Shares of Obalon Therapeutics Inc (NASDAQ:OBLN) have been given an average recommendation of “Buy” by the seven ratings firms that are presently covering the company, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold recommendation, four have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $4.63.
Several equities analysts have recently weighed in on OBLN shares. Zacks Investment Research cut Obalon Therapeutics from a “strong-buy” rating to a “hold” rating in a report on Friday, September 14th. Roth Capital started coverage on Obalon Therapeutics in a report on Thursday, September 6th. They set a “buy” rating and a $6.00 price target on the stock. Northland Securities reissued a “hold” rating and set a $2.50 price target on shares of Obalon Therapeutics in a report on Wednesday, September 12th. BTIG Research reissued a “buy” rating and set a $3.50 price target on shares of Obalon Therapeutics in a report on Wednesday, September 12th. Finally, Stifel Nicolaus increased their price target on Obalon Therapeutics from $2.50 to $3.50 and gave the company a “hold” rating in a report on Tuesday, September 11th.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Renaissance Technologies LLC raised its holdings in Obalon Therapeutics by 288.4% in the 2nd quarter. Renaissance Technologies LLC now owns 56,700 shares of the company’s stock worth $122,000 after purchasing an additional 42,100 shares during the period. Granite Investment Partners LLC bought a new position in Obalon Therapeutics in the 3rd quarter worth $210,000. Hoylecohen LLC raised its holdings in Obalon Therapeutics by 469.0% in the 3rd quarter. Hoylecohen LLC now owns 114,650 shares of the company’s stock worth $310,000 after purchasing an additional 94,500 shares during the period. Finally, Interwest Venture Management Co. raised its holdings in Obalon Therapeutics by 44.8% in the 3rd quarter. Interwest Venture Management Co. now owns 3,552,239 shares of the company’s stock worth $9,591,000 after purchasing an additional 1,098,901 shares during the period. 32.03% of the stock is currently owned by hedge funds and other institutional investors.
OBLN stock opened at $1.75 on Friday. The company has a market capitalization of $41.21 million, a P/E ratio of -0.84 and a beta of 0.28. Obalon Therapeutics has a 12-month low of $1.46 and a 12-month high of $8.19. The company has a current ratio of 4.85, a quick ratio of 4.58 and a debt-to-equity ratio of 0.47.
Obalon Therapeutics (NASDAQ:OBLN) last released its quarterly earnings results on Friday, November 2nd. The company reported ($0.35) earnings per share for the quarter, beating the consensus estimate of ($0.46) by $0.11. The firm had revenue of $2.99 million for the quarter, compared to analysts’ expectations of $2.45 million. Obalon Therapeutics had a negative return on equity of 80.38% and a negative net margin of 178.84%. As a group, analysts forecast that Obalon Therapeutics will post -1.93 EPS for the current year.
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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