Outset Medical, Inc. (NASDAQ:OM) Short Interest Down 21.0% in September

Outset Medical, Inc. (NASDAQ:OM) saw a large decrease in short interest during the month of September. As of September 30th, there was short interest totalling 3,470,000 shares, a decrease of 21.0% from the September 15th total of 4,390,000 shares. Based on an average trading volume of 1,860,000 shares, the days-to-cover ratio is currently 1.9 days.

Wall Street Analysts Forecast Growth

OM has been the subject of a number of research analyst reports. TD Cowen cut their price target on shares of Outset Medical from $9.00 to $3.00 and set a “buy” rating for the company in a report on Thursday, August 8th. Royal Bank of Canada lowered shares of Outset Medical from an “outperform” rating to a “sector perform” rating and reduced their price objective for the company from $6.00 to $3.00 in a research note on Thursday, August 8th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, Outset Medical presently has an average rating of “Moderate Buy” and an average target price of $4.70.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Mubadala Investment Co PJSC acquired a new stake in shares of Outset Medical in the fourth quarter valued at $7,794,000. Acadian Asset Management LLC increased its stake in shares of Outset Medical by 369.4% in the first quarter. Acadian Asset Management LLC now owns 779,242 shares of the company’s stock valued at $1,728,000 after buying an additional 613,229 shares in the last quarter. Lazard Asset Management LLC increased its stake in shares of Outset Medical by 103.7% in the first quarter. Lazard Asset Management LLC now owns 523,860 shares of the company’s stock valued at $1,162,000 after buying an additional 266,717 shares in the last quarter. Assenagon Asset Management S.A. increased its stake in shares of Outset Medical by 60.4% in the second quarter. Assenagon Asset Management S.A. now owns 1,515,126 shares of the company’s stock valued at $5,833,000 after buying an additional 570,281 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD increased its stake in shares of Outset Medical by 75.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 82,636 shares of the company’s stock valued at $184,000 after buying an additional 35,495 shares in the last quarter.

Outset Medical Stock Performance

OM stock traded down $0.01 during midday trading on Monday, hitting $0.60. 357,694 shares of the company traded hands, compared to its average volume of 1,400,964. Outset Medical has a twelve month low of $0.44 and a twelve month high of $6.37. The company has a quick ratio of 5.38, a current ratio of 6.80 and a debt-to-equity ratio of 2.87. The business has a 50 day simple moving average of $0.79 and a 200-day simple moving average of $2.50. The stock has a market capitalization of $30.95 million, a price-to-earnings ratio of -0.18 and a beta of 1.94.

Outset Medical (NASDAQ:OM) last announced its quarterly earnings data on Wednesday, August 7th. The company reported ($0.66) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.59) by ($0.07). The company had revenue of $27.39 million during the quarter, compared to analyst estimates of $31.19 million. Outset Medical had a negative return on equity of 143.52% and a negative net margin of 136.72%. During the same quarter in the previous year, the business posted ($0.90) EPS. As a group, equities research analysts predict that Outset Medical will post -2.52 earnings per share for the current year.

About Outset Medical

Outset Medical, Inc, a medical technology company, engages in the development of a hemodialysis system for hemodialysis in the United States. The company offers Tablo Hemodialysis System, a compact console with integrated water purification, on-demand dialysate production, and software and connectivity capabilities for dialysis care in acute and home settings; and manufactures, supports, and distributes for Tablo console, Tablo cartridge, and other consumables.