Elutia Inc. (NASDAQ:ELUT) Short Interest Update

Elutia Inc. (NASDAQ:ELUT) was the recipient of a large drop in short interest during the month of August. As of August 31st, there was short interest totaling 16,949 shares, a drop of 34.5% from the August 15th total of 25,859 shares. Currently, 0.0% of the company’s shares are sold short. Based on an average daily trading volume, of 72,592 shares, the days-to-cover ratio is presently 0.2 days.

Elutia Price Performance

Shares of Elutia stock remained flat at $0.85 during trading on Friday. The stock had a trading volume of 3,986 shares, compared to its average volume of 138,747. The firm has a market cap of $37.65 million, a P/E ratio of 0.89 and a beta of 0.88. Elutia has a 52-week low of $0.50 and a 52-week high of $1.39. The firm’s 50-day moving average price is $0.89 and its two-hundred day moving average price is $1.00.

Elutia (NASDAQ:ELUT) last released its quarterly earnings results on Thursday, August 13th. The company reported ($0.17) EPS for the quarter, missing the consensus estimate of ($0.15) by ($0.02). The company had revenue of $2.43 million during the quarter, compared to analysts’ expectations of $2.90 million. Elutia had a negative return on equity of 407.37% and a net margin of 426.93%.

Analysts Set New Price Targets

Separately, Weiss Ratings downgraded Elutia from a “sell (d+)” rating to a “sell (d)” rating in a report on Tuesday, August 18th. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the stock presently has a consensus rating of “Sell”.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of ELUT. Knollwood Investment Advisory LLC grew its position in Elutia by 147.8% during the 4th quarter. Knollwood Investment Advisory LLC now owns 2,556,724 shares of the company’s stock worth $1,771,000 after purchasing an additional 1,525,157 shares during the period. AIGH Capital Management LLC raised its position in Elutia by 17.2% during the first quarter. AIGH Capital Management LLC now owns 3,595,250 shares of the company’s stock valued at $3,775,000 after acquiring an additional 527,065 shares in the last quarter. Finally, Rossmore Private Capital lifted its holdings in Elutia by 140.0% in the first quarter. Rossmore Private Capital now owns 120,000 shares of the company’s stock valued at $126,000 after acquiring an additional 70,000 shares during the period. Institutional investors own 74.03% of the company’s stock.

About Elutia

Elutia Inc (NASDAQ: ELUT) is a medical technology company focused on developing and commercializing biologic and drug-eluting products for regenerative medicine and implantable medical devices. Its technologies are designed to support tissue healing, improve the performance of implanted devices and address clinical needs in areas including cardiac care and orthopedics.

The company’s product portfolio has included the CanGaroo family of biologic envelopes, which are used to help manage and protect implantable electronic devices such as pacemakers and defibrillators.