Altium Capital Management LP Makes New Investment in Surgalign Holdings, Inc. (NASDAQ:SRGA)

Altium Capital Management LP acquired a new stake in Surgalign Holdings, Inc. (NASDAQ:SRGA) during the 2nd quarter, Holdings Channel.com reports. The firm acquired 1,739,131 shares of the company’s stock, valued at approximately $2,417,000.

Several other large investors also recently modified their holdings of SRGA. Buckingham Strategic Wealth LLC purchased a new stake in shares of Surgalign in the second quarter valued at $27,000. Prudential Financial Inc. purchased a new position in Surgalign during the first quarter worth about $29,000. Dynamic Technology Lab Private Ltd purchased a new position in Surgalign during the first quarter worth about $29,000. Paloma Partners Management Co purchased a new position in Surgalign during the first quarter worth about $38,000. Finally, Simmons Bank purchased a new position in Surgalign during the second quarter worth about $41,000. Institutional investors and hedge funds own 52.73% of the company’s stock.

Several equities research analysts have commented on the company. Cantor Fitzgerald dropped their price target on Surgalign from $5.00 to $4.00 and set an “overweight” rating for the company in a research note on Monday, August 9th. Piper Sandler dropped their price target on Surgalign from $4.00 to $3.00 and set an “overweight” rating for the company in a research note on Friday, August 6th. Craig Hallum lowered Surgalign from a “buy” rating to a “hold” rating and set a $1.50 price target for the company. in a research note on Tuesday, September 28th. Lake Street Capital dropped their price target on Surgalign from $8.00 to $4.00 and set a “buy” rating for the company in a research note on Monday, August 9th. Finally, Zacks Investment Research lowered Surgalign from a “buy” rating to a “hold” rating in a research note on Tuesday. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $3.21.

In other news, CEO Terry M. Rich bought 702,956 shares of Surgalign stock in a transaction on Wednesday, August 11th. The shares were bought at an average price of $0.93 per share, with a total value of $653,749.08. Following the acquisition, the chief executive officer now directly owns 2,396,915 shares in the company, valued at approximately $2,229,130.95. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Nicholas J. Valeriani purchased 55,000 shares of the business’s stock in a transaction that occurred on Thursday, August 12th. The stock was bought at an average cost of $0.95 per share, for a total transaction of $52,250.00. Following the acquisition, the director now owns 238,669 shares in the company, valued at approximately $226,735.55. The disclosure for this purchase can be found here. In the last 90 days, insiders have acquired 788,056 shares of company stock valued at $735,790. 11.00% of the stock is owned by insiders.

NASDAQ SRGA traded down $0.02 during mid-day trading on Thursday, reaching $1.02. 20,341 shares of the company’s stock traded hands, compared to its average volume of 2,966,895. Surgalign Holdings, Inc. has a 1-year low of $0.88 and a 1-year high of $3.27. The company has a fifty day simple moving average of $1.23 and a 200-day simple moving average of $1.46. The company has a current ratio of 2.83, a quick ratio of 2.33 and a debt-to-equity ratio of 0.68. The company has a market cap of $142.19 million, a price-to-earnings ratio of 9.32 and a beta of 2.17.

Surgalign (NASDAQ:SRGA) last issued its quarterly earnings data on Friday, August 6th. The company reported ($0.09) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.03. Surgalign had a negative return on equity of 81.31% and a negative net margin of 8.55%. The firm had revenue of $24.83 million during the quarter, compared to analyst estimates of $24.53 million. Equities research analysts forecast that Surgalign Holdings, Inc. will post -0.4 earnings per share for the current fiscal year.

About Surgalign

Surgalign Holdings, Inc is a medical technology company, which engages in designing, developing, and manufacturing biologic metal and synthetic implants. Its products portfolio include cervical fixation, The Streamline (TL) fixation, motion preservation, orthobiologics, cervical inter-body fusion, TL IBF, and SI joint fusion.

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Institutional Ownership by Quarter for Surgalign (NASDAQ:SRGA)

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