Lucid Diagnostics Inc. (NASDAQ:LUCD) Sees Significant Drop in Short Interest

Lucid Diagnostics Inc. (NASDAQ:LUCD) was the recipient of a large drop in short interest in March. As of March 15th, there was short interest totalling 1,220,000 shares, a drop of 31.8% from the February 28th total of 1,790,000 shares. Based on an average daily trading volume, of 601,900 shares, the days-to-cover ratio is presently 2.0 days. Approximately 3.8% of the shares of the stock are sold short.

Institutional Trading of Lucid Diagnostics

Hedge funds have recently made changes to their positions in the company. LPL Financial LLC grew its position in Lucid Diagnostics by 29.1% in the fourth quarter. LPL Financial LLC now owns 53,391 shares of the company’s stock worth $44,000 after acquiring an additional 12,035 shares during the period. Sunbelt Securities Inc. purchased a new stake in Lucid Diagnostics in the 4th quarter valued at about $67,000. Citadel Advisors LLC acquired a new position in Lucid Diagnostics in the fourth quarter valued at about $98,000. Lido Advisors LLC boosted its stake in Lucid Diagnostics by 40.0% during the fourth quarter. Lido Advisors LLC now owns 140,016 shares of the company’s stock worth $115,000 after buying an additional 40,000 shares during the period. Finally, Geode Capital Management LLC increased its position in shares of Lucid Diagnostics by 30.9% during the fourth quarter. Geode Capital Management LLC now owns 279,504 shares of the company’s stock valued at $229,000 after acquiring an additional 65,964 shares during the last quarter. Hedge funds and other institutional investors own 74.01% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on LUCD. Ascendiant Capital Markets cut their price objective on Lucid Diagnostics from $7.25 to $7.00 and set a “buy” rating for the company in a research note on Monday, December 9th. BTIG Research set a $2.00 price objective on Lucid Diagnostics in a research note on Tuesday, March 25th. Needham & Company LLC lifted their target price on shares of Lucid Diagnostics from $2.50 to $3.00 and gave the stock a “buy” rating in a research note on Monday, March 24th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $2.00 target price on shares of Lucid Diagnostics in a research report on Wednesday, March 26th. Four investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Lucid Diagnostics presently has an average rating of “Buy” and a consensus price target of $3.40.

Lucid Diagnostics Stock Performance

Shares of NASDAQ LUCD traded down $0.09 during trading on Monday, hitting $1.49. 917,520 shares of the company were exchanged, compared to its average volume of 364,729. Lucid Diagnostics has a 12-month low of $0.63 and a 12-month high of $1.63. The company has a fifty day moving average price of $1.27 and a 200-day moving average price of $1.01. The firm has a market capitalization of $135.22 million, a PE ratio of -1.31 and a beta of 1.34.

About Lucid Diagnostics

Lucid Diagnostics Inc operates as a commercial-stage medical diagnostics technology company in the United States. The company focuses on patients with gastroesophageal reflux disease (GERD) who are at risk of developing esophageal precancer and cancer, primarily highly lethal esophageal adenocarcinoma.