Outset Medical, Inc. (NASDAQ:OM) Short Interest Down 21.0% in September

Outset Medical, Inc. (NASDAQ:OM) was the recipient of a large decrease in short interest in September. As of September 30th, there was short interest totalling 3,470,000 shares, a decrease of 21.0% from the September 15th total of 4,390,000 shares. Based on an average daily trading volume, of 1,860,000 shares, the days-to-cover ratio is currently 1.9 days.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the company. Royal Bank of Canada lowered Outset Medical from an “outperform” rating to a “sector perform” rating and reduced their target price for the stock from $6.00 to $3.00 in a report on Thursday, August 8th. TD Cowen cut their price target on Outset Medical from $9.00 to $3.00 and set a “buy” rating on the stock in a research note on Thursday, August 8th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $4.70.

Outset Medical Trading Down 1.0 %

Shares of OM traded down $0.01 during mid-day trading on Monday, reaching $0.60. 357,694 shares of the company were exchanged, compared to its average volume of 1,400,964. The stock has a market capitalization of $30.95 million, a PE ratio of -0.18 and a beta of 1.94. The business has a 50 day simple moving average of $0.79 and a two-hundred day simple moving average of $2.50. The company has a debt-to-equity ratio of 2.87, a quick ratio of 5.38 and a current ratio of 6.80. Outset Medical has a 52 week low of $0.44 and a 52 week high of $6.37.

Outset Medical (NASDAQ:OM) last issued its earnings results on Wednesday, August 7th. The company reported ($0.66) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.59) by ($0.07). The business had revenue of $27.39 million during the quarter, compared to the consensus estimate of $31.19 million. Outset Medical had a negative return on equity of 143.52% and a negative net margin of 136.72%. During the same quarter in the previous year, the firm posted ($0.90) earnings per share. On average, analysts predict that Outset Medical will post -2.52 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Outset Medical

Hedge funds and other institutional investors have recently modified their holdings of the company. State Board of Administration of Florida Retirement System boosted its position in shares of Outset Medical by 33.4% during the first quarter. State Board of Administration of Florida Retirement System now owns 18,842 shares of the company’s stock valued at $42,000 after buying an additional 4,720 shares during the last quarter. Ground Swell Capital LLC purchased a new position in Outset Medical in the second quarter worth $49,000. Vanguard Personalized Indexing Management LLC purchased a new position in Outset Medical in the second quarter worth $49,000. Summit Securities Group LLC purchased a new position in Outset Medical in the second quarter worth $105,000. Finally, Price T Rowe Associates Inc. MD lifted its position in shares of Outset Medical by 75.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 82,636 shares of the company’s stock valued at $184,000 after buying an additional 35,495 shares during the last quarter.

About Outset Medical

Outset Medical, Inc, a medical technology company, engages in the development of a hemodialysis system for hemodialysis in the United States. The company offers Tablo Hemodialysis System, a compact console with integrated water purification, on-demand dialysate production, and software and connectivity capabilities for dialysis care in acute and home settings; and manufactures, supports, and distributes for Tablo console, Tablo cartridge, and other consumables.