Silk Road Medical (NASDAQ:SILK) Upgraded by Zacks Investment Research to “Hold”

Silk Road Medical (NASDAQ:SILK – Get Rating) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Friday, Zacks.com reports.

According to Zacks, “Silk Road Medical Inc. is a medical device company. It is focused on reducing the risk of stroke and its devastating impact. The company has pioneered a new approach for the treatment of carotid artery disease called TransCarotid Artery Revascularization. TCAR is a clinically proven procedure combining surgical principles of neuroprotection with minimally invasive endovascular techniques to treat blockages in the carotid artery at risk of causing a stroke. Silk Road Medical Inc. is based in Sunnyvale, California. “

Several other research firms also recently issued reports on SILK. Piper Sandler dropped their price objective on Silk Road Medical from $48.00 to $38.00 in a report on Friday, February 25th. Citigroup dropped their price objective on Silk Road Medical from $45.00 to $37.00 and set a “neutral” rating on the stock in a report on Friday, February 25th. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, Silk Road Medical presently has a consensus rating of “Hold” and a consensus target price of $47.60.

Silk Road Medical stock opened at $38.72 on Friday. The stock’s 50-day moving average is $33.74 and its 200-day moving average is $44.63. The company has a market cap of $1.35 billion, a price-to-earnings ratio of -26.89 and a beta of 1.57. The company has a debt-to-equity ratio of 0.57, a current ratio of 5.49 and a quick ratio of 4.81. Silk Road Medical has a 12 month low of $27.21 and a 12 month high of $67.49.

Silk Road Medical (NASDAQ:SILK – Get Rating) last announced its earnings results on Thursday, February 24th. The company reported ($0.42) EPS for the quarter, missing the consensus estimate of ($0.40) by ($0.02). Silk Road Medical had a negative net margin of 49.09% and a negative return on equity of 54.63%. The company had revenue of $28.27 million for the quarter, compared to analysts’ expectations of $25.91 million. During the same quarter in the previous year, the business posted ($0.49) earnings per share. The business’s quarterly revenue was up 33.7% compared to the same quarter last year. Research analysts anticipate that Silk Road Medical will post -1.58 EPS for the current year.

In other Silk Road Medical news, CEO Erica J. Rogers sold 10,000 shares of the business’s stock in a transaction on Tuesday, January 11th. The stock was sold at an average price of $41.88, for a total transaction of $418,800.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 7.70% of the company’s stock.

A number of hedge funds have recently made changes to their positions in SILK. Nisa Investment Advisors LLC bought a new stake in shares of Silk Road Medical in the 4th quarter worth $25,000. Rather & Kittrell Inc. bought a new stake in shares of Silk Road Medical in the 4th quarter worth $29,000. Horan Securities Inc. bought a new stake in shares of Silk Road Medical in the 4th quarter worth $37,000. Assetmark Inc. bought a new stake in shares of Silk Road Medical in the 3rd quarter worth $69,000. Finally, Citigroup Inc. raised its stake in shares of Silk Road Medical by 74.0% in the 3rd quarter. Citigroup Inc. now owns 4,676 shares of the company’s stock worth $257,000 after buying an additional 1,988 shares in the last quarter.

About Silk Road Medical (Get Rating)

Silk Road Medical, Inc develops and manufactures medical devices to treat neurovascular diseases. Its products include ENROUTE transcarotid neuroprotection system, ENROUTE transcarotid stent system, and ENROUTE transcarotid peripheral access kit. The company was founded by Tony M. Chou and Michi Garrison on March 21, 2007 and is headquartered in Sunnyvale, CA.

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