Short Interest in BIOLASE, Inc. (NASDAQ:BIOL) Decreases By 6.2%

BIOLASE, Inc. (NASDAQ:BIOL) was the recipient of a large decrease in short interest in the month of June. As of June 15th, there was short interest totalling 1,970,000 shares, a decrease of 6.2% from the May 31st total of 2,100,000 shares. Currently, 6.1% of the shares of the company are sold short. Based on an average daily volume of 4,720,000 shares, the days-to-cover ratio is presently 0.4 days.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on BIOL shares. StockNews.com started coverage on BIOLASE in a research note on Saturday. They set a “sell” rating for the company. Maxim Group downgraded BIOLASE from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 24th. Finally, Benchmark restated a “speculative buy” rating and set a $0.40 target price on shares of BIOLASE in a research note on Tuesday, May 14th.

BIOLASE Stock Down 7.2 %

BIOLASE stock traded down $0.01 during trading hours on Tuesday, hitting $0.10. The stock had a trading volume of 383,141 shares, compared to its average volume of 3,789,250. The company has a 50-day moving average of $0.14 and a two-hundred day moving average of $0.38. The company has a market cap of $3.34 million, a PE ratio of -0.01 and a beta of 0.71. BIOLASE has a fifty-two week low of $0.04 and a fifty-two week high of $10.31.

BIOLASE (NASDAQ:BIOL) last posted its quarterly earnings results on Monday, May 13th. The medical technology company reported ($0.36) EPS for the quarter. BIOLASE had a negative net margin of 43.56% and a negative return on equity of 1,782.73%. The firm had revenue of $10.13 million during the quarter.

Hedge Funds Weigh In On BIOLASE

A hedge fund recently raised its stake in BIOLASE stock. Virtu Financial LLC lifted its stake in BIOLASE, Inc. (NASDAQ:BIOL) by 1,068.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 143,537 shares of the medical technology company’s stock after buying an additional 131,248 shares during the period. Virtu Financial LLC owned about 0.43% of BIOLASE worth $27,000 at the end of the most recent reporting period. 8.79% of the stock is currently owned by institutional investors and hedge funds.

About BIOLASE

BIOLASE, Inc, together with its subsidiaries, develops, manufactures, markets, and sells laser systems for dental practitioners and their patients in the United States and internationally. Its dental laser systems allow dentists, periodontists, endodontists, pediatric dentists, oral surgeons, and other dental specialists to perform a range of minimally invasive dental procedures, including cosmetic, restorative, and complex surgical applications.