K2M Group Holdings, Inc. (NASDAQ:KTWO)‘s stock had its “buy” rating reaffirmed by analysts at Needham & Company LLC in a note issued to investors on Friday. They presently have a $27.00 price target on the medical device company’s stock. Needham & Company LLC’s price target points to a potential upside of 35.14% from the company’s current price.
The analysts wrote, “KTWO preannounced weaker than expected 3Q17 results on 10/9/17 due to: 1) the hurricanes, 2) delays in signing on new distributors, and 3) a procedural slowdown. Despite this, KTWO remains our favorite spine stock since we believe that it has more ways to drive growth (mainly with new products and distribution expansion) and is more likely to be acquired than its peers. KTWO has announced that eight new products have been launched or received 510(k) clearances/ CE Marks so far in 2017. Of these, we think that the Mojave and Sahara expandable spacers are the most significant. Additionally, KTWO’s distribution channel provides another lever for growth as it is less mature than those of its larger peers and covers only ~70% of major US markets.””
A number of other equities research analysts have also commented on KTWO. Oppenheimer Holdings, Inc. restated a “buy” rating on shares of K2M Group Holdings in a report on Thursday, June 22nd. JMP Securities restated an “outperform” rating and set a $30.00 price objective (up from $27.00) on shares of K2M Group Holdings in a report on Wednesday, June 28th. Cowen and Company restated a “buy” rating and set a $26.00 price objective on shares of K2M Group Holdings in a report on Wednesday, July 19th. BidaskClub upgraded shares of K2M Group Holdings from a “hold” rating to a “buy” rating in a report on Wednesday, July 19th. Finally, Royal Bank Of Canada restated a “buy” rating and set a $26.00 price objective on shares of K2M Group Holdings in a report on Thursday, July 20th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and eleven have issued a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $25.10.
Shares of K2M Group Holdings (NASDAQ KTWO) traded up 1.16% during mid-day trading on Friday, reaching $19.98. 278,406 shares of the company’s stock traded hands. The firm’s market cap is $864.49 million. K2M Group Holdings has a 52 week low of $16.32 and a 52 week high of $25.99. The company’s 50 day moving average is $21.08 and its 200-day moving average is $22.45.
K2M Group Holdings (NASDAQ:KTWO) last issued its quarterly earnings data on Tuesday, August 1st. The medical device company reported ($0.21) EPS for the quarter, topping analysts’ consensus estimates of ($0.22) by $0.01. K2M Group Holdings had a negative net margin of 16.21% and a negative return on equity of 15.45%. The business had revenue of $65.70 million for the quarter, compared to analyst estimates of $66.26 million. During the same period last year, the business posted ($0.27) earnings per share. The firm’s quarterly revenue was up 11.0% on a year-over-year basis. Equities analysts expect that K2M Group Holdings will post ($0.84) earnings per share for the current fiscal year.
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In other K2M Group Holdings news, CFO Gregory S. Cole sold 2,350 shares of K2M Group Holdings stock in a transaction on Tuesday, August 15th. The shares were sold at an average price of $24.08, for a total value of $56,588.00. Following the sale, the chief financial officer now directly owns 55,158 shares in the company, valued at approximately $1,328,204.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider John Philip Md Kostuik sold 1,090 shares of K2M Group Holdings stock in a transaction on Tuesday, August 15th. The shares were sold at an average price of $24.08, for a total transaction of $26,247.20. Following the completion of the sale, the insider now owns 201,961 shares in the company, valued at $4,863,220.88. The disclosure for this sale can be found here. Insiders sold a total of 44,129 shares of company stock worth $1,033,644 over the last quarter. Company insiders own 5.80% of the company’s stock.
A number of hedge funds have recently modified their holdings of KTWO. Rockefeller Financial Services Inc. acquired a new stake in K2M Group Holdings in the 3rd quarter valued at $105,000. BNP Paribas Arbitrage SA increased its stake in K2M Group Holdings by 5,175.3% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 4,484 shares of the medical device company’s stock valued at $109,000 after buying an additional 4,399 shares during the last quarter. Legal & General Group Plc increased its stake in K2M Group Holdings by 9.1% in the 1st quarter. Legal & General Group Plc now owns 6,763 shares of the medical device company’s stock valued at $138,000 after buying an additional 564 shares during the last quarter. Dorsey & Whitney Trust CO LLC acquired a new stake in K2M Group Holdings in the 2nd quarter valued at $211,000. Finally, American International Group Inc. increased its stake in K2M Group Holdings by 7.1% in the 1st quarter. American International Group Inc. now owns 15,847 shares of the medical device company’s stock valued at $325,000 after buying an additional 1,047 shares during the last quarter. Hedge funds and other institutional investors own 97.77% of the company’s stock.
About K2M Group Holdings
K2M Group Holdings, Inc is a medical device company focused on designing, developing and commercializing spine and minimally invasive technologies and techniques. The Company’s solutions are focused on achieving three-dimensional Total Body Balance. Its spine products are used by spine surgeons to treat spinal pathologies, such as deformity (primarily scoliosis), trauma and tumor.
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