Outset Medical (NASDAQ:OM) Shares Gap Up After Insider Buying Activity

Outset Medical, Inc. (NASDAQ:OMGet Rating)’s share price gapped up before the market opened on Wednesday after an insider bought additional shares in the company. The stock had previously closed at $17.94, but opened at $18.91. Outset Medical shares last traded at $20.19, with a volume of 581 shares traded.

Specifically, General Counsel John L. Brottem sold 1,918 shares of the stock in a transaction on Friday, November 18th. The stock was sold at an average price of $19.00, for a total value of $36,442.00. Following the sale, the general counsel now owns 31,044 shares in the company, valued at $589,836. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Outset Medical news, COO Martin Vazquez sold 15,000 shares of the firm’s stock in a transaction dated Friday, November 11th. The stock was sold at an average price of $20.00, for a total transaction of $300,000.00. Following the sale, the chief operating officer now owns 49,550 shares in the company, valued at $991,000. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel John L. Brottem sold 1,918 shares of the firm’s stock in a transaction dated Friday, November 18th. The shares were sold at an average price of $19.00, for a total value of $36,442.00. Following the sale, the general counsel now owns 31,044 shares in the company, valued at approximately $589,836. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 47,049 shares of company stock worth $938,410. Corporate insiders own 4.00% of the company’s stock.

Wall Street Analyst Weigh In

OM has been the topic of several recent analyst reports. Cowen cut their target price on Outset Medical to $22.00 in a research note on Tuesday, November 15th. Cowen cut their target price on Outset Medical from $33.00 to $22.00 in a research note on Wednesday, November 9th. Royal Bank of Canada began coverage on Outset Medical in a research report on Friday, November 11th. They set an “outperform” rating and a $23.00 price objective on the stock. The Goldman Sachs Group cut their price objective on Outset Medical from $34.00 to $29.00 and set a “buy” rating on the stock in a research report on Wednesday, November 9th. Finally, Morgan Stanley cut their price objective on Outset Medical from $19.00 to $17.00 and set an “equal weight” rating on the stock in a research report on Thursday, November 10th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $22.83.

Outset Medical Stock Performance

The stock has a market cap of $963.30 million, a P/E ratio of -5.83 and a beta of 1.60. The company has a debt-to-equity ratio of 0.11, a quick ratio of 5.13 and a current ratio of 6.24. The business’s 50-day moving average price is $15.88 and its 200-day moving average price is $17.87.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. FMR LLC lifted its stake in Outset Medical by 0.8% in the 2nd quarter. FMR LLC now owns 7,169,138 shares of the company’s stock worth $106,533,000 after purchasing an additional 57,429 shares in the last quarter. JPMorgan Chase & Co. raised its position in shares of Outset Medical by 70.1% during the 2nd quarter. JPMorgan Chase & Co. now owns 5,191,427 shares of the company’s stock valued at $77,144,000 after buying an additional 2,140,206 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Outset Medical by 3.4% during the 3rd quarter. Vanguard Group Inc. now owns 4,491,145 shares of the company’s stock valued at $71,543,000 after buying an additional 146,881 shares in the last quarter. BlackRock Inc. raised its position in shares of Outset Medical by 2.3% during the 3rd quarter. BlackRock Inc. now owns 3,308,651 shares of the company’s stock valued at $52,705,000 after buying an additional 75,491 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD raised its position in shares of Outset Medical by 18.0% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 2,849,061 shares of the company’s stock valued at $42,337,000 after buying an additional 433,637 shares in the last quarter.

About Outset Medical

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Outset Medical, Inc, a medical technology company, develops a hemodialysis system for dialysis. It provides the Tablo Hemodialysis System, which comprises a compact console with integrated water purification, on-demand dialysate production, and software and connectivity capabilities for dialysis care in acute and home settings.

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