Lucid Diagnostics Inc. (NASDAQ:LUCD) Sees Large Decline in Short Interest

Lucid Diagnostics Inc. (NASDAQ:LUCD) was the target of a significant decline in short interest in October. As of October 15th, there was short interest totaling 3,680,000 shares, a decline of 31.1% from the September 30th total of 5,340,000 shares. Approximately 7.7% of the company’s shares are sold short. Based on an average trading volume of 1,200,000 shares, the short-interest ratio is presently 3.1 days. Based on an average trading volume of 1,200,000 shares, the short-interest ratio is presently 3.1 days. Approximately 7.7% of the company’s shares are sold short.

Lucid Diagnostics Stock Performance

Shares of NASDAQ:LUCD remained flat at $1.21 on Monday. The stock had a trading volume of 529,040 shares, compared to its average volume of 1,138,695. Lucid Diagnostics has a 1 year low of $0.75 and a 1 year high of $1.80. The business has a 50 day moving average price of $1.16 and a 200 day moving average price of $1.18. The company has a market capitalization of $161.51 million, a P/E ratio of -1.02 and a beta of 1.22.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on LUCD shares. Needham & Company LLC reiterated a “buy” rating and issued a $3.00 price target on shares of Lucid Diagnostics in a report on Wednesday, August 13th. BTIG Research increased their price objective on Lucid Diagnostics from $2.00 to $2.50 and gave the stock a “buy” rating in a report on Friday, September 5th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Lucid Diagnostics in a report on Tuesday, October 14th. Ascendiant Capital Markets increased their price objective on Lucid Diagnostics from $7.75 to $8.00 and gave the stock a “buy” rating in a report on Monday, October 6th. Finally, Wall Street Zen upgraded Lucid Diagnostics from a “sell” rating to a “hold” rating in a report on Tuesday, October 14th. Five investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $3.70.

Insiders Place Their Bets

In related news, Director Dennis Matheis purchased 100,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 20th. The shares were acquired at an average price of $1.02 per share, for a total transaction of $102,000.00. Following the completion of the acquisition, the director directly owned 665,443 shares in the company, valued at approximately $678,751.86. The trade was a 17.69% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 6.80% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Lucid Diagnostics

Several institutional investors and hedge funds have recently modified their holdings of the stock. Alyeska Investment Group L.P. purchased a new stake in shares of Lucid Diagnostics during the first quarter valued at $2,813,000. Geode Capital Management LLC boosted its position in shares of Lucid Diagnostics by 420.3% during the second quarter. Geode Capital Management LLC now owns 1,577,369 shares of the company’s stock valued at $1,814,000 after buying an additional 1,274,194 shares during the last quarter. Perkins Capital Management Inc. purchased a new stake in shares of Lucid Diagnostics during the third quarter valued at $1,138,000. Ghisallo Capital Management LLC purchased a new stake in shares of Lucid Diagnostics during the first quarter valued at $629,000. Finally, Luminus Management LLC boosted its position in shares of Lucid Diagnostics by 14.8% during the third quarter. Luminus Management LLC now owns 912,805 shares of the company’s stock valued at $922,000 after buying an additional 117,975 shares during the last quarter. 74.01% of the stock is currently owned by institutional investors.

About Lucid Diagnostics

Lucid Diagnostics Inc operates as a commercial-stage medical diagnostics technology company in the United States. The company focuses on patients with gastroesophageal reflux disease (GERD) who are at risk of developing esophageal precancer and cancer, primarily highly lethal esophageal adenocarcinoma.