Hyperfine (NASDAQ:HYPR) Stock Price Down 4.3% – Here’s Why

Hyperfine, Inc. (NASDAQ:HYPR) dropped 4.3% during trading on Monday . The stock traded as low as $1.08 and last traded at $1.10. Approximately 212,527 shares traded hands during mid-day trading, a decline of 40% from the average daily volume of 354,176 shares. The stock had previously closed at $1.15.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Hyperfine in a report on Thursday, January 22nd. Two equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $1.28.

Hyperfine Price Performance

The firm’s 50-day moving average price is $1.10 and its 200 day moving average price is $1.21. The firm has a market capitalization of $106.89 million, a price-to-earnings ratio of -2.12 and a beta of 1.09.

Hedge Funds Weigh In On Hyperfine

A number of institutional investors have recently made changes to their positions in the stock. Millennium Management LLC purchased a new stake in Hyperfine during the 4th quarter worth about $55,000. Bridgeway Capital Management LLC grew its holdings in shares of Hyperfine by 50.2% during the fourth quarter. Bridgeway Capital Management LLC now owns 119,700 shares of the company’s stock worth $117,000 after buying an additional 40,000 shares in the last quarter. Walleye Capital LLC acquired a new position in shares of Hyperfine in the fourth quarter valued at approximately $212,000. State Street Corp raised its position in shares of Hyperfine by 6.1% in the fourth quarter. State Street Corp now owns 265,195 shares of the company’s stock valued at $260,000 after buying an additional 15,200 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its stake in shares of Hyperfine by 674.4% during the fourth quarter. Renaissance Technologies LLC now owns 364,743 shares of the company’s stock valued at $357,000 after buying an additional 317,645 shares during the period. 15.03% of the stock is owned by institutional investors and hedge funds.

Hyperfine Company Profile

Hyperfine, Inc (NASDAQ: HYPR) is a medical technology company focused on expanding access to advanced neuroimaging through its portable magnetic resonance imaging (MRI) system. The company’s flagship product, Swoop®, is designed to enable bedside MRI scanning in a wide range of clinical environments, including emergency departments, intensive care units and outpatient clinics. By leveraging a compact, high-performance permanent magnet and a custom-designed gradient system, Hyperfine aims to reduce the logistical and financial barriers associated with traditional, large-scale MRI installations.

The Swoop system features a lightweight, wheeled design that can be maneuvered directly to a patient’s bedside, allowing clinicians to conduct diagnostic imaging without the need to transport critically ill or immobile patients.