Gabelli Funds LLC Sells 99,074 Shares of Surgalign Holdings, Inc. (NASDAQ:SRGA)

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Gabelli Funds LLC lowered its position in Surgalign Holdings, Inc. (NASDAQ:SRGA) by 20.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 378,491 shares of the company’s stock after selling 99,074 shares during the period. Gabelli Funds LLC owned approximately 0.46% of Surgalign worth $829,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently made changes to their positions in SRGA. XTX Markets LLC bought a new stake in shares of Surgalign during the fourth quarter valued at approximately $29,000. SG Americas Securities LLC bought a new stake in shares of Surgalign during the fourth quarter valued at approximately $40,000. Gamco Investors INC. ET AL bought a new stake in shares of Surgalign during the third quarter valued at approximately $36,000. Circle Wealth Management LLC bought a new stake in shares of Surgalign during the third quarter valued at approximately $36,000. Finally, Traynor Capital Management Inc. bought a new stake in shares of Surgalign during the fourth quarter valued at approximately $43,000. 53.47% of the stock is owned by institutional investors and hedge funds.

Shares of SRGA stock opened at $2.71 on Tuesday. The stock has a market capitalization of $221.35 million, a price-to-earnings ratio of -1.51 and a beta of 2.21. The company’s 50 day simple moving average is $2.27. Surgalign Holdings, Inc. has a 52-week low of $1.46 and a 52-week high of $4.57.

In other news, insider William Scott Durall purchased 333,333 shares of the business’s stock in a transaction on Monday, February 1st. The shares were acquired at an average cost of $1.50 per share, with a total value of $499,999.50. Following the completion of the acquisition, the insider now owns 460,884 shares of the company’s stock, valued at $691,326. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Terry M. Rich purchased 808,204 shares of the business’s stock in a transaction on Monday, February 1st. The stock was purchased at an average cost of $1.50 per share, for a total transaction of $1,212,306.00. Following the completion of the acquisition, the chief executive officer now directly owns 1,100,936 shares of the company’s stock, valued at approximately $1,651,404. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 1,158,204 shares of company stock worth $1,737,306. 3.70% of the stock is currently owned by corporate insiders.

SRGA has been the subject of several research analyst reports. Lake Street Capital initiated coverage on shares of Surgalign in a research note on Monday, November 30th. They set a “buy” rating for the company. JMP Securities decreased their price target on shares of Surgalign from $6.00 to $5.00 and set a “market outperform” rating for the company in a research note on Monday, October 26th. Piper Sandler assumed coverage on shares of Surgalign in a research note on Tuesday, February 2nd. They set an “overweight” rating and a $4.00 price target for the company. Finally, BTIG Research assumed coverage on shares of Surgalign in a report on Wednesday, February 3rd. They set a “buy” rating and a $4.00 price objective on the stock. One analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $4.33.

Surgalign Company Profile

Surgalign Holdings, Inc, a medical technology company, designs, develops, manufactures, and distributes biologic, metal, and synthetic implants worldwide. It offers coflex interlaminar stabilization device, an implant for the treatment of moderate to severe lumbar spinal stenosis in conjunction with decompression; SImmetry sacroiliac joint fusion system, which decreases in opioid use, pain, and disability; and Fortilink IBF system with TETRAfuse ?3D technology.

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