Short Interest in Elutia Inc. (NASDAQ:ELUT) Decreases By 10.9%

Elutia Inc. (NASDAQ:ELUT) was the recipient of a significant decrease in short interest during the month of August. As of August 31st, there was short interest totalling 100,800 shares, a decrease of 10.9% from the August 15th total of 113,100 shares. Based on an average daily trading volume, of 82,800 shares, the days-to-cover ratio is presently 1.2 days. Currently, 0.6% of the shares of the stock are sold short.

Elutia Stock Down 0.5 %

NASDAQ:ELUT traded down $0.02 during mid-day trading on Tuesday, reaching $4.11. 4,854 shares of the company were exchanged, compared to its average volume of 43,564. The stock has a market cap of $99.76 million, a PE ratio of -1.77 and a beta of 0.73. Elutia has a 12 month low of $1.10 and a 12 month high of $5.24. The company has a fifty day moving average of $3.85 and a 200 day moving average of $3.52.

Elutia (NASDAQ:ELUT) last released its quarterly earnings results on Wednesday, August 7th. The company reported ($1.14) EPS for the quarter. The firm had revenue of $6.29 million for the quarter. On average, equities research analysts anticipate that Elutia will post -3.06 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of ELUT. Arcus Capital Partners LLC acquired a new position in shares of Elutia during the second quarter valued at $50,000. Verdence Capital Advisors LLC bought a new stake in Elutia during the 1st quarter worth about $45,000. Renaissance Technologies LLC lifted its position in Elutia by 50.5% during the 2nd quarter. Renaissance Technologies LLC now owns 53,616 shares of the company’s stock valued at $266,000 after purchasing an additional 18,000 shares during the period. Nantahala Capital Management LLC boosted its stake in shares of Elutia by 8.8% in the 2nd quarter. Nantahala Capital Management LLC now owns 1,795,697 shares of the company’s stock valued at $8,907,000 after purchasing an additional 145,697 shares during the last quarter. Finally, Perkins Capital Management Inc. acquired a new stake in shares of Elutia during the 1st quarter worth approximately $2,512,000. 74.03% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently commented on ELUT. Lake Street Capital boosted their target price on Elutia from $5.00 to $10.00 and gave the stock a “buy” rating in a report on Friday, June 21st. Cantor Fitzgerald reiterated an “overweight” rating and issued a $10.00 price objective on shares of Elutia in a research report on Friday, September 6th.

Elutia Company Profile

Elutia Inc, a commercial-stage company, develops and commercializes drug-eluting biologics products for neurostimulation, wound care, and breast reconstruction in the United States. The company operates in three segments: Device Protection; Women's Health; and Cardiovascular. It offers CanGaroo Envelope, which is used to accommodate cardiac implantable electronic devices, such as pacemakers and internal defibrillators.