Griffin Asset Management Inc. Reduces Stock Holdings in Outset Medical, Inc. (NASDAQ:OM)

Griffin Asset Management Inc. lessened its position in shares of Outset Medical, Inc. (NASDAQ:OM) by 59.9% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 42,275 shares of the company’s stock after selling 63,239 shares during the quarter. Griffin Asset Management Inc. owned approximately 0.08% of Outset Medical worth $29,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Outset Medical during the 2nd quarter valued at $259,000. Point72 Asset Management L.P. purchased a new position in Outset Medical in the 2nd quarter valued at about $827,000. Millennium Management LLC boosted its stake in shares of Outset Medical by 58.8% during the 2nd quarter. Millennium Management LLC now owns 1,942,899 shares of the company’s stock worth $7,480,000 after purchasing an additional 719,412 shares during the last quarter. Squarepoint Ops LLC grew its holdings in shares of Outset Medical by 74.1% during the second quarter. Squarepoint Ops LLC now owns 80,300 shares of the company’s stock worth $309,000 after buying an additional 34,187 shares in the last quarter. Finally, Cubist Systematic Strategies LLC grew its holdings in shares of Outset Medical by 228.3% during the second quarter. Cubist Systematic Strategies LLC now owns 200,939 shares of the company’s stock worth $774,000 after buying an additional 139,740 shares in the last quarter.

Outset Medical Stock Performance

NASDAQ:OM opened at $0.63 on Thursday. The company has a market cap of $32.58 million, a P/E ratio of -0.19 and a beta of 1.94. The firm’s 50 day moving average is $0.62 and its two-hundred day moving average is $2.46. Outset Medical, Inc. has a fifty-two week low of $0.44 and a fifty-two week high of $6.37. The company has a quick ratio of 5.38, a current ratio of 6.80 and a debt-to-equity ratio of 2.87.

Outset Medical (NASDAQ:OM) last issued its earnings results on Wednesday, August 7th. The company reported ($0.66) earnings per share for the quarter, missing the consensus estimate of ($0.59) by ($0.07). Outset Medical had a negative return on equity of 143.52% and a negative net margin of 136.72%. The firm had revenue of $27.39 million during the quarter, compared to analysts’ expectations of $31.19 million. During the same period last year, the business posted ($0.90) earnings per share. Analysts expect that Outset Medical, Inc. will post -2.52 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on OM shares. Royal Bank of Canada lowered shares of Outset Medical from an “outperform” rating to a “sector perform” rating and decreased their target price for the stock from $6.00 to $3.00 in a research report on Thursday, August 8th. TD Cowen decreased their price objective on Outset Medical from $9.00 to $3.00 and set a “buy” rating on the stock in a report on Thursday, August 8th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $4.70.

Outset Medical Profile

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.