Brokerages forecast that Obalon Therapeutics Inc (NASDAQ:OBLN) will post sales of $2.45 million for the current quarter, Zacks reports. Three analysts have provided estimates for Obalon Therapeutics’ earnings, with the highest sales estimate coming in at $2.70 million and the lowest estimate coming in at $2.16 million. Obalon Therapeutics reported sales of $2.79 million in the same quarter last year, which indicates a negative year over year growth rate of 12.2%. The business is scheduled to issue its next quarterly earnings report on Friday, November 2nd.
On average, analysts expect that Obalon Therapeutics will report full year sales of $9.56 million for the current year, with estimates ranging from $9.17 million to $10.00 million. For the next financial year, analysts expect that the company will post sales of $15.24 million, with estimates ranging from $14.32 million to $16.50 million. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research analysts that that provide coverage for Obalon Therapeutics.
Obalon Therapeutics (NASDAQ:OBLN) last posted its quarterly earnings results on Thursday, August 2nd. The company reported ($0.57) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.51) by ($0.06). The company had revenue of $2.73 million for the quarter, compared to the consensus estimate of $3.40 million. Obalon Therapeutics had a negative net margin of 205.20% and a negative return on equity of 72.76%.
A number of equities analysts have weighed in on OBLN shares. Zacks Investment Research lowered shares of Obalon Therapeutics from a “strong-buy” rating to a “hold” rating in a research report on Friday, September 14th. Northland Securities upgraded shares of Obalon Therapeutics from an “underperform” rating to a “market perform” rating in a research report on Thursday, August 2nd. Roth Capital started coverage on shares of Obalon Therapeutics in a research report on Thursday, September 6th. They set a “buy” rating and a $6.00 target price for the company. ValuEngine upgraded shares of Obalon Therapeutics from a “hold” rating to a “buy” rating in a research report on Wednesday, July 4th. Finally, BTIG Research reiterated a “buy” rating on shares of Obalon Therapeutics in a research report on Sunday, August 5th. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Obalon Therapeutics presently has a consensus rating of “Buy” and a consensus price target of $6.25.
OBLN traded up $0.11 during trading on Tuesday, hitting $2.06. 100 shares of the company traded hands, compared to its average volume of 64,244. The firm has a market cap of $48.67 million, a P/E ratio of -0.99 and a beta of -1.21. The company has a debt-to-equity ratio of 0.37, a quick ratio of 2.80 and a current ratio of 2.98. Obalon Therapeutics has a one year low of $1.46 and a one year high of $9.91.
In other news, Director Kim P. Kamdar purchased 54,945 shares of the stock in a transaction dated Thursday, August 23rd. The shares were purchased at an average cost of $1.82 per share, with a total value of $99,999.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Parters Vii L. P. Domain purchased 1,648,359 shares of the stock in a transaction dated Thursday, August 23rd. The stock was purchased at an average cost of $1.82 per share, for a total transaction of $3,000,013.38. The disclosure for this purchase can be found here. Corporate insiders own 17.90% of the company’s stock.
Institutional investors have recently made changes to their positions in the company. C WorldWide Group Holding A S raised its stake in Obalon Therapeutics by 27.3% in the second quarter. C WorldWide Group Holding A S now owns 315,790 shares of the company’s stock valued at $679,000 after purchasing an additional 67,746 shares in the last quarter. Renaissance Technologies LLC raised its stake in Obalon Therapeutics by 288.4% in the second quarter. Renaissance Technologies LLC now owns 56,700 shares of the company’s stock valued at $122,000 after purchasing an additional 42,100 shares in the last quarter. Finally, Interwest Venture Management Co. raised its stake in Obalon Therapeutics by 44.8% in the third quarter. Interwest Venture Management Co. now owns 3,552,239 shares of the company’s stock valued at $9,591,000 after purchasing an additional 1,098,901 shares in the last quarter. 28.57% of the stock is currently owned by hedge funds and other institutional investors.
About Obalon Therapeutics
Obalon Therapeutics, Inc, a vertically integrated medical device company, focuses on developing and commercializing medical devices to treat obese and overweight people by facilitating weight loss. It offers the Obalon balloon system designed to provide weight loss in obese patients. Obalon Therapeutics, Inc was founded in 2008 and is headquartered in Carlsbad, California.
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