Orthofix Medical (NASDAQ:OFIX) Stock Price Passes Above 200-Day Moving Average – What’s Next?

Orthofix Medical Inc. (NASDAQ:OFIX)’s share price passed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $16.61 and traded as high as $17.10. Orthofix Medical shares last traded at $17.00, with a volume of 752,168 shares changing hands.

Wall Street Analysts Forecast Growth

OFIX has been the subject of several analyst reports. Stifel Nicolaus upgraded Orthofix Medical from a “hold” rating to a “buy” rating and upped their target price for the company from $18.00 to $24.00 in a research note on Friday, November 8th. Roth Mkm reiterated a “buy” rating and issued a $22.00 target price (up from $20.00) on shares of Orthofix Medical in a research note on Friday, November 8th. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, Orthofix Medical has an average rating of “Moderate Buy” and a consensus price target of $23.00.

Orthofix Medical Stock Performance

The stock has a 50-day simple moving average of $18.17 and a 200-day simple moving average of $16.67. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.39 and a quick ratio of 1.11. The stock has a market cap of $649.64 million, a PE ratio of -5.43 and a beta of 1.10.

Institutional Investors Weigh In On Orthofix Medical

Institutional investors and hedge funds have recently modified their holdings of the stock. Quest Partners LLC purchased a new stake in shares of Orthofix Medical in the second quarter worth about $64,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Orthofix Medical by 5.9% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,994 shares of the medical device company’s stock worth $156,000 after buying an additional 559 shares during the period. Arizona State Retirement System purchased a new stake in shares of Orthofix Medical in the second quarter worth about $139,000. XTX Topco Ltd purchased a new stake in shares of Orthofix Medical in the second quarter worth about $175,000. Finally, Assenagon Asset Management S.A. purchased a new stake in shares of Orthofix Medical in the third quarter worth about $216,000. Hedge funds and other institutional investors own 89.76% of the company’s stock.

Orthofix Medical Company Profile

Orthofix Medical Inc operates as a spine and orthopedics company in the United States, Italy, Germany, the United Kingdom, France, Brazil, and internationally. It operates through two segments, Global Spine and Global Orthopedics. The Global Spine segment manufactures and distributes bone growth stimulator devices for enhance of bone fusion, including adjunctive and noninvasive treatment of cervical and lumbar spine, as well as a therapeutic treatment for non-spine; designs, develops, and markets a portfolio of motion preservation and fixation implant products, which are used in surgical procedures of the spine; and offers biological products, such as fiber-based and particulate demineralized bone matrices, cellular bone allografts, collagen ceramic matrices, and synthetic bone void fillers, and tissue forms, which allow physicians to treat various spinal and orthopedic conditions.