Elutia (NASDAQ:ELUT) Posts Earnings Results, Beats Expectations By $0.15 EPS

Elutia (NASDAQ:ELUT) posted its quarterly earnings results on Thursday. The company reported ($0.01) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.15, Zacks reports. The company had revenue of $3.32 million during the quarter, compared to analysts’ expectations of $6.65 million.

Elutia Price Performance

Shares of NASDAQ:ELUT traded down $0.05 during midday trading on Friday, reaching $0.90. 241,275 shares of the company’s stock were exchanged, compared to its average volume of 97,348. The stock has a market cap of $37.95 million, a price-to-earnings ratio of -0.84 and a beta of 0.78. Elutia has a fifty-two week low of $0.85 and a fifty-two week high of $5.12. The firm’s 50 day simple moving average is $1.11 and its two-hundred day simple moving average is $1.69.

Institutional Investors Weigh In On Elutia

An institutional investor recently bought a new position in Elutia stock. XTX Topco Ltd purchased a new stake in Elutia Inc. (NASDAQ:ELUT) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 14,012 shares of the company’s stock, valued at approximately $28,000. 74.03% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. Lake Street Capital lowered their price objective on Elutia from $8.00 to $6.00 and set a “buy” rating on the stock in a research note on Wednesday, September 10th. Wall Street Zen upgraded Elutia to a “sell” rating in a report on Saturday. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Elutia in a report on Wednesday, October 8th. Two investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $7.00.

About Elutia

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.