Outset Medical, Inc. (NASDAQ:OM) Sees Significant Decline in Short Interest

Outset Medical, Inc. (NASDAQ:OM) was the recipient of a significant decline in short interest during the month of March. As of March 15th, there was short interest totalling 787,800 shares, a decline of 93.0% from the February 28th total of 11,230,000 shares. Based on an average trading volume of 85,100 shares, the days-to-cover ratio is currently 9.3 days. Currently, 22.5% of the shares of the company are short sold.

Insider Buying and Selling at Outset Medical

In related news, CEO Leslie Trigg sold 2,215 shares of Outset Medical stock in a transaction dated Monday, January 13th. The stock was sold at an average price of $12.15, for a total value of $26,912.25. Following the completion of the sale, the chief executive officer now owns 57,426 shares of the company’s stock, valued at approximately $697,725.90. This trade represents a 3.71 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, General Counsel John L. Brottem sold 2,195 shares of the company’s 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 sale, the general counsel now directly owns 12,079 shares in the company, valued at approximately $144,948. This trade represents a 15.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 19,511 shares of company stock worth $244,623 over the last three months. 4.10% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Outset Medical

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. National Bank of Canada FI raised 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 valued at $35,000 after buying an additional 23,164 shares during the last quarter. Two Sigma Securities LLC increased its holdings in shares of Outset Medical by 190.0% during the fourth quarter. Two Sigma Securities LLC now owns 42,477 shares of the company’s stock valued at $47,000 after acquiring an additional 27,830 shares in the last quarter. XTX Topco Ltd purchased a new position in shares of Outset Medical in the 4th quarter worth about $50,000. Squarepoint Ops LLC bought a new position in Outset Medical in the 4th quarter worth about $174,000. Finally, Birchview Capital LP grew its position in Outset Medical by 3,587.7% during the 4th quarter. Birchview Capital LP now owns 368,766 shares of the company’s stock valued at $409,000 after purchasing an additional 358,766 shares during the last quarter.

Outset Medical Trading Down 3.6 %

NASDAQ OM opened at $11.25 on Thursday. The stock has a 50-day moving average of $11.33 and a 200-day moving average of $11.86. The company has a current ratio of 6.49, a quick ratio of 5.04 and a debt-to-equity ratio of 4.12. Outset Medical has a 1-year low of $5.85 and a 1-year high of $78.30. The firm has a market cap of $40.44 million, a PE ratio of -4.54 and a beta of 2.01.

Outset Medical (NASDAQ:OM) last released its quarterly earnings data on Wednesday, February 19th. The company reported ($6.90) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($6.30) by ($0.60). The firm had revenue of $29.47 million during the quarter, compared to analysts’ expectations of $28.47 million. Outset Medical had a negative net margin of 112.57% and a negative return on equity of 175.64%. As a group, sell-side analysts forecast that Outset Medical will post -1.99 EPS for the current year.

Wall Street Analysts Forecast Growth

Separately, Royal Bank of Canada reissued a “sector perform” rating and set a $45.00 price objective on shares of Outset Medical in a report on Tuesday, January 7th.

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.