Short Interest in Hyperfine, Inc. (NASDAQ:HYPR) Grows By 98.1%

Hyperfine, Inc. (NASDAQ:HYPR) saw a significant growth in short interest during the month of June. As of June 30th, there was short interest totaling 3,358,029 shares, a growth of 98.1% from the June 15th total of 1,694,898 shares. Based on an average daily volume of 2,548,164 shares, the days-to-cover ratio is currently 1.3 days. Approximately 4.6% of the shares of the company are sold short.

Hedge Funds Weigh In On Hyperfine

Several hedge funds and other institutional investors have recently made changes to their positions in HYPR. EP Wealth Advisors LLC acquired a new position in shares of Hyperfine in the 4th quarter valued at approximately $34,000. Sanctuary Advisors LLC boosted its position in shares of Hyperfine by 130.9% during the 4th quarter. Sanctuary Advisors LLC now owns 39,938 shares of the company’s stock worth $39,000 after acquiring an additional 22,638 shares in the last quarter. Kathmere Capital Management LLC acquired a new stake in shares of Hyperfine during the 4th quarter worth approximately $51,000. Millennium Management LLC bought a new position in Hyperfine in the fourth quarter valued at approximately $55,000. Finally, Cerity Partners LLC bought a new position in Hyperfine in the fourth quarter valued at approximately $59,000. 15.03% of the stock is currently owned by institutional investors and hedge funds.

Hyperfine Stock Performance

HYPR opened at $1.02 on Thursday. The company has a debt-to-equity ratio of 0.38, a quick ratio of 4.90 and a current ratio of 5.52. Hyperfine has a 52-week low of $0.78 and a 52-week high of $2.22. The firm has a market cap of $101.26 million, a P/E ratio of -2.49 and a beta of 1.40. The business’s fifty day moving average is $1.44 and its 200-day moving average is $1.26.

Hyperfine (NASDAQ:HYPR) last posted its quarterly earnings results on Tuesday, May 12th. The company reported ($0.09) EPS for the quarter, meeting analysts’ consensus estimates of ($0.09). Hyperfine had a negative return on equity of 98.83% and a negative net margin of 226.88%.The business had revenue of $3.90 million during the quarter, compared to the consensus estimate of $3.54 million. Sell-side analysts expect that Hyperfine will post -0.34 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on HYPR shares. BTIG Research started coverage on Hyperfine in a research note on Wednesday, April 29th. They issued a “buy” rating and a $2.00 price target for the company. Zacks Research raised shares of Hyperfine to a “hold” rating in a research report on Thursday, March 19th. Lake Street Capital lifted their price objective on shares of Hyperfine from $2.00 to $2.50 and gave the stock a “buy” rating in a research note on Thursday, March 19th. B. Riley Financial reiterated a “buy” rating on shares of Hyperfine in a research note on Wednesday, May 13th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Hyperfine in a report on Tuesday, April 21st. Three analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Hyperfine currently has a consensus rating of “Hold” and a consensus price target of $1.78.

Hyperfine Company Profile

Hyperfine, Inc (NASDAQ: HYPR) is a medical technology company focused on expanding access to advanced neuroimaging through its portable magnetic resonance imaging (MRI) system. The company’s flagship product, Swoop®, is designed to enable bedside MRI scanning in a wide range of clinical environments, including emergency departments, intensive care units and outpatient clinics. By leveraging a compact, high-performance permanent magnet and a custom-designed gradient system, Hyperfine aims to reduce the logistical and financial barriers associated with traditional, large-scale MRI installations.

The Swoop system features a lightweight, wheeled design that can be maneuvered directly to a patient’s bedside, allowing clinicians to conduct diagnostic imaging without the need to transport critically ill or immobile patients.