Renaissance Technologies LLC Purchases 60,900 Shares of Silk Road Medical, Inc (NASDAQ:SILK)

Renaissance Technologies LLC raised its position in shares of Silk Road Medical, Inc (NASDAQ:SILK) by 14.3% in the second quarter, Holdings Channel reports. The fund owned 485,500 shares of the company’s stock after buying an additional 60,900 shares during the quarter. Renaissance Technologies LLC’s holdings in Silk Road Medical were worth $13,128,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently made changes to their positions in SILK. PNC Financial Services Group Inc. boosted its stake in Silk Road Medical by 1,293.9% during the 4th quarter. PNC Financial Services Group Inc. now owns 2,523 shares of the company’s stock valued at $31,000 after purchasing an additional 2,342 shares during the period. Quest Partners LLC bought a new stake in shares of Silk Road Medical in the fourth quarter valued at approximately $62,000. SG Americas Securities LLC acquired a new stake in shares of Silk Road Medical in the first quarter worth $109,000. Rathbones Group PLC bought a new position in Silk Road Medical during the second quarter worth $201,000. Finally, State Board of Administration of Florida Retirement System raised its stake in Silk Road Medical by 9.9% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 12,065 shares of the company’s stock valued at $221,000 after purchasing an additional 1,090 shares during the last quarter.

Analyst Upgrades and Downgrades

SILK has been the topic of several research analyst reports. Lake Street Capital restated a “hold” rating and issued a $27.50 price target (down from $28.00) on shares of Silk Road Medical in a research report on Tuesday, June 18th. Argus lowered Silk Road Medical from a “buy” rating to a “sell” rating in a research note on Thursday, July 11th. Finally, Stifel Nicolaus reiterated a “hold” rating and issued a $27.50 price objective (up previously from $23.00) on shares of Silk Road Medical in a research report on Wednesday, July 17th. Two equities research analysts have rated the stock with a sell rating and seven have given a hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $20.29.

Insider Buying and Selling at Silk Road Medical

In other news, EVP Kevin M. Klemz sold 2,268 shares of the company’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $27.10, for a total value of $61,462.80. Following the sale, the executive vice president now owns 162,926 shares of the company’s stock, valued at approximately $4,415,294.60. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Company insiders own 3.90% of the company’s stock.

Silk Road Medical Stock Performance

NASDAQ:SILK opened at $27.49 on Monday. The firm has a market capitalization of $1.12 billion, a PE ratio of -20.07 and a beta of 1.53. The company has a quick ratio of 6.69, a current ratio of 7.63 and a debt-to-equity ratio of 0.49. Silk Road Medical, Inc has a 12-month low of $6.08 and a 12-month high of $27.51. The firm has a 50-day moving average price of $27.14 and a 200 day moving average price of $23.12.

Silk Road Medical (NASDAQ:SILK) last issued its earnings results on Wednesday, August 7th. The company reported ($0.42) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.38) by ($0.04). The company had revenue of $51.20 million during the quarter, compared to analyst estimates of $49.74 million. Silk Road Medical had a negative return on equity of 37.30% and a negative net margin of 29.53%. The company’s quarterly revenue was up 13.0% on a year-over-year basis. During the same period in the previous year, the company posted ($0.35) earnings per share. Research analysts anticipate that Silk Road Medical, Inc will post -1.45 earnings per share for the current fiscal year.

Silk Road Medical Company Profile

Silk Road Medical, Inc operates as a medical device company in the United States. The company offers various products for the treatment of carotid artery disease called transcarotid artery revascularization (TCAR). Its products comprise ENROUTE Transcarotid Neuroprotection System that is used to directly access the common carotid artery and establish temporary blood flow reversal; ENROUTE Transcarotid Stent System for transcarotid access; ENHANCE Transcarotid Peripheral Access Kit, which is used to gain initial access to the common carotid artery; ENROUTE 0.014 Guidewire for atraumatic vessel navigation and target lesion crossing for delivery of interventional devices; and ENROUTE Enflate Transcarotid RX Balloon Dilation Catheter, a transcarotid rapid exchange balloon for the TCAR procedure.