Silk Road Medical (NASDAQ:SILK) Announces Quarterly Earnings Results, Beats Estimates By $0.04 EPS

Silk Road Medical (NASDAQ:SILK) released its quarterly earnings data on Tuesday. The company reported ($0.36) earnings per share for the quarter, topping the consensus estimate of ($0.40) by $0.04, Briefing.com reports. Silk Road Medical had a negative net margin of 29.02% and a negative return on equity of 35.12%. The business had revenue of $48.50 million for the quarter, compared to analyst estimates of $44.67 million. During the same quarter last year, the firm earned ($0.43) EPS. Silk Road Medical’s quarterly revenue was up 20.9% compared to the same quarter last year. Silk Road Medical updated its FY 2024 guidance to EPS.

Silk Road Medical Stock Down 2.4 %

SILK stock opened at $19.67 on Thursday. The company has a market cap of $775.78 million, a PE ratio of -14.72 and a beta of 1.43. The business has a 50-day simple moving average of $17.63 and a 200 day simple moving average of $13.49. Silk Road Medical has a 52 week low of $6.08 and a 52 week high of $43.51. The company has a quick ratio of 6.97, a current ratio of 7.95 and a debt-to-equity ratio of 0.50.

Wall Street Analyst Weigh In

Several analysts have commented on SILK shares. Stifel Nicolaus raised their target price on shares of Silk Road Medical from $20.00 to $23.00 and gave the stock a “buy” rating in a report on Thursday, February 29th. Piper Sandler raised their target price on shares of Silk Road Medical from $18.00 to $20.00 and gave the stock a “neutral” rating in a report on Wednesday. Argus upgraded shares of Silk Road Medical from a “hold” rating to a “buy” rating and set a $24.00 target price on the stock in a report on Thursday, March 7th. JPMorgan Chase & Co. raised their target price on shares of Silk Road Medical from $19.00 to $21.00 and gave the stock a “neutral” rating in a report on Wednesday. Finally, Lake Street Capital began coverage on shares of Silk Road Medical in a report on Wednesday, January 3rd. They set a “buy” rating and a $20.00 target price on the stock. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $22.55.

Insiders Place Their Bets

In other Silk Road Medical news, Director Kevin J. Ballinger bought 11,700 shares of the stock in a transaction on Tuesday, March 5th. The stock was purchased at an average price of $16.99 per share, with a total value of $198,783.00. Following the completion of the purchase, the director now owns 17,807 shares in the company, valued at $302,540.93. The purchase was disclosed in a filing with the SEC, which is accessible through this link. In other news, Director Kevin J. Ballinger acquired 11,700 shares of the stock in a transaction dated Tuesday, March 5th. The stock was bought at an average price of $16.99 per share, with a total value of $198,783.00. Following the completion of the purchase, the director now directly owns 17,807 shares of the company’s stock, valued at approximately $302,540.93. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Marie L. Jones sold 2,602 shares of the company’s stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $17.17, for a total value of $44,676.34. Following the completion of the transaction, the chief accounting officer now directly owns 76,894 shares of the company’s stock, valued at approximately $1,320,269.98. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 20,457 shares of company stock valued at $351,247. 6.70% of the stock is currently owned by corporate insiders.

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.