Short Interest in Outset Medical, Inc. (NASDAQ:OM) Drops By 93.0%

Outset Medical, Inc. (NASDAQ:OM) was the target of a large decline in short interest in March. As of March 15th, there was short interest totalling 787,800 shares, a decline of 93.0% from the February 28th total of 11,230,000 shares. Based on an average daily volume of 85,100 shares, the short-interest ratio is currently 9.3 days. Currently, 22.5% of the company’s stock are sold short.

Analyst Ratings Changes

Separately, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $45.00 price target on shares of Outset Medical in a report on Tuesday, January 7th.

Outset Medical Stock Performance

OM traded down $0.42 during trading on Wednesday, hitting $11.25. The stock had a trading volume of 183,349 shares, compared to its average volume of 89,903. The company has a debt-to-equity ratio of 4.12, a current ratio of 6.49 and a quick ratio of 5.04. The company has a 50 day moving average price of $11.34 and a 200-day moving average price of $11.87. Outset Medical has a one year low of $5.85 and a one year high of $78.30. The firm has a market cap of $40.44 million, a price-to-earnings ratio of -4.54 and a beta of 2.01.

Outset Medical (NASDAQ:OM) last released its quarterly earnings results on Wednesday, February 19th. The company reported ($6.90) EPS for the quarter, missing the consensus estimate of ($6.30) by ($0.60). Outset Medical had a negative net margin of 112.57% and a negative return on equity of 175.64%. The business had revenue of $29.47 million during the quarter, compared to analyst estimates of $28.47 million. As a group, research analysts predict that Outset Medical will post -1.99 EPS for the current year.

Insider Activity

In other news, CEO Leslie Trigg sold 2,215 shares of Outset Medical stock in a transaction dated Monday, January 13th. The shares were sold at an average price of $12.15, for a total value of $26,912.25. Following the completion of the transaction, the chief executive officer now owns 57,426 shares of the company’s stock, valued at $697,725.90. This trade represents a 3.71 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, General Counsel John L. Brottem sold 2,195 shares of Outset Medical stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $12.00, for a total value of $26,340.00. Following the transaction, the general counsel now owns 12,079 shares of the company’s stock, valued at $144,948. The trade was a 15.38 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 19,511 shares of company stock worth $244,623 in the last 90 days. Corporate insiders own 4.10% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. National Bank of Canada FI grew its position in Outset Medical by 79.2% during the third quarter. National Bank of Canada FI now owns 52,407 shares of the company’s stock worth $35,000 after buying an additional 23,164 shares in the last quarter. Two Sigma Investments LP increased its stake in Outset Medical by 36.0% in the fourth quarter. Two Sigma Investments LP now owns 488,602 shares of the company’s stock valued at $542,000 after acquiring an additional 129,334 shares during the last quarter. Squarepoint Ops LLC bought a new position in shares of Outset Medical in the 4th quarter valued at $174,000. Two Sigma Securities LLC boosted its stake in Outset Medical by 190.0% in the fourth quarter. Two Sigma Securities LLC now owns 42,477 shares of the company’s stock valued at $47,000 after buying an additional 27,830 shares in the last quarter. Finally, Renaissance Technologies LLC raised its stake in Outset Medical by 1,167.7% during the fourth quarter. Renaissance Technologies LLC now owns 686,748 shares of the company’s stock worth $762,000 after acquiring an additional 632,574 shares in 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.