Outset Medical (NASDAQ:OM) Stock Falls 3% – Here’s What Happened

Outset Medical, Inc. (NASDAQ:OM)’s stock price was down 3% during mid-day trading on Monday. The company traded as low as $2.84 and last traded at $2.96. Approximately 186,333 shares changed hands during mid-day trading, an increase of 41% from the average daily volume of 132,195 shares. The stock had previously closed at $3.05.

Analysts Set New Price Targets

A number of research firms have recently commented on OM. Weiss Ratings cut Outset Medical from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Friday, August 21st. Wall Street Zen upgraded shares of Outset Medical from a “sell” rating to a “hold” rating in a research report on Saturday, August 15th. Three analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $10.00.

Outset Medical Stock Performance

The company’s 50 day moving average price is $3.99 and its 200-day moving average price is $4.16. The company has a debt-to-equity ratio of 1.03, a quick ratio of 4.11 and a current ratio of 5.19. The company has a market cap of $55.65 million, a PE ratio of -0.72 and a beta of 1.90.

Outset Medical (NASDAQ:OM) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($0.80) EPS for the quarter, missing analysts’ consensus estimates of ($0.72) by ($0.08). Outset Medical had a negative return on equity of 61.67% and a negative net margin of 63.06%.The company had revenue of $31.64 million during the quarter, compared to the consensus estimate of $28.97 million. Equities research analysts anticipate that Outset Medical, Inc. will post -3.81 earnings per share for the current fiscal year.

Institutional Trading of Outset Medical

Several hedge funds have recently made changes to their positions in the company. BML Capital Management LLC grew its stake in shares of Outset Medical by 250.2% during the 1st quarter. BML Capital Management LLC now owns 1,902,201 shares of the company’s stock worth $7,304,000 after acquiring an additional 1,359,021 shares during the period. Renaissance Technologies LLC increased its holdings in Outset Medical by 391.3% in the 1st quarter. Renaissance Technologies LLC now owns 222,075 shares of the company’s stock worth $853,000 after acquiring an additional 176,870 shares during the last quarter. Marquette Asset Management LLC bought a new stake in Outset Medical in the 2nd quarter valued at about $212,000. Aristides Capital LLC bought a new stake in Outset Medical in the 4th quarter valued at about $177,000. Finally, Bank of New York Mellon Corp purchased a new stake in Outset Medical during the second quarter valued at about $121,000.

Outset Medical Company Profile

Outset Medical, Inc is a medical technology company focused on simplifying hemodialysis for patients and healthcare providers. The company’s principal product is the Tablo Hemodialysis System, an integrated dialysis platform designed to combine water purification, dialysate production, treatment monitoring and data connectivity in a single device.

Tablo is intended for use in hospitals, outpatient clinics and other care settings, and has also been cleared for home hemodialysis in the United States.