Short Interest in 23andMe Holding Co. (NASDAQ:ME) Drops By 23.4%

23andMe Holding Co. (NASDAQ:ME) was the target of a significant drop in short interest during the month of June. As of June 15th, there was short interest totalling 28,090,000 shares, a drop of 23.4% from the May 31st total of 36,690,000 shares. Approximately 9.9% of the company’s shares are short sold. Based on an average trading volume of 5,250,000 shares, the short-interest ratio is currently 5.4 days.

23andMe Stock Performance

Shares of ME traded down $0.03 during mid-day trading on Friday, reaching $0.39. 38,544,121 shares of the company’s stock were exchanged, compared to its average volume of 4,697,669. 23andMe has a 52-week low of $0.35 and a 52-week high of $2.03. The business’s fifty day simple moving average is $0.48 and its 200-day simple moving average is $0.60.

23andMe (NASDAQ:ME) last posted its quarterly earnings data on Thursday, May 23rd. The company reported ($0.12) earnings per share for the quarter. 23andMe had a negative return on equity of 66.15% and a negative net margin of 303.55%. The company had revenue of $64.03 million for the quarter, compared to analyst estimates of $61.90 million.

Hedge Funds Weigh In On 23andMe

Several institutional investors and hedge funds have recently added to or reduced their stakes in ME. China Universal Asset Management Co. Ltd. lifted its stake in shares of 23andMe by 68.3% in the first quarter. China Universal Asset Management Co. Ltd. now owns 60,653 shares of the company’s stock valued at $32,000 after purchasing an additional 24,604 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of 23andMe by 58.0% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 61,167 shares of the company’s stock worth $56,000 after acquiring an additional 22,460 shares in the last quarter. Raymond James & Associates grew its holdings in shares of 23andMe by 82.4% in the 4th quarter. Raymond James & Associates now owns 65,973 shares of the company’s stock worth $60,000 after acquiring an additional 29,800 shares during the period. BKA Wealth Consulting Inc. purchased a new position in 23andMe in the 4th quarter valued at approximately $126,000. Finally, Mirador Capital Partners LP raised its holdings in 23andMe by 11.2% during the first quarter. Mirador Capital Partners LP now owns 340,946 shares of the company’s stock worth $181,000 after purchasing an additional 34,321 shares during the last quarter. Institutional investors and hedge funds own 36.10% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Citigroup lowered their price objective on shares of 23andMe from $0.85 to $0.47 and set a “neutral” rating for the company in a research note on Tuesday, April 16th.

About 23andMe

23andMe Holding Co operates as a consumer genetics testing company. The company operates in two segments, Consumer & Research Services and Therapeutics. The Consumer & Research Services segment provides a suite of genetic reports, including information on customers' genetic ancestral origins, personal genetic health risks, and chances of passing on certain rare carrier conditions to their children, as well as reports on how genetics can impact responses to medications.