Sanara MedTech Inc. (NASDAQ:SMTI – Get Free Report) dropped 0.2% during mid-day trading on Wednesday . The stock traded as low as $31.53 and last traded at $31.60. Approximately 9,594 shares traded hands during mid-day trading, a decline of 28% from the average daily volume of 13,296 shares. The stock had previously closed at $31.65.
Wall Street Analyst Weigh In
Separately, Cantor Fitzgerald cut their target price on Sanara MedTech from $49.00 to $44.00 and set an “overweight” rating on the stock in a research report on Wednesday, March 27th.
Check Out Our Latest Stock Analysis on SMTI
Sanara MedTech Stock Performance
Sanara MedTech (NASDAQ:SMTI – Get Free Report) last announced its quarterly earnings results on Monday, March 25th. The company reported ($0.03) earnings per share for the quarter. The company had revenue of $17.69 million for the quarter. Sanara MedTech had a negative return on equity of 11.12% and a negative net margin of 6.62%. As a group, sell-side analysts predict that Sanara MedTech Inc. will post -0.22 earnings per share for the current year.
Institutional Investors Weigh In On Sanara MedTech
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Tower Research Capital LLC TRC grew its position in Sanara MedTech by 363.4% during the 3rd quarter. Tower Research Capital LLC TRC now owns 797 shares of the company’s stock worth $25,000 after purchasing an additional 625 shares during the period. UBS Group AG grew its position in Sanara MedTech by 138.8% during the 1st quarter. UBS Group AG now owns 609 shares of the company’s stock worth $25,000 after purchasing an additional 354 shares during the period. Barclays PLC acquired a new stake in Sanara MedTech during the 2nd quarter worth about $30,000. Gladius Capital Management LP acquired a new stake in Sanara MedTech during the 4th quarter worth about $45,000. Finally, California State Teachers Retirement System acquired a new stake in shares of Sanara MedTech during the 2nd quarter valued at about $51,000. 8.10% of the stock is owned by institutional investors and hedge funds.
About Sanara MedTech
Sanara MedTech Inc, a medical technology company, develops, markets, and distributes surgical, wound, and skincare products and services to physicians, hospitals, clinics, and post-acute care settings in the United States. The company offers CellerateRX Surgical, a medical hydrolysate of Type I bovine collagen indicated for the management of surgical, traumatic, and partial- and full-thickness wounds, as well as first- and second-degree burns; and HYCOL, a medical hydrolysate of Type I bovine collagen intended for the management of full and partial thickness wounds, including pressure ulcers, venous and arterial leg ulcers, and diabetic foot ulcers.
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