Sanara MedTech Shares Upgraded to Buy by Wall Street Zen
Sanara MedTech (NASDAQ: SMTI) received a boost in investor confidence as Wall Street Zen upgraded its shares from a hold rating to a buy rating in a research note released on Friday. This change reflects a growing optimism surrounding the company’s financial outlook and market potential.
In a separate analysis, HC Wainwright increased its price target for Sanara MedTech from $53.00 to $54.00 and also assigned a buy rating to the stock. This adjustment came on August 18, 2023, indicating that analysts are optimistic about the company’s future performance. Currently, two analysts have rated Sanara MedTech with a buy designation, leading to an average rating of “Buy” and an average price target of $50.00, according to MarketBeat.
Recent Financial Performance
On August 13, 2023, Sanara MedTech reported its quarterly earnings, revealing a loss of ($0.23) earnings per share, which surpassed analysts’ expectations of ($0.33) by $0.10. The company reported revenues of $25.83 million during the quarter, exceeding the anticipated $25.15 million. Despite these positive figures, Sanara MedTech continues to experience a negative net margin of 10.22% and a negative return on equity of 26.43%, reflecting ongoing challenges within its financial structure.
Looking ahead, analysts predict that Sanara MedTech will post an earnings per share of –1.1 for the current fiscal year, indicating a cautious outlook as the company navigates its operational hurdles.
Institutional Investment Trends
Institutional investors have been actively engaging with Sanara MedTech’s stock in recent months. GAMMA Investing LLC significantly increased its holdings by an impressive 8,423.8% during the first quarter, acquiring 1,790 shares valued at approximately $58,000. Similarly, Wells Fargo & Company MN raised its investment by 53.9% in the fourth quarter, bringing its total to 1,893 shares valued at $63,000.
Other notable investments include MetLife Investment Management LLC, which purchased a new stake worth $82,000 in the first quarter, and Lazard Asset Management LLC, which increased its holdings by 63,100.0% in the second quarter, now owning 3,160 shares valued at $89,000. Overall, institutional investors own approximately 8.10% of Sanara MedTech’s stock, indicating a growing interest in the company’s potential.
Sanara MedTech, based in the United States, specializes in developing, marketing, and distributing surgical, wound, and skincare products. The company’s portfolio includes innovative products like CellerateRX Surgical, a medical hydrolysate of Type I bovine collagen designed for managing various types of wounds, and HYCOL, which targets full and partial thickness wounds.
As Sanara MedTech continues to navigate the complexities of the healthcare market, these ratings and investment trends suggest a cautiously optimistic perspective among analysts and investors alike.
