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

Outset Medical, Inc. (NASDAQ:OM) gapped down before the market opened 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.

Analysts Set New Price Targets

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

Outset Medical Trading Down 10.9 %

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

Outset Medical (NASDAQ:OM) last announced its quarterly earnings results on Wednesday, February 19th. The company reported ($6.90) earnings per share 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 firm had revenue of $29.47 million during the quarter, compared to analysts’ expectations of $28.47 million. Analysts forecast that Outset Medical, Inc. will post -1.99 EPS for the current year.

Insider Activity

In related news, CFO Nabeel Ahmed sold 2,285 shares of the firm’s stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $12.00, for a total transaction of $27,420.00. Following the sale, the chief financial officer now directly owns 17,257 shares in the company, valued at approximately $207,084. This trade represents a 11.69 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Leslie Trigg sold 2,215 shares of the firm’s stock in a transaction dated Monday, January 13th. The shares were sold at an average price of $12.15, for a total value of $26,912.25. Following the sale, the chief executive officer now owns 57,426 shares in the company, valued at approximately $697,725.90. The trade was a 3.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 19,511 shares of company stock worth $244,623 over the last 90 days. 4.10% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Outset Medical

Several hedge funds have recently modified their holdings of OM. National Bank of Canada FI raised its holdings in shares of Outset Medical by 79.2% during the 3rd quarter. National Bank of Canada FI now owns 52,407 shares of the company’s stock valued at $35,000 after buying an additional 23,164 shares during the period. Renaissance Technologies LLC raised its holdings in shares of Outset Medical by 1,167.7% during the 4th quarter. Renaissance Technologies LLC now owns 686,748 shares of the company’s stock valued at $762,000 after buying an additional 632,574 shares during the period. XTX Topco Ltd purchased a new stake in Outset Medical during the 4th quarter worth approximately $50,000. Two Sigma Securities LLC increased its holdings in Outset Medical by 190.0% during the 4th quarter. Two Sigma Securities LLC now owns 42,477 shares of the company’s stock worth $47,000 after purchasing an additional 27,830 shares during the last quarter. Finally, Birchview Capital LP increased its holdings in Outset Medical by 3,587.7% during the 4th quarter. Birchview Capital LP now owns 368,766 shares of the company’s stock worth $409,000 after purchasing an additional 358,766 shares during the last quarter.

About Outset Medical

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.