Elutia Inc. (NASDAQ:ELUT) Sees Significant Drop in Short Interest

Elutia Inc. (NASDAQ:ELUT) was the recipient of a large decline in short interest during the month of September. As of September 15th, there was short interest totaling 8,223 shares, a decline of 51.5% from the August 31st total of 16,949 shares. Currently, 0.0% of the company’s stock are sold short. Based on an average trading volume of 27,409 shares, the days-to-cover ratio is presently 0.3 days.

Elutia Price Performance

Shares of NASDAQ ELUT traded up $0.00 during trading on Wednesday, reaching $0.79. 21,885 shares of the stock traded hands, compared to its average volume of 134,022. The stock has a market capitalization of $34.99 million, a P/E ratio of 0.83 and a beta of 0.88. Elutia has a 52-week low of $0.50 and a 52-week high of $1.39. The company has a 50-day moving average of $0.87 and a 200-day moving average of $0.98.

Elutia (NASDAQ:ELUT) last announced its quarterly earnings data on Thursday, August 13th. The company reported ($0.17) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.15) by ($0.02). The firm had revenue of $2.43 million during the quarter, compared to the consensus estimate of $2.90 million. Elutia had a net margin of 426.93% and a negative return on equity of 407.37%.

Wall Street Analyst Weigh In

Separately, Weiss Ratings downgraded Elutia from a “sell (d+)” rating to a “sell (d)” rating in a research note on Tuesday, August 18th. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, Elutia currently has an average rating of “Sell”.

Institutional Investors Weigh In On Elutia

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Knollwood Investment Advisory LLC lifted its stake in Elutia by 147.8% in the 4th quarter. Knollwood Investment Advisory LLC now owns 2,556,724 shares of the company’s stock worth $1,771,000 after purchasing an additional 1,525,157 shares in the last quarter. AIGH Capital Management LLC grew its position in shares of Elutia by 17.2% during the 1st quarter. AIGH Capital Management LLC now owns 3,595,250 shares of the company’s stock valued at $3,775,000 after purchasing an additional 527,065 shares in the last quarter. Finally, Rossmore Private Capital increased its holdings in shares of Elutia by 140.0% in the first quarter. Rossmore Private Capital now owns 120,000 shares of the company’s stock worth $126,000 after purchasing an additional 70,000 shares during the period. 74.03% of the stock is currently owned by institutional investors.

About Elutia

Elutia Inc (NASDAQ: ELUT) is a medical technology company focused on developing and commercializing biologic and drug-eluting products for regenerative medicine and implantable medical devices. Its technologies are designed to support tissue healing, improve the performance of implanted devices and address clinical needs in areas including cardiac care and orthopedics.

The company’s product portfolio has included the CanGaroo family of biologic envelopes, which are used to help manage and protect implantable electronic devices such as pacemakers and defibrillators.