Mazor Robotics (MZOR) Given Hold Rating at Needham & Company LLC
Mazor Robotics (NASDAQ:MZOR)‘s stock had its “hold” rating reiterated by investment analysts at Needham & Company LLC in a research note issued to investors on Wednesday.
The analysts wrote, “MZOR beat consensus revenue and EPS though we note it had preannounced 27 system orders and revenue of ~$19M on 1/8/18. There were 24 systems delivered in 4Q17, which missed our post-preannouncement estimate of 28 but was up from 19 systems in 3Q17 and we note that the installed base increased by 16 to 188. This was the first full quarter MDT has had responsibility for the distribution of the Mazor X system. MZOR’s gross margin was much lower than expected but more than offset by lower operating expenses which resulted in an operating margin that was higher than expected. Management indicated that MZOR’s revenue growth is likely to slow significantly in 2018 given pricing headwinds under the MDT agreement. Given this, and MZOR’s 2018E EV/sales multiple of 17.6x, we maintain our Hold rating.””
MZOR has been the topic of several other research reports. BidaskClub lowered Mazor Robotics from a “strong-buy” rating to a “buy” rating in a report on Saturday, December 2nd. Zacks Investment Research lowered Mazor Robotics from a “buy” rating to a “hold” rating in a report on Saturday, January 13th. Barclays reissued a “sell” rating and set a $36.00 price objective on shares of Mazor Robotics in a report on Tuesday, January 9th. Ladenburg Thalmann Financial Services set a $67.00 price objective on Mazor Robotics and gave the stock a “buy” rating in a report on Monday, October 30th. Finally, TheStreet raised Mazor Robotics from a “d” rating to a “c-” rating in a report on Wednesday, November 8th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $45.67.
A number of hedge funds have recently made changes to their positions in MZOR. Ark Investment Management LLC boosted its stake in Mazor Robotics by 104.9% in the 2nd quarter. Ark Investment Management LLC now owns 21,410 shares of the medical instruments supplier’s stock valued at $740,000 after buying an additional 10,962 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Mazor Robotics by 8.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 8,570 shares of the medical instruments supplier’s stock valued at $296,000 after buying an additional 641 shares in the last quarter. Royal Bank of Canada boosted its stake in Mazor Robotics by 9.2% in the 2nd quarter. Royal Bank of Canada now owns 21,663 shares of the medical instruments supplier’s stock valued at $749,000 after buying an additional 1,819 shares in the last quarter. Raymond James Financial Services Advisors Inc. acquired a new stake in Mazor Robotics in the 2nd quarter valued at $770,000. Finally, Lord Abbett & CO. LLC acquired a new stake in Mazor Robotics in the 2nd quarter valued at $2,421,000. 26.40% of the stock is currently owned by institutional investors and hedge funds.
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Mazor Robotics Company Profile
Mazor Robotics Ltd is an Israel-based medical device company that develops and markets surgical guidance systems and complementary products. It develops computerized and imaging-based systems in the field of spine surgery. Its products include: Renaissance Surgical Guidance System, which enables surgeons to advance from freehand surgical procedures to guided procedures, as well as Food and Drug Administration (FDA)-cleared and European Conformity (CE)-marked Renaissance System, used in spine surgeries, whether open or minimally invasive, for a number of clinical indications.
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