Rockwell Medical (NASDAQ:RMTI) Posts Earnings Results, Beats Estimates By $0.04 EPS

Rockwell Medical (NASDAQ:RMTI) issued its quarterly earnings results on Tuesday. The company reported $0.05 EPS for the quarter, beating analysts’ consensus estimates of $0.01 by $0.04, reports. Rockwell Medical had a positive return on equity of 8.55% and a negative net margin of 1.25%. The firm had revenue of $28.32 million for the quarter, compared to analysts’ expectations of $25.99 million. Rockwell Medical updated its FY 2024 guidance to EPS.

Rockwell Medical Trading Down 5.3 %

RMTI opened at $2.49 on Friday. The company has a quick ratio of 1.60, a current ratio of 2.41 and a debt-to-equity ratio of 0.33. The firm has a market cap of $80.48 million, a P/E ratio of -49.80 and a beta of 1.50. The business has a fifty day simple moving average of $3.71 and a 200-day simple moving average of $2.60. Rockwell Medical has a 52 week low of $1.16 and a 52 week high of $5.15.

Hedge Funds Weigh In On Rockwell Medical

Institutional investors have recently modified their holdings of the business. Vanguard Group Inc. boosted its holdings in shares of Rockwell Medical by 4.0% during the first quarter. Vanguard Group Inc. now owns 1,118,277 shares of the company’s stock worth $1,856,000 after purchasing an additional 43,302 shares during the last quarter. Armistice Capital LLC boosted its position in shares of Rockwell Medical by 22.5% during the second quarter. Armistice Capital LLC now owns 3,221,640 shares of the company’s stock worth $5,670,000 after buying an additional 592,000 shares during the period. Renaissance Technologies LLC raised its position in Rockwell Medical by 877.1% in the second quarter. Renaissance Technologies LLC now owns 102,700 shares of the company’s stock worth $181,000 after acquiring an additional 92,189 shares in the last quarter. Beacon Financial Advisory LLC acquired a new position in shares of Rockwell Medical in the third quarter worth about $98,000. Finally, Verus Capital Partners LLC purchased a new position in shares of Rockwell Medical during the 3rd quarter valued at $51,000. 23.31% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

RMTI has been the subject of several recent research reports. Rodman & Renshaw began coverage on shares of Rockwell Medical in a research note on Thursday. They issued a “buy” rating and a $5.00 price target for the company. HC Wainwright reaffirmed a “buy” rating and issued a $9.00 price objective on shares of Rockwell Medical in a report on Wednesday, September 11th. RODMAN&RENSHAW upgraded shares of Rockwell Medical to a “strong-buy” rating in a research report on Thursday. Finally, StockNews.com upgraded Rockwell Medical from a “hold” rating to a “buy” rating in a research report on Wednesday.

Rockwell Medical Company Profile

Rockwell Medical, Inc, together with its subsidiaries, operates as a healthcare company that engages in the development, manufacture, commercialization, and distribution of various hemodialysis products for dialysis providers worldwide. The company offers Triferic Dialysate and Triferic AVNU which are indicated to maintain hemoglobin in adult undergoing hemodialysis.