ConforMIS (NASDAQ:CFMS) Downgraded by Zacks Investment Research

Zacks Investment Research lowered shares of ConforMIS (NASDAQ:CFMS) from a buy rating to a hold rating in a research report released on Monday, Zacks.com reports.

According to Zacks, “ConforMIS, Inc. is a medical technology company which develops, manufacture and sells joint replacement implants. The Company’s iFit technology platform consists of iFit Design, iFit Printing and iFit Just-in-Time Delivery. It operates primarily in the United States, Germany and the United Kingdom. The Company serves orthopedic surgeons, hospitals and other medical facilities and patients. ConforMIS, Inc. is based in Bedford, United States. “

Several other analysts have also recently weighed in on CFMS. ValuEngine cut shares of ConforMIS from a buy rating to a hold rating in a research note on Wednesday, July 3rd. Oppenheimer set a $4.00 price objective on shares of ConforMIS and gave the stock a buy rating in a research note on Thursday, May 2nd. BidaskClub cut shares of ConforMIS from a buy rating to a hold rating in a research report on Wednesday, June 19th. Finally, BTIG Research cut shares of ConforMIS from a buy rating to a neutral rating in a research report on Thursday, August 1st. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The stock has a consensus rating of Hold and an average price target of $3.10.

Shares of ConforMIS stock opened at $1.63 on Monday. The company has a current ratio of 3.00, a quick ratio of 2.33 and a debt-to-equity ratio of 0.64. ConforMIS has a twelve month low of $0.36 and a twelve month high of $4.83. The company has a market capitalization of $103.83 million, a PE ratio of -2.20 and a beta of 2.28. The business has a fifty day simple moving average of $3.39.

ConforMIS (NASDAQ:CFMS) last issued its quarterly earnings data on Wednesday, July 31st. The medical instruments supplier reported ($0.11) earnings per share for the quarter, topping the consensus estimate of ($0.12) by $0.01. ConforMIS had a negative net margin of 34.68% and a negative return on equity of 86.29%. The company had revenue of $19.59 million for the quarter, compared to analysts’ expectations of $19.36 million. As a group, equities research analysts anticipate that ConforMIS will post -0.41 EPS for the current year.

In other ConforMIS news, major shareholder Archon Capital Management Llc sold 279,293 shares of the company’s stock in a transaction on Tuesday, July 9th. The shares were sold at an average price of $3.77, for a total transaction of $1,052,934.61. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Mark A. Augusti sold 23,860 shares of the company’s stock in a transaction on Tuesday, July 2nd. The shares were sold at an average price of $4.15, for a total transaction of $99,019.00. Following the sale, the chief executive officer now directly owns 1,093,031 shares in the company, valued at approximately $4,536,078.65. The disclosure for this sale can be found here. Insiders have sold 1,253,439 shares of company stock worth $4,169,932 in the last ninety days. Insiders own 3.38% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the business. Steward Partners Investment Advisory LLC bought a new stake in ConforMIS during the second quarter valued at $44,000. Cornerstone Advisory LLC acquired a new position in shares of ConforMIS during the first quarter valued at about $72,000. CAPROCK Group Inc. raised its holdings in shares of ConforMIS by 300.0% during the first quarter. CAPROCK Group Inc. now owns 80,000 shares of the medical instruments supplier’s stock valued at $230,000 after purchasing an additional 60,000 shares during the period. Creative Planning raised its holdings in shares of ConforMIS by 133.8% during the first quarter. Creative Planning now owns 116,922 shares of the medical instruments supplier’s stock valued at $337,000 after purchasing an additional 66,922 shares during the period. Finally, Tibra Equities Europe Ltd acquired a new position in shares of ConforMIS during the first quarter valued at about $381,000. 33.88% of the stock is currently owned by institutional investors and hedge funds.

About ConforMIS

Conformis, Inc, a medical technology company, develops, manufactures, and sells joint replacement implants. The company offers customized knee replacement products, including iTotal CR, a cruciate-retaining product; iTotal PS, a posterior cruciate ligament substituting product; iDuo, a customized bicompartmental knee replacement system; and iUni, a customized unicompartmental knee replacement product to treat the medial or lateral compartment of the knee.

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