Elutia (NASDAQ:ELUT) Stock Price Down 6.3% – Should You Sell?

Elutia Inc. (NASDAQ:ELUT) traded down 6.3% during mid-day trading on Monday . The stock traded as low as $0.93 and last traded at $0.93. 125,018 shares changed hands during mid-day trading, a decline of 60% from the average session volume of 311,385 shares. The stock had previously closed at $0.99.

Analyst Upgrades and Downgrades

Separately, Lake Street Capital reduced their target price on shares of Elutia from $8.00 to $6.00 and set a “buy” rating for the company in a research note on Wednesday, September 10th. Two analysts have rated the stock with a Buy rating, According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $7.00.

Elutia Stock Down 6.3%

The company has a market cap of $39.43 million, a P/E ratio of -0.88 and a beta of 0.89. The company’s 50-day moving average is $1.79 and its two-hundred day moving average is $2.03.

Elutia (NASDAQ:ELUT) last posted its quarterly earnings results on Thursday, August 14th. The company reported ($0.26) earnings per share for the quarter, missing the consensus estimate of ($0.17) by ($0.09). The company had revenue of $6.26 million for the quarter, compared to the consensus estimate of $6.55 million. On average, analysts anticipate that Elutia Inc. will post -1.74 EPS for the current fiscal year.

Hedge Funds Weigh In On Elutia

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Northern Trust Corp boosted its position in Elutia by 30.0% during the fourth quarter. Northern Trust Corp now owns 17,957 shares of the company’s stock worth $67,000 after purchasing an additional 4,148 shares during the period. Millennium Management LLC boosted its position in Elutia by 16.4% during the fourth quarter. Millennium Management LLC now owns 45,217 shares of the company’s stock worth $169,000 after purchasing an additional 6,386 shares during the period. Arcus Capital Partners LLC boosted its position in Elutia by 50.3% during the second quarter. Arcus Capital Partners LLC now owns 30,050 shares of the company’s stock worth $59,000 after purchasing an additional 10,050 shares during the period. OMERS ADMINISTRATION Corp bought a new position in Elutia during the first quarter worth about $28,000. Finally, XTX Topco Ltd bought a new position in Elutia during the second quarter worth about $28,000. Institutional investors own 74.03% of the company’s stock.

About Elutia

Elutia Inc, a commercial-stage company, develops and commercializes drug-eluting biologics products for neurostimulation, wound care, and breast reconstruction in the United States. The company operates in three segments: Device Protection; Women's Health; and Cardiovascular. It offers CanGaroo Envelope, which is used to accommodate cardiac implantable electronic devices, such as pacemakers and internal defibrillators.