Outset Medical (NASDAQ:OM) Shares Gap Down – Here’s Why

Outset Medical, Inc. (NASDAQ:OM)’s share price gapped down prior to trading 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 restated a “sector perform” rating and set a $45.00 price target on shares of Outset Medical in a report on Tuesday, January 7th.

Outset Medical Trading Up 28.3 %

The firm has a market cap of $572.17 million, a P/E ratio of -4.29 and a beta of 2.01. The company has a debt-to-equity ratio of 4.12, a quick ratio of 5.04 and a current ratio of 6.49. The stock has a fifty day simple moving average of $0.77 and a 200 day simple moving average of $0.78.

Outset Medical (NASDAQ:OM) last posted its earnings results on Wednesday, February 19th. The company reported ($6.90) earnings per share (EPS) for the quarter, missing the consensus estimate 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 company had revenue of $29.47 million for the quarter, compared to the consensus estimate of $28.47 million. On average, research analysts expect that Outset Medical, Inc. will post -1.99 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Leslie Trigg sold 2,215 shares of the business’s stock in a transaction on Monday, January 13th. The shares were sold at an average price of $12.15, for a total value of $26,912.25. Following the transaction, the chief executive officer now owns 57,426 shares of the company’s stock, valued at approximately $697,725.90. The trade was a 3.71 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, General Counsel John L. Brottem sold 2,195 shares of the firm’s stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $12.00, for a total transaction of $26,340.00. Following the transaction, the general counsel now directly owns 12,079 shares of the company’s stock, valued at $144,948. The trade was a 15.38 % 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 quarter. 4.10% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Outset Medical

A number of hedge funds have recently made changes to their positions in OM. Huntington National Bank grew its stake in shares of Outset Medical by 46.2% in the 3rd quarter. Huntington National Bank now owns 63,306 shares of the company’s stock worth $43,000 after buying an additional 20,000 shares in the last quarter. National Bank of Canada FI lifted its holdings in shares of Outset Medical by 79.2% in the 3rd quarter. National Bank of Canada FI now owns 52,407 shares of the company’s stock valued at $35,000 after acquiring an additional 23,164 shares during the last quarter. Renaissance Technologies LLC grew its position in Outset Medical by 1,167.7% in the fourth quarter. Renaissance Technologies LLC now owns 686,748 shares of the company’s stock worth $762,000 after acquiring an additional 632,574 shares in the last quarter. XTX Topco Ltd bought a new stake in Outset Medical during the fourth quarter worth approximately $50,000. Finally, Two Sigma Securities LLC increased its stake in Outset Medical by 190.0% during the fourth quarter. Two Sigma Securities LLC now owns 42,477 shares of the company’s stock worth $47,000 after acquiring an additional 27,830 shares during the last quarter.

Outset Medical Company Profile

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.