Short Interest in BIOLASE, Inc. (NASDAQ:BIOL) Decreases By 6.2%

BIOLASE, Inc. (NASDAQ:BIOL) was the target of a significant decrease in short interest in the month of June. As of June 15th, there was short interest totalling 1,970,000 shares, a decrease of 6.2% from the May 31st total of 2,100,000 shares. Approximately 6.1% of the company’s shares are sold short. Based on an average daily volume of 4,720,000 shares, the short-interest ratio is currently 0.4 days.

Analyst Ratings Changes

BIOL has been the subject of a number of recent research reports. StockNews.com initiated coverage on BIOLASE in a report on Saturday. They issued a “sell” rating for the company. Maxim Group downgraded BIOLASE from a “strong-buy” rating to a “hold” rating in a report on Friday, May 24th. Finally, Benchmark reiterated a “speculative buy” rating and set a $0.40 price target on shares of BIOLASE in a report on Tuesday, May 14th.

BIOLASE Price Performance

Shares of BIOL traded down $0.01 during trading hours on Tuesday, hitting $0.10. The stock had a trading volume of 383,141 shares, compared to its average volume of 3,789,250. The firm has a 50 day simple moving average of $0.14 and a 200-day simple moving average of $0.38. The firm has a market capitalization of $3.34 million, a P/E ratio of -0.01 and a beta of 0.71. BIOLASE has a 1-year low of $0.04 and a 1-year high of $10.31.

BIOLASE (NASDAQ:BIOL) last announced its quarterly earnings results on Monday, May 13th. The medical technology company reported ($0.36) earnings per share for the quarter. BIOLASE had a negative net margin of 43.56% and a negative return on equity of 1,782.73%. The business had revenue of $10.13 million during the quarter.

Hedge Funds Weigh In On BIOLASE

An institutional investor recently raised its position in BIOLASE stock. Virtu Financial LLC grew its position in shares of BIOLASE, Inc. (NASDAQ:BIOL) by 1,068.0% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 143,537 shares of the medical technology company’s stock after buying an additional 131,248 shares during the quarter. Virtu Financial LLC owned 0.43% of BIOLASE worth $27,000 as of its most recent filing with the Securities & Exchange Commission. Hedge funds and other institutional investors own 8.79% of the company’s stock.

BIOLASE Company Profile

BIOLASE, Inc, together with its subsidiaries, develops, manufactures, markets, and sells laser systems for dental practitioners and their patients in the United States and internationally. Its dental laser systems allow dentists, periodontists, endodontists, pediatric dentists, oral surgeons, and other dental specialists to perform a range of minimally invasive dental procedures, including cosmetic, restorative, and complex surgical applications.