icad inc. (NASDAQ:ICAD) Sees Large Drop in Short Interest

icad inc. (NASDAQ:ICAD) was the recipient of a significant decline in short interest in May. As of May 31st, there was short interest totalling 296,500 shares, a decline of 25.4% from the May 15th total of 397,400 shares. Based on an average daily trading volume, of 798,400 shares, the days-to-cover ratio is currently 0.4 days. Approximately 1.1% of the company’s stock are sold short.

icad Price Performance

icad stock opened at $3.81 on Thursday. icad has a one year low of $1.18 and a one year high of $4.02. The company has a market cap of $104.66 million, a price-to-earnings ratio of -20.05 and a beta of 1.38. The firm has a 50-day moving average of $3.50 and a 200-day moving average of $2.71.

icad (NASDAQ:ICAD) last announced its quarterly earnings results on Tuesday, May 13th. The technology company reported ($0.02) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.04. icad had a negative return on equity of 15.03% and a negative net margin of 26.63%. The firm had revenue of $4.87 million for the quarter, compared to the consensus estimate of $4.54 million.

Wall Street Analyst Weigh In

ICAD has been the subject of several research reports. Wall Street Zen initiated coverage on shares of icad in a research report on Tuesday, May 20th. They set a “sell” rating for the company. BTIG Research downgraded icad from a “buy” rating to a “neutral” rating in a report on Wednesday, April 16th. Laidlaw restated a “hold” rating on shares of icad in a research note on Thursday, April 17th. Finally, Craig Hallum downgraded icad from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, April 16th.

Hedge Funds Weigh In On icad

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Thompson Davis & CO. Inc. bought a new stake in shares of icad during the 4th quarter worth about $31,000. First Eagle Investment Management LLC increased its position in icad by 6.1% during the 4th quarter. First Eagle Investment Management LLC now owns 716,161 shares of the technology company’s stock worth $1,311,000 after buying an additional 41,000 shares during the period. PKS Advisory Services LLC acquired a new stake in shares of icad during the fourth quarter worth $53,000. Geode Capital Management LLC boosted its position in shares of icad by 6.6% in the fourth quarter. Geode Capital Management LLC now owns 276,493 shares of the technology company’s stock valued at $506,000 after acquiring an additional 17,059 shares during the period. Finally, Perritt Capital Management Inc grew its stake in shares of icad by 1.9% in the fourth quarter. Perritt Capital Management Inc now owns 189,100 shares of the technology company’s stock valued at $346,000 after acquiring an additional 3,600 shares in the last quarter. 24.61% of the stock is owned by institutional investors.

About icad

iCAD, Inc engages in the provision of cancer detection and therapy solutions in the United States. It operates through two segments, Detection and Therapy. The company provides ProFound AI for digital breast tomosynthesis and 2D mammography; PowerLook, a density assessment solution; and ProFound Risk, a breast cancer risk analysis.