Short Interest in Spectral AI, Inc. (NASDAQ:MDAI) Drops By 12.8%

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

Institutional Investors Weigh In On Spectral AI

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Virtu Financial LLC purchased a new position in Spectral AI during the fourth quarter worth about $38,000. Northern Trust Corp bought a new stake in Spectral AI during the fourth quarter valued at approximately $44,000. Millington Financial Advisors LLC purchased a new position in Spectral AI in the 4th quarter worth approximately $85,000. Jane Street Group LLC bought a new position in shares of Spectral AI in the 4th quarter worth $92,000. Finally, Renaissance Technologies LLC bought a new stake in shares of Spectral AI during the 4th quarter worth $272,000. 67.08% of the stock is currently owned by institutional investors.

Spectral AI Trading Down 3.9 %

Shares of NASDAQ:MDAI traded down $0.05 during mid-day trading on Thursday, reaching $1.24. The company had a trading volume of 147,089 shares, compared to its average volume of 838,240. The company’s 50-day moving average price is $1.72 and its 200-day moving average price is $1.68. Spectral AI has a one year low of $0.82 and a one year high of $3.25. The firm has a market cap of $28.83 million, a price-to-earnings ratio of -1.91 and a beta of 0.62.

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

Analyst Ratings Changes

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

About Spectral AI

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.