Elutia Inc. (NASDAQ:ELUT) Stock Short Interest Drops 51.5%

Elutia Inc. (NASDAQ:ELUT) was the target of a significant decrease in short interest in the month of September. As of September 15th, there was short interest totaling 8,223 shares, a decrease of 51.5% from the August 31st total of 16,949 shares. Currently, 0.0% of the shares of the stock are short sold. Based on an average daily volume of 27,409 shares, the days-to-cover ratio is presently 0.3 days.

Analysts Set New Price Targets

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

Elutia Price Performance

Elutia stock traded down $0.02 during trading hours on Tuesday, hitting $0.79. The company had a trading volume of 11,463 shares, compared to its average volume of 134,625. Elutia has a fifty-two week low of $0.50 and a fifty-two week high of $1.39. The firm has a market capitalization of $34.94 million, a P/E ratio of 0.83 and a beta of 0.88. The firm’s fifty day moving average is $0.87 and its 200-day moving average is $0.99.

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

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Rossmore Private Capital raised its stake in shares of Elutia by 140.0% in the 1st quarter. Rossmore Private Capital now owns 120,000 shares of the company’s stock valued at $126,000 after acquiring an additional 70,000 shares in the last quarter. Knollwood Investment Advisory LLC boosted its position in Elutia by 147.8% during the fourth 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. Finally, AIGH Capital Management LLC grew its holdings in Elutia by 17.2% during the first quarter. AIGH Capital Management LLC now owns 3,595,250 shares of the company’s stock valued at $3,775,000 after purchasing an additional 527,065 shares during the last quarter. Institutional investors and hedge funds own 74.03% of the company’s stock.

About Elutia

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.