Sanara MedTech (NASDAQ:SMTI) Announces Earnings Results

Sanara MedTech (NASDAQ:SMTI) posted its quarterly earnings results on Wednesday. The company reported $0.09 EPS for the quarter, beating the consensus estimate of ($0.24) by $0.33, Zacks reports. Sanara MedTech had a negative return on equity of 26.43% and a negative net margin of 10.22%.

Sanara MedTech Price Performance

Sanara MedTech stock traded down $6.66 during mid-day trading on Wednesday, reaching $21.38. 225,405 shares of the company were exchanged, compared to its average volume of 32,604. The firm has a market cap of $190.32 million, a PE ratio of -18.48 and a beta of 1.21. The company has a fifty day simple moving average of $31.28 and a 200-day simple moving average of $30.10. Sanara MedTech has a 12 month low of $20.79 and a 12 month high of $39.08. The company has a debt-to-equity ratio of 1.25, a current ratio of 2.26 and a quick ratio of 2.03.

Hedge Funds Weigh In On Sanara MedTech

Institutional investors have recently modified their holdings of the business. Lazard Asset Management LLC lifted its holdings in shares of Sanara MedTech by 63,100.0% in the second quarter. Lazard Asset Management LLC now owns 3,160 shares of the company’s stock worth $89,000 after acquiring an additional 3,155 shares during the last quarter. Rhumbline Advisers raised its position in shares of Sanara MedTech by 14.9% during the first quarter. Rhumbline Advisers now owns 3,714 shares of the company’s stock worth $115,000 after acquiring an additional 483 shares during the last quarter. JPMorgan Chase & Co. lifted its position in shares of Sanara MedTech by 26.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 11,057 shares of the company’s stock worth $351,000 after purchasing an additional 2,315 shares during the period. Hsbc Holdings PLC acquired a new stake in Sanara MedTech during the 2nd quarter worth about $382,000. Finally, Marshall Wace LLP increased its holdings in Sanara MedTech by 144.3% in the second quarter. Marshall Wace LLP now owns 71,511 shares of the company’s stock worth $2,030,000 after purchasing an additional 42,237 shares in the last quarter. Institutional investors and hedge funds own 8.10% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. Weiss Ratings reiterated a “sell (e+)” rating on shares of Sanara MedTech in a research note on Wednesday, October 8th. HC Wainwright increased their price objective on Sanara MedTech from $53.00 to $54.00 and gave the stock a “buy” rating in a report on Monday, August 18th. Finally, Wall Street Zen downgraded Sanara MedTech from a “buy” rating to a “hold” rating in a research report on Saturday, November 1st. Two research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Sanara MedTech presently has a consensus rating of “Hold” and an average price target of $50.00.

About Sanara MedTech

Sanara MedTech Inc, a medical technology company, develops, markets, and distributes surgical, wound, and skincare products and services to physicians, hospitals, clinics, and post-acute care settings in the United States. The company offers CellerateRX Surgical, a medical hydrolysate of Type I bovine collagen indicated for the management of surgical, traumatic, and partial- and full-thickness wounds, as well as first- and second-degree burns; and HYCOL, a medical hydrolysate of Type I bovine collagen intended for the management of full and partial thickness wounds, including pressure ulcers, venous and arterial leg ulcers, and diabetic foot ulcers.