Research analysts at Piper Jaffray Companies initiated coverage on shares of Titan Medical (NASDAQ:TMDI) in a report released on Wednesday, May 22nd, MarketBeat reports. The firm set an “overweight” rating and a $6.00 price target on the stock. Piper Jaffray Companies’ price objective indicates a potential upside of 177.78% from the stock’s current price. Piper Jaffray Companies also issued estimates for Titan Medical’s Q2 2019 earnings at ($0.55) EPS, Q3 2019 earnings at ($0.39) EPS, Q4 2019 earnings at ($0.40) EPS, FY2019 earnings at ($1.71) EPS, Q1 2020 earnings at ($0.34) EPS, Q2 2020 earnings at ($0.32) EPS, Q3 2020 earnings at ($0.32) EPS, Q4 2020 earnings at ($0.29) EPS, FY2020 earnings at ($1.26) EPS, FY2021 earnings at ($1.05) EPS and FY2022 earnings at ($0.67) EPS.
A number of other brokerages also recently weighed in on TMDI. Zacks Investment Research upgraded Titan Medical from a “sell” rating to a “hold” rating in a report on Thursday, April 11th. Maxim Group reiterated a “buy” rating and issued a $8.00 target price on shares of Titan Medical in a report on Thursday, February 14th.
NASDAQ:TMDI remained flat at $$2.16 during trading hours on Wednesday. The company had a trading volume of 157,800 shares, compared to its average volume of 367,430. Titan Medical has a fifty-two week low of $1.05 and a fifty-two week high of $7.75. The firm has a market capitalization of $47.03 million and a price-to-earnings ratio of -1.59.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Valeo Financial Advisors LLC lifted its position in shares of Titan Medical by 2,000.0% in the fourth quarter. Valeo Financial Advisors LLC now owns 21,000 shares of the company’s stock valued at $26,000 after acquiring an additional 20,000 shares in the last quarter. Pathlight Investors LLC purchased a new stake in shares of Titan Medical in the fourth quarter valued at approximately $39,000. Finally, Commonwealth Equity Services LLC boosted its holdings in shares of Titan Medical by 219.5% in the first quarter. Commonwealth Equity Services LLC now owns 39,899 shares of the company’s stock valued at $111,000 after purchasing an additional 27,411 shares during the period. Hedge funds and other institutional investors own 13.14% of the company’s stock.
About Titan Medical
Titan Medical Inc, a research and development stage company, focuses on the design, development, and commercialization of computer-assisted robotic surgical technologies for application in minimally invasive surgery (MIS). The company is developing the SPORT Surgical System, a single-port robotic surgical system that comprises a surgeon-controlled patient cart, which includes a 3D vision system and multi-articulating instruments for performing MIS procedures; and a surgeon workstation that provides the surgeon with ergonomic interface to the patient cart and a 3D endoscopic view inside the patient's body during MIS procedures.
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