Elutia Inc. (NASDAQ:ELUT) Sees Large Drop in Short Interest

Elutia Inc. (NASDAQ:ELUT) saw a significant drop in short interest in August. As of August 31st, there was short interest totaling 16,949 shares, a drop of 34.5% from the August 15th total of 25,859 shares. Based on an average daily trading volume, of 72,592 shares, the short-interest ratio is currently 0.2 days. Approximately 0.0% of the company’s stock are sold short.

Elutia Stock Up 5.8%

NASDAQ:ELUT traded up $0.05 during mid-day trading on Thursday, reaching $0.86. 74,850 shares of the stock were exchanged, compared to its average volume of 139,470. The stock has a market capitalization of $37.96 million, a P/E ratio of 0.90 and a beta of 0.88. The company has a 50 day simple moving average of $0.89 and a 200-day simple moving average of $1.01. Elutia has a 1 year low of $0.50 and a 1 year high of $1.39.

Elutia (NASDAQ:ELUT) last posted its quarterly earnings data on Thursday, August 13th. The company reported ($0.17) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.15) by ($0.02). Elutia had a negative return on equity of 407.37% and a net margin of 426.93%.The company had revenue of $2.43 million for the quarter, compared to analyst estimates of $2.90 million.

Institutional Trading of Elutia

Institutional investors have recently modified their holdings of the business. Rossmore Private Capital raised its position in Elutia by 140.0% in the first quarter. Rossmore Private Capital now owns 120,000 shares of the company’s stock worth $126,000 after acquiring an additional 70,000 shares in the last quarter. AIGH Capital Management LLC grew its stake in shares of Elutia by 17.2% during the 1st quarter. AIGH Capital Management LLC now owns 3,595,250 shares of the company’s stock worth $3,775,000 after purchasing an additional 527,065 shares during the period. Finally, Knollwood Investment Advisory LLC grew its stake in shares of Elutia by 147.8% during the 4th quarter. Knollwood Investment Advisory LLC now owns 2,556,724 shares of the company’s stock worth $1,771,000 after purchasing an additional 1,525,157 shares during the period. 74.03% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, Weiss Ratings cut Elutia from a “sell (d+)” rating to a “sell (d)” rating in a research report on Tuesday, August 18th. One research analyst has rated the stock with a Sell rating, According to MarketBeat.com, the company currently has an average rating of “Sell”.

Elutia Company Profile

Elutia Inc (NASDAQ: ELUT) is a medical technology company focused on developing and commercializing biologic and drug-eluting products for regenerative medicine and implantable medical devices. Its technologies are designed to support tissue healing, improve the performance of implanted devices and address clinical needs in areas including cardiac care and orthopedics.

The company’s product portfolio has included the CanGaroo family of biologic envelopes, which are used to help manage and protect implantable electronic devices such as pacemakers and defibrillators.