Elutia (NASDAQ:ELUT) Stock Price Down 0.9% – What’s Next?

Elutia Inc. (NASDAQ:ELUT) traded down 0.9% during trading on Wednesday . The stock traded as low as $0.6952 and last traded at $0.6975. 238,438 shares traded hands during mid-day trading, a decline of 5% from the average session volume of 251,049 shares. The stock had previously closed at $0.7040.

Analysts Set New Price Targets

ELUT has been the subject of a number of recent analyst reports. Wall Street Zen raised Elutia to a “sell” rating in a research report on Saturday, November 8th. Lake Street Capital reduced their price target 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. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Elutia in a report on Wednesday, October 8th. Two research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Elutia currently has an average rating of “Hold” and a consensus price target of $7.00.

Elutia Trading Down 0.9%

The firm has a market capitalization of $29.78 million, a P/E ratio of -0.76 and a beta of 0.63. The stock has a 50 day simple moving average of $0.80 and a 200-day simple moving average of $1.48.

Elutia (NASDAQ:ELUT) last posted its quarterly earnings data on Thursday, November 6th. The company reported ($0.01) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.15. The business had revenue of $3.32 million during the quarter, compared to analysts’ expectations of $6.65 million. As a group, sell-side analysts expect that Elutia Inc. will post -1.74 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Elutia

Several hedge funds and other institutional investors have recently modified their holdings of ELUT. Citadel Advisors LLC bought a new position in Elutia in the 3rd quarter worth $50,000. Virtu Financial LLC bought a new stake in Elutia during the third quarter valued at about $26,000. Deerfield Management Company L.P. purchased a new stake in Elutia in the third quarter worth about $1,221,000. XTX Topco Ltd bought a new position in shares of Elutia in the second quarter worth about $28,000. Finally, AIGH Capital Management LLC raised its stake in shares of Elutia by 2.1% in the second quarter. AIGH Capital Management LLC now owns 3,451,025 shares of the company’s stock worth $6,833,000 after buying an additional 69,610 shares during the period. 74.03% of the stock is currently owned by hedge funds and other institutional investors.

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.