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

Cutera, Inc. (NASDAQ:CUTR) was the recipient of a significant decrease in short interest during the month of October. As of October 15th, there was short interest totalling 3,800,000 shares, a decrease of 6.9% from the September 30th total of 4,080,000 shares. Based on an average daily volume of 366,600 shares, the short-interest ratio is presently 10.4 days.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. BNP Paribas Financial Markets lifted its holdings in Cutera by 7.1% in the 1st quarter. BNP Paribas Financial Markets now owns 75,833 shares of the medical device company’s stock worth $111,000 after buying an additional 5,017 shares in the last quarter. Bayesian Capital Management LP acquired a new stake in shares of Cutera during the first quarter worth approximately $33,000. Ground Swell Capital LLC bought a new stake in shares of Cutera in the second quarter worth $37,000. Bank of Montreal Can raised its holdings in Cutera by 14.2% in the second quarter. Bank of Montreal Can now owns 282,704 shares of the medical device company’s stock valued at $455,000 after acquiring an additional 35,248 shares in the last quarter. Finally, Squarepoint Ops LLC boosted its stake in Cutera by 164.5% during the 2nd quarter. Squarepoint Ops LLC now owns 113,964 shares of the medical device company’s stock valued at $172,000 after acquiring an additional 70,870 shares during the last quarter. 90.70% of the stock is currently owned by hedge funds and other institutional investors.

Cutera Stock Down 4.1 %

Cutera stock opened at $0.64 on Thursday. The firm has a fifty day moving average of $0.73 and a 200-day moving average of $1.39. Cutera has a 52-week low of $0.62 and a 52-week high of $4.97. The firm has a market capitalization of $12.86 million, a P/E ratio of -0.09 and a beta of 1.32.

Cutera (NASDAQ:CUTR) last issued its earnings results on Thursday, August 8th. The medical device company reported ($1.23) earnings per share for the quarter, topping the consensus estimate 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, research analysts expect that Cutera will post -4.75 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Stephens decreased their price target on shares of Cutera from $10.00 to $5.00 and set an “overweight” rating on the stock in a report on Friday, August 9th. Piper Sandler reiterated a “neutral” rating and issued a $1.00 target price (down previously from $3.00) on shares of Cutera in a report on Friday, August 9th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $5.33.

About Cutera

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 skin revitalization; truFlex, a bio-electrical muscle stimulation device designs to strengthen, firm and tone the abdomen, buttocks, and thighs; and excel V/V+, a vascular and benign pigmented lesion treatment platform.