Spectral AI (NASDAQ:MDAI) Shares Down 6.3% – Here’s What Happened

Spectral AI, Inc. (NASDAQ:MDAI)’s stock price was down 6.3% during trading on Wednesday . The stock traded as low as $1.18 and last traded at $1.20. Approximately 6,712,115 shares were traded during mid-day trading, an increase of 2,580% from the average daily volume of 250,476 shares. The stock had previously closed at $1.28.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Spectral AI in a research report on Monday, December 22nd. BTIG Research restated a “buy” rating and issued a $3.00 price target on shares of Spectral AI in a research report on Tuesday, February 10th. Two investment 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 stock currently has an average rating of “Hold” and a consensus price target of $3.25.

Spectral AI Stock Performance

The company has a market capitalization of $36.83 million, a PE ratio of -1.62 and a beta of 0.98. The stock has a fifty day moving average of $1.53 and a 200 day moving average of $1.76.

Hedge Funds Weigh In On Spectral AI

Hedge funds and other institutional investors have recently modified their holdings of the stock. Philip James Wealth Mangement LLC bought a new stake in Spectral AI in the 3rd quarter valued at $27,000. Raymond James Financial Inc. lifted its stake in Spectral AI by 1,180.0% in the 3rd quarter. Raymond James Financial Inc. now owns 12,800 shares of the company’s stock worth $29,000 after purchasing an additional 11,800 shares in the last quarter. Jane Street Group LLC bought a new position in shares of Spectral AI during the 2nd quarter valued at about $74,000. Marshall Wace LLP bought a new position in shares of Spectral AI during the 2nd quarter valued at about $104,000. Finally, DNB Asset Management AS purchased a new position in shares of Spectral AI during the second quarter valued at about $107,000. Institutional investors own 67.08% of the company’s stock.

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.