Short Interest in Elutia Inc. (NASDAQ:ELUT) Drops By 29.8%

Elutia Inc. (NASDAQ:ELUT) saw a significant decrease in short interest in the month of February. As of February 28th, there was short interest totalling 67,700 shares, a decrease of 29.8% from the February 13th total of 96,400 shares. Based on an average trading volume of 41,100 shares, the short-interest ratio is presently 1.6 days. Approximately 0.3% of the shares of the company are short sold.

Insider Buying and Selling at Elutia

In related news, Director Highcape Capital, L.P. purchased 420,000 shares of Elutia stock in a transaction on Monday, February 3rd. The stock was purchased at an average cost of $2.50 per share, with a total value of $1,050,000.00. Following the acquisition, the director now directly owns 9,520,232 shares in the company, valued at approximately $23,800,580. This trade represents a 4.62 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 40.80% of the company’s stock.

Hedge Funds Weigh In On Elutia

Several institutional investors have recently added to or reduced their stakes in the company. Geode Capital Management LLC grew its position in Elutia by 50.3% during the 3rd quarter. Geode Capital Management LLC now owns 188,408 shares of the company’s stock worth $718,000 after acquiring an additional 63,047 shares during the last quarter. Millennium Management LLC raised its position in shares of Elutia by 16.4% during the 4th quarter. Millennium Management LLC now owns 45,217 shares of the company’s stock valued at $169,000 after acquiring an additional 6,386 shares during the last quarter. Citadel Advisors LLC bought a new position in Elutia during the fourth quarter worth about $84,000. Northern Trust Corp raised its holdings in Elutia by 30.0% in the fourth quarter. Northern Trust Corp now owns 17,957 shares of the company’s stock worth $67,000 after purchasing an additional 4,148 shares during the period. Finally, 683 Capital Management LLC acquired a new stake in Elutia during the 4th quarter worth approximately $302,000. 74.03% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Separately, Cantor Fitzgerald restated an “overweight” rating and set a $8.00 price objective on shares of Elutia in a research report on Friday, March 7th.

Elutia Stock Performance

NASDAQ ELUT traded up $0.03 during trading on Monday, reaching $3.21. 20,807 shares of the company traded hands, compared to its average volume of 38,200. Elutia has a 1-year low of $2.28 and a 1-year high of $5.24. The stock’s 50 day moving average price is $3.04 and its two-hundred day moving average price is $3.60. The company has a market cap of $110.94 million, a price-to-earnings ratio of -1.23 and a beta of 0.86.

About Elutia

Elutia Inc, a commercial-stage company, develops and commercializes drug-eluting biologics products for neurostimulation, wound care, and breast reconstruction in the United States. The company operates in three segments: Device Protection; Women's Health; and Cardiovascular. It offers CanGaroo Envelope, which is used to accommodate cardiac implantable electronic devices, such as pacemakers and internal defibrillators.