Outset Medical (NASDAQ:OM) Lowered to “Sector Perform” at Royal Bank of Canada

Royal Bank of Canada lowered shares of Outset Medical (NASDAQ:OM) from an outperform rating to a sector perform rating in a research note published on Thursday morning, MarketBeat reports. They currently have $3.00 target price on the stock, down from their previous target price of $6.00.

Outset Medical Trading Down 13.9 %

Shares of Outset Medical stock traded down $0.15 during midday trading on Thursday, reaching $0.92. 10,420,513 shares of the company’s stock traded hands, compared to its average volume of 1,313,311. The stock has a 50 day moving average of $3.87 and a 200-day moving average of $3.27. The company has a debt-to-equity ratio of 2.11, a quick ratio of 5.32 and a current ratio of 6.42. The company has a market cap of $47.66 million, a PE ratio of -0.28 and a beta of 2.00. Outset Medical has a 12 month low of $0.92 and a 12 month high of $16.34.

Outset Medical (NASDAQ:OM) last released its earnings results on Wednesday, May 8th. The company reported ($0.73) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.60) by ($0.13). The business had revenue of $28.17 million for the quarter, compared to analysts’ expectations of $30.55 million. Outset Medical had a negative net margin of 134.93% and a negative return on equity of 120.67%. As a group, equities analysts expect that Outset Medical will post -2.43 EPS for the current fiscal year.

Insider Activity at Outset Medical

In related news, Director D Keith Grossman sold 38,117 shares of Outset Medical stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $3.78, for a total transaction of $144,082.26. Following the transaction, the director now directly owns 47,805 shares in the company, valued at $180,702.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Over the last 90 days, insiders sold 52,064 shares of company stock worth $193,669. 3.50% of the stock is owned by insiders.

Institutional Trading of Outset Medical

Hedge funds have recently bought and sold shares of the stock. Nisa Investment Advisors LLC lifted its position in Outset Medical by 1,317.7% in the fourth quarter. Nisa Investment Advisors LLC now owns 8,790 shares of the company’s stock worth $48,000 after buying an additional 8,170 shares during the last quarter. Ground Swell Capital LLC purchased a new stake in Outset Medical in the 2nd quarter worth about $49,000. RPO LLC purchased a new stake in shares of Outset Medical in the fourth quarter worth approximately $76,000. State Board of Administration of Florida Retirement System lifted its stake in shares of Outset Medical by 33.4% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 18,842 shares of the company’s stock worth $42,000 after acquiring an additional 4,720 shares during the last quarter. Finally, Valeo Financial Advisors LLC purchased a new position in Outset Medical during the 4th quarter valued at $117,000.

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.