Outset Medical, Inc. (NASDAQ:OM) Sees Large Decrease in Short Interest

Outset Medical, Inc. (NASDAQ:OM) was the recipient of a large decrease in short interest in September. As of September 30th, there was short interest totalling 3,470,000 shares, a decrease of 21.0% from the September 15th total of 4,390,000 shares. Based on an average daily trading volume, of 1,860,000 shares, the days-to-cover ratio is presently 1.9 days.

Wall Street Analyst Weigh In

OM has been the topic of a number of recent research reports. TD Cowen decreased their price objective on Outset Medical from $9.00 to $3.00 and set a “buy” rating on the stock in a research report on Thursday, August 8th. Royal Bank of Canada lowered Outset Medical from an “outperform” rating to a “sector perform” rating and decreased their price target for the company from $6.00 to $3.00 in a report on Thursday, August 8th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Outset Medical presently has an average rating of “Moderate Buy” and a consensus price target of $4.70.

Outset Medical Trading Up 2.0 %

Outset Medical stock traded up $0.01 during midday trading on Tuesday, reaching $0.61. The stock had a trading volume of 234,092 shares, compared to its average volume of 1,395,583. The company has a quick ratio of 5.38, a current ratio of 6.80 and a debt-to-equity ratio of 2.87. The firm has a market cap of $31.55 million, a price-to-earnings ratio of -0.18 and a beta of 1.94. Outset Medical has a 52-week low of $0.44 and a 52-week high of $6.37. The company has a fifty day moving average of $0.68 and a 200 day moving average of $2.47.

Outset Medical (NASDAQ:OM) last issued its quarterly earnings results on Wednesday, August 7th. The company reported ($0.66) earnings per share for the quarter, missing the consensus estimate of ($0.59) by ($0.07). Outset Medical had a negative return on equity of 143.52% and a negative net margin of 136.72%. The business had revenue of $27.39 million during the quarter, compared to analysts’ expectations of $31.19 million. During the same quarter in the previous year, the company posted ($0.90) earnings per share. On average, analysts anticipate that Outset Medical will post -2.52 earnings per share for the current fiscal year.

Institutional Trading of Outset Medical

Several institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Personalized Indexing Management LLC purchased a new position in shares of Outset Medical during the second quarter worth approximately $49,000. Ground Swell Capital LLC bought a new position in Outset Medical in the second quarter worth approximately $49,000. State Board of Administration of Florida Retirement System increased its holdings in Outset Medical by 33.4% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 18,842 shares of the company’s stock worth $42,000 after purchasing an additional 4,720 shares during the period. Summit Securities Group LLC bought a new stake in Outset Medical during the 2nd quarter valued at $105,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Outset Medical in the 2nd quarter worth $259,000.

Outset Medical Company Profile

Outset Medical, Inc, a medical technology company, engages in the development of a hemodialysis system for hemodialysis in the United States. The company offers Tablo Hemodialysis System, a compact console with integrated water purification, on-demand dialysate production, and software and connectivity capabilities for dialysis care in acute and home settings; and manufactures, supports, and distributes for Tablo console, Tablo cartridge, and other consumables.