IceCure Medical Ltd. (NASDAQ:ICCM) Sees Significant Increase in Short Interest

IceCure Medical Ltd. (NASDAQ:ICCM) was the recipient of a significant increase in short interest during the month of June. As of June 30th, there was short interest totaling 325,222 shares, an increase of 263.7% from the June 15th total of 89,416 shares. Approximately 9.7% of the company’s shares are sold short. Based on an average trading volume of 19,668,919 shares, the short-interest ratio is presently 0.0 days.

Wall Street Analyst Weigh In

ICCM has been the subject of a number of analyst reports. Weiss Ratings reiterated a “sell (e+)” rating on shares of IceCure Medical in a report on Tuesday, April 21st. Maxim Group reduced their price target on IceCure Medical from $90.00 to $30.00 and set a “buy” rating on the stock in a report on Thursday, May 14th. Alliance Global Partners initiated coverage on IceCure Medical in a research report on Monday, May 4th. They set a “buy” rating for the company. Finally, Wall Street Zen upgraded IceCure Medical to a “sell” rating in a report on Sunday. Three equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $62.70.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Concurrent Investment Advisors LLC bought a new position in shares of IceCure Medical in the 4th quarter worth approximately $48,000. Jane Street Group LLC purchased a new position in IceCure Medical during the fourth quarter valued at $67,000. Finally, Virtu Financial LLC bought a new stake in shares of IceCure Medical during the 4th quarter valued at $39,000. Hedge funds and other institutional investors own 0.62% of the company’s stock.

IceCure Medical Stock Down 3.0%

Shares of NASDAQ:ICCM traded down $0.11 on Monday, hitting $3.54. The company had a trading volume of 98,576 shares, compared to its average volume of 10,147,848. The firm’s 50-day simple moving average is $5.60 and its two-hundred day simple moving average is $12.53. The firm has a market capitalization of $12.14 million, a price-to-earnings ratio of -0.49 and a beta of 0.43. IceCure Medical has a 1 year low of $2.12 and a 1 year high of $42.00.

IceCure Medical (NASDAQ:ICCM) last announced its quarterly earnings results on Tuesday, May 12th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.03) by ($0.03). IceCure Medical had a negative net margin of 441.60% and a negative return on equity of 211.73%. The company had revenue of $0.91 million for the quarter, compared to analysts’ expectations of $1.34 million. Equities research analysts anticipate that IceCure Medical will post -3.51 EPS for the current year.

About IceCure Medical

IceCure Medical Ltd. (NASDAQ: ICCM) is a clinical-stage medical device company specializing in the development and commercialization of proprietary cryoablation systems for the treatment of tumors and other pathological tissues. The company’s core technology employs a unique liquid-nitrogen-based platform to deliver rapid cooling through fine-gauge cryoprobes, enabling precise and minimally invasive tissue ablation under imaging guidance. IceCure’s lead product, ProSense, is designed to offer a single-probe approach that can be deployed in an outpatient setting, reducing procedure time and patient recovery periods.

Originally founded in Israel, IceCure Medical obtained its first CE mark for the treatment of benign breast tumors and fibroadenomas in 2017.