Outset Medical (NASDAQ:OM) Shares Down 12.7% – What’s Next?

Outset Medical, Inc. (NASDAQ:OM) dropped 12.7% on Friday . The company traded as low as $9.30 and last traded at $9.85. Approximately 31,173 shares traded hands during mid-day trading, a decline of 65% from the average daily volume of 88,113 shares. The stock had previously closed at $11.28.

Analyst Upgrades and Downgrades

Separately, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $45.00 price target on shares of Outset Medical in a research note on Tuesday, January 7th.

Outset Medical Price Performance

The company has a quick ratio of 5.04, a current ratio of 6.49 and a debt-to-equity ratio of 4.12. The stock has a market capitalization of $529.81 million, a price-to-earnings ratio of -3.96 and a beta of 2.01. The company’s 50-day simple moving average is $11.45 and its 200 day simple moving average is $11.74.

Outset Medical (NASDAQ:OM) last posted its earnings results on Wednesday, February 19th. The company reported ($6.90) EPS for the quarter, missing the consensus estimate of ($6.30) by ($0.60). The business had revenue of $29.47 million for the quarter, compared to analyst estimates of $28.47 million. Outset Medical had a negative return on equity of 175.64% and a negative net margin of 112.57%. Equities research analysts forecast that Outset Medical, Inc. will post -1.99 EPS for the current year.

Insider Activity

In other news, CEO Leslie Trigg sold 4,349 shares of the firm’s stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $12.00, for a total value of $52,188.00. Following the sale, the chief executive officer now directly owns 59,705 shares of the company’s stock, valued at approximately $716,460. This trade represents a 6.79 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, General Counsel John L. Brottem sold 2,195 shares of the stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $12.00, for a total transaction of $26,340.00. Following the completion of the sale, the general counsel now owns 12,079 shares of the company’s stock, valued at approximately $144,948. The trade was a 15.38 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 19,511 shares of company stock valued at $244,623. 4.10% of the stock is owned by insiders.

Institutional Investors Weigh In On Outset Medical

Several hedge funds have recently made changes to their positions in the stock. Renaissance Technologies LLC lifted its stake in shares of Outset Medical by 1,167.7% in the fourth quarter. Renaissance Technologies LLC now owns 686,748 shares of the company’s stock valued at $762,000 after buying an additional 632,574 shares during the period. Two Sigma Investments LP lifted its stake in shares of Outset Medical by 36.0% in the fourth quarter. Two Sigma Investments LP now owns 488,602 shares of the company’s stock valued at $542,000 after buying an additional 129,334 shares during the period. Birchview Capital LP lifted its stake in shares of Outset Medical by 3,587.7% in the fourth quarter. Birchview Capital LP now owns 368,766 shares of the company’s stock valued at $409,000 after buying an additional 358,766 shares during the period. Squarepoint Ops LLC bought a new position in Outset Medical during the fourth quarter worth about $174,000. Finally, National Bank of Canada FI lifted its stake in Outset Medical by 79.2% during the third quarter. National Bank of Canada FI now owns 52,407 shares of the company’s stock worth $35,000 after purchasing an additional 23,164 shares during the period.

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.