Carlsmed, Inc. (NASDAQ:CARL) Sees Large Drop in Short Interest

Key Points

• Short interest in Carlsmed fell by 26.4% in April to 571,356 shares (about 2.1% of shares short), leaving a short-interest ratio of 4.2 days.
• Institutional investors have been adding exposure — notably OrbiMed opened a roughly $16.8M position, while Janus Henderson, Vanguard and others also initiated or increased stakes.
• Analyst sentiment is mixed: the consensus rating is Hold with a consensus price target of $19.67, even as Goldman Sachs and Truist recently trimmed their targets and three analysts still carry Buy ratings.

Carlsmed, Inc. (NASDAQ:CARL - Get Free Report) was the target of a large decrease in short interest in the month of April. As of April 15th, there was short interest totaling 571,356 shares, a decrease of 26.4% from the March 31st total of 776,702 shares. Approximately 2.1% of the shares of the company are short sold. Based on an average daily trading volume, of 134,724 shares, the short-interest ratio is presently 4.2 days.

Hedge Funds Weigh In On Carlsmed

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Orbimed Advisors LLC bought a new position in shares of Carlsmed during the 3rd quarter worth about $16,772,000. Janus Henderson Group PLC lifted its holdings in shares of Carlsmed by 4.4% during the 4th quarter. Janus Henderson Group PLC now owns 1,140,618 shares of the company's stock worth $14,087,000 after acquiring an additional 48,081 shares during the period. Vanguard Group Inc. bought a new position in shares of Carlsmed during the 3rd quarter worth about $3,042,000. TD Waterhouse Canada Inc. lifted its holdings in shares of Carlsmed by 15.2% during the 4th quarter. TD Waterhouse Canada Inc. now owns 175,405 shares of the company's stock worth $2,154,000 after acquiring an additional 23,163 shares during the period. Finally, Teacher Retirement System of Texas bought a new position in shares of Carlsmed during the 3rd quarter worth about $2,343,000.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on CARL shares. The Goldman Sachs Group reduced their price target on shares of Carlsmed from $19.00 to $17.00 and set a "buy" rating for the company in a report on Thursday, April 9th. Zacks Research raised shares of Carlsmed from a "strong sell" rating to a "hold" rating in a report on Thursday, March 26th. Wall Street Zen raised shares of Carlsmed from a "sell" rating to a "hold" rating in a report on Saturday, February 14th. Finally, Truist Financial reduced their price target on shares of Carlsmed from $20.00 to $18.00 and set a "buy" rating for the company in a report on Wednesday, April 15th. Three research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, Carlsmed presently has a consensus rating of "Hold" and a consensus price target of $19.67.

Carlsmed Stock Performance

Carlsmed stock traded down $0.50 during mid-day trading on Wednesday, reaching $8.57. The company had a trading volume of 66,634 shares, compared to its average volume of 121,038. The company has a quick ratio of 8.74, a current ratio of 8.87 and a debt-to-equity ratio of 0.16. Carlsmed has a 52 week low of $8.50 and a 52 week high of $17.19. The company has a 50 day moving average of $11.04 and a 200-day moving average of $12.31. The firm has a market cap of $233.36 million and a price-to-earnings ratio of -2.34.

Carlsmed (NASDAQ:CARL - Get Free Report) last issued its quarterly earnings results on Wednesday, February 25th. The company reported ($0.32) earnings per share for the quarter, beating analysts' consensus estimates of ($0.43) by $0.11. The firm had revenue of $15.16 million during the quarter, compared to the consensus estimate of $15.20 million. Carlsmed had a negative net margin of 58.67% and a negative return on equity of 72.60%. On average, sell-side analysts expect that Carlsmed will post -1.66 EPS for the current fiscal year.

About Carlsmed

We are a commercial-stage medical technology company pioneering AI-enabled personalized spine surgery solutions with a mission to improve outcomes and decrease the cost of healthcare for spine surgery and beyond. We are focused on becoming the standard of care for spine fusion surgery. The aprevo Technology Platform consists of artificial intelligence (“AI”)-enabled software solutions, and interbody implants that we custom design for each patient's unique pathology and vertebral bone topography, and single-use surgical instruments (the “aprevo Technology Platform”).

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