Outset Medical, Inc. (NASDAQ:OM) Sees Large Decrease in Short Interest

Outset Medical, Inc. (NASDAQ:OM) was the recipient of a significant 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 volume of 1,860,000 shares, the short-interest ratio is currently 1.9 days.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in OM. State Board of Administration of Florida Retirement System increased its holdings in 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 worth $42,000 after buying an additional 4,720 shares during the last quarter. Ground Swell Capital LLC acquired a new position in shares of Outset Medical during the 2nd quarter worth about $49,000. Vanguard Personalized Indexing Management LLC bought a new stake in shares of Outset Medical in the 2nd quarter valued at about $49,000. Summit Securities Group LLC acquired a new stake in Outset Medical in the 2nd quarter valued at about $105,000. Finally, Price T Rowe Associates Inc. MD grew its holdings in Outset Medical by 75.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 82,636 shares of the company’s stock worth $184,000 after purchasing an additional 35,495 shares during the period.

Outset Medical Stock Down 0.8 %

Shares of OM stock traded down $0.01 on Friday, hitting $0.60. 487,755 shares of the stock were exchanged, compared to its average volume of 1,406,259. The company has a current ratio of 6.80, a quick ratio of 5.38 and a debt-to-equity ratio of 2.87. The firm has a market capitalization of $31.27 million, a P/E ratio of -0.18 and a beta of 1.94. Outset Medical has a fifty-two week low of $0.44 and a fifty-two week high of $7.61. The business has a 50-day moving average of $0.79 and a 200 day moving average of $2.49.

Outset Medical (NASDAQ:OM) last released its quarterly 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 firm had revenue of $27.39 million for the quarter, compared to analyst estimates 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 period last year, the company earned ($0.90) EPS. Equities analysts anticipate that Outset Medical will post -2.52 EPS for the current year.

Analyst Ratings Changes

Several research firms have weighed in on OM. TD Cowen reduced their target price on Outset Medical from $9.00 to $3.00 and set a “buy” rating on the stock in a report on Thursday, August 8th. Royal Bank of Canada cut Outset Medical from an “outperform” rating to a “sector perform” rating and cut their price objective for the company from $6.00 to $3.00 in a report on Thursday, August 8th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, Outset Medical presently has an average rating of “Hold” and a consensus target price of $4.64.

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.