Outset Medical (NASDAQ:OM) Shares Gap Down – What’s Next?

Outset Medical, Inc. (NASDAQ:OM) gapped down prior to trading on Thursday . The stock had previously closed at $8.28, but opened at $7.85. Outset Medical shares last traded at $10.40, with a volume of 76,206 shares changing hands.

Wall Street Analyst Weigh In

Separately, Royal Bank of Canada reiterated a “sector perform” rating and issued a $45.00 price target on shares of Outset Medical in a report on Tuesday, January 7th.

Outset Medical Stock Down 10.9 %

The firm has a market cap of $541.66 million, a price-to-earnings ratio of -4.05 and a beta of 2.01. The company has a current ratio of 6.49, a quick ratio of 5.04 and a debt-to-equity ratio of 4.12. The stock has a 50-day moving average of $11.38 and a 200-day moving average of $11.76.

Outset Medical (NASDAQ:OM) last released its quarterly earnings data on Wednesday, February 19th. The company reported ($6.90) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($6.30) by ($0.60). Outset Medical had a negative net margin of 112.57% and a negative return on equity of 175.64%. The company had revenue of $29.47 million for the quarter, compared to analyst estimates of $28.47 million. As a group, sell-side analysts forecast that Outset Medical, Inc. will post -1.99 EPS for the current fiscal year.

Insider Activity at Outset Medical

In other news, General Counsel John L. Brottem sold 2,195 shares of the company’s stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $12.00, for a total value of $26,340.00. Following the completion of the sale, the general counsel now directly owns 12,079 shares of the company’s stock, valued at approximately $144,948. This represents a 15.38 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Leslie Trigg sold 4,349 shares of the company’s stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $12.00, for a total transaction of $52,188.00. Following the completion of the sale, the chief executive officer now directly owns 59,705 shares of the company’s stock, valued at approximately $716,460. This represents a 6.79 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 19,511 shares of company stock worth $244,623 in the last 90 days. 4.10% of the stock is currently owned by company insiders.

Institutional Trading of Outset Medical

Several institutional investors and hedge funds have recently added to or reduced their stakes in OM. National Bank of Canada FI lifted its stake in Outset Medical by 79.2% during the third quarter. National Bank of Canada FI now owns 52,407 shares of the company’s stock valued at $35,000 after purchasing an additional 23,164 shares during the last quarter. Renaissance Technologies LLC lifted its stake in Outset Medical by 1,167.7% during the fourth quarter. Renaissance Technologies LLC now owns 686,748 shares of the company’s stock valued at $762,000 after purchasing an additional 632,574 shares during the last quarter. XTX Topco Ltd acquired a new stake in Outset Medical during the fourth quarter valued at approximately $50,000. Two Sigma Securities LLC lifted its stake in Outset Medical by 190.0% during the fourth quarter. Two Sigma Securities LLC now owns 42,477 shares of the company’s stock valued at $47,000 after purchasing an additional 27,830 shares during the last quarter. Finally, Birchview Capital LP raised its holdings in shares of Outset Medical by 3,587.7% during the fourth quarter. Birchview Capital LP now owns 368,766 shares of the company’s stock valued at $409,000 after acquiring an additional 358,766 shares during the period.

Outset Medical Company Profile

Outset Medical, Inc, a medical technology company, engages in the development of a hemodialysis system for hemodialysis in the United States. The company offers Tablo Hemodialysis System, a compact console with integrated water purification, on-demand dialysate production, and software and connectivity capabilities for dialysis care in acute and home settings; and manufactures, supports, and distributes for Tablo console, Tablo cartridge, and other consumables.