Elutia Inc. (NASDAQ:ELUT) Sees Significant Growth in Short Interest

Elutia Inc. (NASDAQ:ELUT) was the target of a large increase in short interest during the month of October. As of October 15th, there was short interest totaling 96,800 shares, an increase of 188.1% from the September 30th total of 33,600 shares. Approximately 0.4% of the shares of the company are sold short. Based on an average daily volume of 206,900 shares, the days-to-cover ratio is presently 0.5 days. Based on an average daily volume of 206,900 shares, the days-to-cover ratio is presently 0.5 days. Approximately 0.4% of the shares of the company are sold short.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on ELUT. Weiss Ratings reiterated a “sell (e+)” rating on shares of Elutia in a research report on Wednesday, October 8th. Lake Street Capital lowered their target price on Elutia from $8.00 to $6.00 and set a “buy” rating on the stock in a research note on Wednesday, September 10th. Two research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $7.00.

Elutia Stock Down 0.1%

Shares of NASDAQ:ELUT opened at $0.91 on Friday. The business has a fifty day moving average of $1.25 and a two-hundred day moving average of $1.74. The stock has a market cap of $38.55 million, a P/E ratio of -0.86 and a beta of 0.78. Elutia has a 52-week low of $0.85 and a 52-week high of $5.12.

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

Institutional Trading of Elutia

Several large investors have recently added to or reduced their stakes in the stock. AIGH Capital Management LLC grew its holdings in Elutia by 2.1% in the 2nd quarter. AIGH Capital Management LLC now owns 3,451,025 shares of the company’s stock valued at $6,833,000 after buying an additional 69,610 shares in the last quarter. Nantahala Capital Management LLC raised its position in Elutia by 11.2% in the first quarter. Nantahala Capital Management LLC now owns 3,184,947 shares of the company’s stock valued at $8,058,000 after purchasing an additional 320,000 shares during the period. Alyeska Investment Group L.P. raised its position in Elutia by 310.8% in the first quarter. Alyeska Investment Group L.P. now owns 2,643,445 shares of the company’s stock valued at $6,688,000 after purchasing an additional 2,000,000 shares during the period. Perkins Capital Management Inc. raised its position in Elutia by 32.1% in the first quarter. Perkins Capital Management Inc. now owns 1,136,377 shares of the company’s stock valued at $2,875,000 after purchasing an additional 276,300 shares during the period. Finally, Knollwood Investment Advisory LLC raised its position in Elutia by 10.7% in the first quarter. Knollwood Investment Advisory LLC now owns 1,034,617 shares of the company’s stock valued at $2,618,000 after purchasing an additional 100,000 shares during the period. 74.03% of the stock is currently owned by hedge funds and other institutional investors.

Elutia Company Profile

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.