Spectral AI, Inc. (NASDAQ:MDAI) Sees Significant Decrease in Short Interest

Spectral AI, Inc. (NASDAQ:MDAI) saw a significant decline in short interest during the month of March. As of March 15th, there was short interest totalling 1,020,000 shares, a decline of 12.8% from the February 28th total of 1,170,000 shares. Based on an average daily trading volume, of 917,600 shares, the days-to-cover ratio is presently 1.1 days. Approximately 8.4% of the shares of the company are sold short.

Analyst Upgrades and Downgrades

Separately, HC Wainwright restated a “buy” rating and set a $3.50 price objective on shares of Spectral AI in a research report on Wednesday.

Spectral AI Trading Down 3.9 %

Shares of NASDAQ:MDAI traded down $0.05 during mid-day trading on Thursday, reaching $1.24. The stock had a trading volume of 147,089 shares, compared to its average volume of 838,240. The firm has a 50 day simple moving average of $1.72 and a two-hundred day simple moving average of $1.68. The firm has a market cap of $28.83 million, a PE ratio of -1.91 and a beta of 0.62. Spectral AI has a twelve month low of $0.82 and a twelve month high of $3.25.

Spectral AI (NASDAQ:MDAI) last released its earnings results on Thursday, March 27th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.07. The firm had revenue of $7.60 million for the quarter, compared to the consensus estimate of $6.83 million. On average, equities analysts anticipate that Spectral AI will post -0.48 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Avantax Planning Partners Inc. raised its stake in Spectral AI by 44.7% in the 4th quarter. Avantax Planning Partners Inc. now owns 231,336 shares of the company’s stock worth $655,000 after purchasing an additional 71,484 shares in the last quarter. Renaissance Technologies LLC acquired a new position in shares of Spectral AI during the fourth quarter worth $272,000. Jane Street Group LLC acquired a new stake in Spectral AI during the 4th quarter valued at approximately $92,000. Millington Financial Advisors LLC acquired a new position in shares of Spectral AI in the 4th quarter valued at about $85,000. Finally, Northern Trust Corp bought a new stake in shares of Spectral AI in the 4th quarter valued at $44,000. 67.08% of the stock is owned by institutional investors and hedge funds.

Spectral AI Company Profile

Spectral AI, Inc, an artificial intelligence (AI) company, focuses on developing predictive medical diagnostics in the United States. The company develops medical diagnostics for faster and accurate treatment decisions in wound care with applications involving patients with burns and diabetic foot ulcers.