Short Interest in LumiraDx Limited (NASDAQ:LMDX) Grows By 2,649.3%

LumiraDx Limited (NASDAQ:LMDX) was the target of a significant growth in short interest during the month of October. As of October 31st, there was short interest totalling 2,950,000 shares, a growth of 2,649.3% from the October 15th total of 107,300 shares. Based on an average daily trading volume, of 8,930,000 shares, the short-interest ratio is presently 0.3 days. Approximately 2.8% of the company’s stock are sold short.

LumiraDx Stock Performance

Shares of LMDX stock opened at $0.09 on Friday. LumiraDx has a 12 month low of $0.08 and a 12 month high of $1.61. The stock has a market cap of $28.99 million, a P/E ratio of -0.08 and a beta of 1.27. The company has a 50 day simple moving average of $0.20 and a two-hundred day simple moving average of $0.36.

LumiraDx (NASDAQ:LMDX) last announced its earnings results on Thursday, August 24th. The company reported ($0.16) EPS for the quarter, missing analysts’ consensus estimates of ($0.15) by ($0.01). The business had revenue of $21.00 million for the quarter, compared to analyst estimates of $21.07 million. During the same period in the prior year, the company posted ($0.58) earnings per share.

Wall Street Analyst Weigh In

Separately, Raymond James decreased their price objective on shares of LumiraDx from $1.00 to $0.80 and set an “outperform” rating for the company in a report on Monday, August 28th.

Institutional Trading of LumiraDx

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Colony Group LLC bought a new position in shares of LumiraDx in the second quarter worth approximately $787,000. Renaissance Technologies LLC bought a new position in shares of LumiraDx during the third quarter worth $50,000. Citadel Advisors LLC bought a new position in shares of LumiraDx during the third quarter worth $39,000. Pathstone Family Office LLC bought a new position in shares of LumiraDx during the third quarter worth $47,000. Finally, Balyasny Asset Management LLC boosted its position in shares of LumiraDx by 36,072.9% during the third quarter. Balyasny Asset Management LLC now owns 3,771,385 shares of the company’s stock worth $3,847,000 after acquiring an additional 3,760,959 shares during the last quarter. 9.59% of the stock is owned by hedge funds and other institutional investors.

About LumiraDx

LumiraDx Limited operates as a point of care diagnostics company. The company focuses on transforming community-based healthcare by providing critical diagnostic information to healthcare providers. It manufactures and commercializes a diagnostic platform that supports various tests with lab comparable performance at the point of care.