Short Interest in Augmedix, Inc. (NASDAQ:AUGX) Drops By 12.5%

Augmedix, Inc. (NASDAQ:AUGX) saw a significant drop in short interest in the month of May. As of May 31st, there was short interest totalling 1,540,000 shares, a drop of 12.5% from the May 15th total of 1,760,000 shares. Currently, 3.4% of the company’s shares are sold short. Based on an average trading volume of 718,600 shares, the days-to-cover ratio is currently 2.1 days.

Insider Buying and Selling

In other Augmedix news, insider Ian Shakil sold 58,978 shares of Augmedix stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $3.91, for a total transaction of $230,603.98. Following the sale, the insider now directly owns 180,034 shares of the company’s stock, valued at approximately $703,932.94. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders sold 260,359 shares of company stock valued at $1,016,280 over the last quarter. 10.97% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in AUGX. Acadian Asset Management LLC bought a new stake in Augmedix during the 3rd quarter valued at approximately $48,000. Oppenheimer Asset Management Inc. bought a new stake in shares of Augmedix during the first quarter valued at approximately $56,000. SG Americas Securities LLC purchased a new position in shares of Augmedix in the first quarter worth $57,000. Norden Group LLC boosted its position in shares of Augmedix by 50.2% during the first quarter. Norden Group LLC now owns 19,152 shares of the company’s stock worth $78,000 after acquiring an additional 6,401 shares during the last quarter. Finally, Worth Venture Partners LLC purchased a new position in Augmedix during the third quarter valued at $83,000. 87.11% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on AUGX shares. Evercore ISI lowered Augmedix from an “outperform” rating to an “inline” rating and reduced their price objective for the company from $5.00 to $1.50 in a research report on Tuesday, May 14th. B. Riley assumed coverage on Augmedix in a report on Wednesday, April 3rd. They set a “buy” rating and a $5.50 price target for the company. Maxim Group cut shares of Augmedix from a “buy” rating to a “hold” rating and set a $5.00 price target on the stock. in a research note on Tuesday, May 14th. Finally, Lake Street Capital cut their price objective on shares of Augmedix from $8.00 to $3.50 and set a “buy” rating on the stock in a research report on Tuesday, May 14th.

Augmedix Stock Performance

Augmedix stock traded down $0.02 during midday trading on Tuesday, reaching $0.75. 138,018 shares of the company traded hands, compared to its average volume of 557,955. The company has a debt-to-equity ratio of 0.73, a current ratio of 2.04 and a quick ratio of 2.04. Augmedix has a 12 month low of $0.73 and a 12 month high of $6.25. The firm has a market capitalization of $36.60 million, a price-to-earnings ratio of -1.73 and a beta of -0.26. The business has a 50 day moving average of $2.00 and a two-hundred day moving average of $3.78.

Augmedix (NASDAQ:AUGX) last posted its earnings results on Monday, May 13th. The company reported ($0.12) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.12). Augmedix had a negative return on equity of 178.34% and a negative net margin of 41.95%. The company had revenue of $13.47 million for the quarter, compared to the consensus estimate of $13.25 million. As a group, research analysts predict that Augmedix will post -0.45 earnings per share for the current year.

About Augmedix

Augmedix, Inc provides remote medical documentation solutions and live clinical support services in the United States. Its platform offers Augmedix Live that provides synchronous medical note documentation and point of care support; Augmedix Go Assist that offers asynchronous medical documentation based upon previously recorded visits; Augmedix Prep that provides patient demographics, past medical history, medication changes and other points from the patient's health record; and Augmedix Go, an autonomous, ambient AI mobile software application that offers fully automated medical documentation based upon recorded visits.