Titan Medical (NASDAQ:TMDI) Stock Price Up 5.7%

Titan Medical Inc. (NASDAQ:TMDI) shares were up 5.7% during trading on Tuesday . The stock traded as high as $2.27 and last traded at $2.24, approximately 573,289 shares were traded during trading. An increase of 96% from the average daily volume of 292,185 shares. The stock had previously closed at $2.12.

Several analysts have commented on TMDI shares. Northland Securities reaffirmed a “buy” rating on shares of Titan Medical in a research note on Thursday, July 18th. ValuEngine raised Titan Medical from a “hold” rating to a “buy” rating in a research note on Thursday, August 1st. Piper Jaffray Companies started coverage on Titan Medical in a research note on Wednesday, May 22nd. They set an “overweight” rating and a $6.00 price objective for the company. Finally, Zacks Investment Research downgraded Titan Medical from a “buy” rating to a “hold” rating in a research note on Tuesday, August 13th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $5.56.

The company has a 50 day simple moving average of $2.13 and a 200 day simple moving average of $2.48. The stock has a market capitalization of $45.95 million, a PE ratio of -1.55 and a beta of 5.00.

Titan Medical (NASDAQ:TMDI) last posted its quarterly earnings data on Wednesday, July 31st. The company reported $0.25 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.64) by $0.89. On average, equities research analysts predict that Titan Medical Inc. will post -2.32 EPS for the current fiscal year.

A hedge fund recently raised its stake in Titan Medical stock. Valeo Financial Advisors LLC lifted its holdings in shares of Titan Medical Inc. (NASDAQ:TMDI) by 4,411.7% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 45,117 shares of the company’s stock after buying an additional 44,117 shares during the period. Valeo Financial Advisors LLC owned about 0.21% of Titan Medical worth $106,000 at the end of the most recent reporting period. 8.73% of the stock is owned by institutional investors and hedge funds.

About Titan Medical (NASDAQ:TMDI)

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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