SeaSpine (NASDAQ:SPNE) Releases Quarterly Earnings Results, Misses Expectations By $0.16 EPS

SeaSpine (NASDAQ:SPNE) announced its quarterly earnings data on Sunday. The medical equipment provider reported ($0.46) EPS for the quarter, missing the consensus estimate of ($0.30) by ($0.16), MarketWatch Earnings reports. SeaSpine had a negative return on equity of 24.38% and a negative net margin of 27.32%.

NASDAQ:SPNE traded down $1.11 during trading hours on Tuesday, hitting $20.30. 9,778 shares of the company traded hands, compared to its average volume of 128,054. The firm’s 50-day simple moving average is $19.80 and its 200-day simple moving average is $17.26. SeaSpine has a one year low of $8.78 and a one year high of $22.97. The company has a market cap of $567.49 million, a PE ratio of -12.03 and a beta of 1.24.

Several brokerages have recently commented on SPNE. Piper Sandler raised their price objective on shares of SeaSpine from $18.00 to $22.00 and gave the stock an “overweight” rating in a research report on Friday, January 29th. Zacks Investment Research raised shares of SeaSpine from a “strong sell” rating to a “hold” rating in a research report on Friday, March 5th. Wells Fargo & Company raised shares of SeaSpine from an “equal weight” rating to an “overweight” rating and set a $24.00 price target for the company in a research report on Wednesday, April 14th. Canaccord Genuity lifted their price target on shares of SeaSpine from $28.00 to $30.00 and gave the company a “buy” rating in a research report on Tuesday. Finally, BTIG Research lifted their price target on shares of SeaSpine from $25.00 to $28.00 and gave the company a “buy” rating in a research report on Tuesday, April 6th. They noted that the move was a valuation call. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. SeaSpine currently has a consensus rating of “Buy” and an average target price of $22.71.

In other SeaSpine news, Director Renee Gaeta sold 2,920 shares of the firm’s stock in a transaction on Monday, March 8th. The stock was sold at an average price of $18.28, for a total transaction of $53,377.60. 9.76% of the stock is currently owned by company insiders.

About SeaSpine

SeaSpine Holdings Corporation, a medical technology company, focuses on the design, development, and commercialization of surgical solutions for the treatment of spinal disorders in the United States and internationally. The company provides orthobiologics and spinal implant solutions for the neurosurgeons and orthopedic spine surgeons to perform fusion procedures in the lumbar, thoracic, and cervical spine.

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Earnings History for SeaSpine (NASDAQ:SPNE)

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