Spectral AI (NASDAQ:MDAI) Trading Down 2.9% – Here’s What Happened

Shares of Spectral AI, Inc. (NASDAQ:MDAI) dropped 2.9% during trading on Monday . The company traded as low as $1.68 and last traded at $1.70. Approximately 230,128 shares were traded during mid-day trading, a decline of 34% from the average daily volume of 347,700 shares. The stock had previously closed at $1.75.

Analyst Ratings Changes

MDAI has been the topic of several research reports. BTIG Research decreased their price target on shares of Spectral AI from $3.50 to $3.00 and set a “buy” rating on the stock in a report on Wednesday, November 12th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Spectral AI in a research note on Monday, December 22nd. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $3.25.

Spectral AI Stock Performance

The stock’s fifty day simple moving average is $1.59 and its two-hundred day simple moving average is $1.95. The stock has a market capitalization of $52.17 million, a P/E ratio of -2.30 and a beta of 0.94.

Spectral AI (NASDAQ:MDAI) last released its quarterly earnings results on Wednesday, November 12th. The company reported ($0.13) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.08) by ($0.05). The firm had revenue of $3.79 million for the quarter, compared to analysts’ expectations of $5.06 million. As a group, analysts expect that Spectral AI, Inc. will post -0.48 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Spectral AI

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Raymond James Financial Inc. increased its position in Spectral AI by 1,180.0% during the 3rd quarter. Raymond James Financial Inc. now owns 12,800 shares of the company’s stock valued at $29,000 after purchasing an additional 11,800 shares during the period. Bridgeway Capital Management LLC boosted its stake in shares of Spectral AI by 14.4% in the 3rd quarter. Bridgeway Capital Management LLC now owns 199,000 shares of the company’s stock valued at $454,000 after purchasing an additional 25,000 shares during the last quarter. DNB Asset Management AS increased its position in shares of Spectral AI by 71.3% during the third quarter. DNB Asset Management AS now owns 73,705 shares of the company’s stock worth $168,000 after buying an additional 30,681 shares during the period. Forum Financial Management LP raised its stake in Spectral AI by 149.3% during the third quarter. Forum Financial Management LP now owns 60,501 shares of the company’s stock worth $138,000 after buying an additional 36,233 shares during the last quarter. Finally, Philip James Wealth Mangement LLC acquired a new position in Spectral AI in the third quarter valued at $27,000. 67.08% of the stock is owned by institutional investors and hedge funds.

Spectral AI Company Profile

Spectral AI, Inc (NASDAQ: MDAI) is a technology company focused on delivering advanced analytics and insights through the application of machine learning to multi-spectral and hyperspectral data. Its core platform ingests imagery from satellites, aerial drones and ground-based sensors, applying proprietary algorithms to identify patterns and anomalies invisible to the naked eye. The company’s solutions are designed to help clients make more informed decisions in areas such as agriculture, environmental monitoring, infrastructure inspection and resource exploration.

The company offers a cloud-native software-as-a-service (SaaS) platform that enables users to visualize and analyze large volumes of spectral data via customizable dashboards.