Cutera, Inc. (NASDAQ:CUTR) Sees Large Decline in Short Interest

Cutera, Inc. (NASDAQ:CUTR) saw a significant decrease in short interest during the month of August. As of August 31st, there was short interest totalling 3,930,000 shares, a decrease of 10.3% from the August 15th total of 4,380,000 shares. Based on an average trading volume of 556,900 shares, the days-to-cover ratio is presently 7.1 days.

Hedge Funds Weigh In On Cutera

A number of hedge funds have recently made changes to their positions in the business. BNP Paribas Financial Markets boosted its stake in shares of Cutera by 7.1% in the first quarter. BNP Paribas Financial Markets now owns 75,833 shares of the medical device company’s stock worth $111,000 after acquiring an additional 5,017 shares during the period. Bayesian Capital Management LP bought a new position in shares of Cutera in the first quarter worth about $33,000. Ground Swell Capital LLC bought a new position in shares of Cutera in the second quarter worth about $37,000. Dynamic Technology Lab Private Ltd bought a new position in shares of Cutera in the fourth quarter worth about $102,000. Finally, Bank of Montreal Can boosted its stake in shares of Cutera by 14.2% in the second quarter. Bank of Montreal Can now owns 282,704 shares of the medical device company’s stock worth $455,000 after acquiring an additional 35,248 shares during the period. Institutional investors own 90.70% of the company’s stock.

Cutera Stock Down 1.2 %

CUTR traded down $0.01 during midday trading on Tuesday, reaching $0.75. The company had a trading volume of 168,494 shares, compared to its average volume of 1,056,983. The business has a 50-day moving average of $1.04 and a two-hundred day moving average of $1.62. The company has a market cap of $15.07 million, a P/E ratio of -0.10 and a beta of 1.32. Cutera has a 1 year low of $0.65 and a 1 year high of $9.45.

Cutera (NASDAQ:CUTR) last issued its quarterly earnings results on Thursday, August 8th. The medical device company reported ($1.23) EPS for the quarter, topping analysts’ consensus estimates of ($1.55) by $0.32. The company had revenue of $34.38 million during the quarter, compared to analysts’ expectations of $39.47 million. On average, equities research analysts predict that Cutera will post -5.13 EPS for the current year.

Analyst Ratings Changes

A number of analysts recently commented on CUTR shares. Piper Sandler reiterated a “neutral” rating and set a $1.00 price objective (down previously from $3.00) on shares of Cutera in a research report on Friday, August 9th. Stephens reduced their price objective on Cutera from $10.00 to $5.00 and set an “overweight” rating for the company in a research report on Friday, August 9th. One research analyst has rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $5.33.

Cutera Company Profile

Cutera, Inc provides aesthetic and dermatology solutions for medical practitioners worldwide. It develops, manufactures, and markets energy-based product platforms for medical practitioners; and distributes third-party manufactured skincare products. The company provides AviClear for the treatment of mild, moderate, and severe inflammatory acne vulgaris; Secret PRO, a device that utilizes fractional CO2 for skin resurfacing and radio frequency (RF) microneedling for deep dermal remodeling; truFlex, a bio-electrical muscle stimulation device to treat patients at all fitness levels; and excel V+, a vascular and benign pigmented lesion treatment platform.