Surgalign Holdings Inc (SRGA) Stock Continues to Fall: Time To Buy?
In recent times there has been a lot of focus on companies involved in the medical technology space and one of the companies that investors could look into today the multinational medical technology firm Surgalign Holdings Inc (NASDAQ:SRGA).
The stock has not been in particular favour among investors in recent days and over the course of the past week, it has actually gone down by as much as 12%. In addition to that, it should be noted that earlier on this week the company made a major announcement with regards to the granting of stock units to its employees. That might have been one of the reasons behind the decline in the stock.
Back on July 6, Surgalign announced that it made the grant of restricted stock units to as many as 9 of its employees. It is necessary to remember that none of those 9 employees are actually of the executive rank. The stock units were granted by the company as an inducement so that the individuals accepted the job offer from Surgalign. It is a pretty common practice these days but it seems that the news was not welcomed by the market. It remains to be seen if the stock can make a recovery this week.
Market Reaction:
On Wednesday, SRGA stock fell 4.50% at $1.27 with more than 4.43 million shares, compared to its average volume of 2.61 million shares. The stock had moved within a range of $1.2300 – 1.3400 after opening the trade at $1.33. Over the past 52-week, the stock has been trading within a range of $1.2300 – 3.9700.
