 52-week high of $4.65.

Titan Medical (NASDAQ:TMDI) last announced its quarterly earnings results on Wednesday, July 31st. The company reported $0.25 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.64) by $0.89. On average, equities research analysts expect that Titan Medical will post -2.32 earnings per share for the current year.

A hedge fund recently raised its stake in Titan Medical stock. Valeo Financial Advisors LLC grew its stake in Titan Medical Inc. (NASDAQ:TMDI) by 4,411.7% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 45,117 shares of the company’s stock after purchasing an additional 44,117 shares during the quarter. Valeo Financial Advisors LLC owned approximately 0.21% of Titan Medical worth $106,000 at the end of the most recent reporting period. Institutional investors own 13.28% of the company’s stock.

About Titan Medical

Titan Medical Inc, a research and development stage company, focuses on the design, development, and commercialization of computer-assisted robotic surgical technologies for application in minimally invasive surgery (MIS). The company is developing the SPORT Surgical System, a single-port robotic surgical system that comprises a surgeon-controlled patient cart, which includes a 3D vision system and multi-articulating instruments for performing MIS procedures; and a surgeon workstation that provides the surgeon with ergonomic interface to the patient cart and a 3D endoscopic view inside the patient's body during MIS procedures.

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