Carlsmed, Inc. (NASDAQ:CARL) Short Interest Up 23.4% in March

Key Points

• Short interest jumped 23.4% to 776,702 shares as of March 31, giving a short-interest ratio of 7.2 days and about 2.9% of the company's stock sold short.
• Carlsmed posted quarterly EPS of -$0.32, beating estimates by $0.11 with revenue of $15.16M roughly in line, but the company remains unprofitable with a negative ROE (72.6%) and net margin (-58.67%).
• Analysts are mixed—three Buys, one Hold and one Sell—with a consensus target of $19.67 and recent target cuts from Truist and Goldman, while several institutions have recently taken new stakes in the stock.

Carlsmed, Inc. (NASDAQ:CARL - Get Free Report) saw a large increase in short interest in March. As of March 31st, there was short interest totaling 776,702 shares, an increase of 23.4% from the March 15th total of 629,169 shares. Based on an average daily trading volume, of 107,201 shares, the short-interest ratio is currently 7.2 days. Approximately 2.9% of the company's stock are sold short.

Carlsmed Stock Performance

Shares of CARL stock traded down $0.06 on Thursday, reaching $10.89. The stock had a trading volume of 36,426 shares, compared to its average volume of 122,769. The stock has a market cap of $291.11 million and a P/E ratio of -2.98. Carlsmed has a 1 year low of $8.50 and a 1 year high of $17.19. The company has a debt-to-equity ratio of 0.16, a quick ratio of 8.74 and a current ratio of 8.87. The company has a 50 day simple moving average of $11.23 and a 200 day simple moving average of $12.52.

Carlsmed (NASDAQ:CARL - Get Free Report) last released its quarterly earnings results on Wednesday, February 25th. The company reported ($0.32) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.43) by $0.11. The firm had revenue of $15.16 million for the quarter, compared to the consensus estimate of $15.20 million. Carlsmed had a negative return on equity of 72.60% and a negative net margin of 58.67%.

Institutional Investors Weigh In On Carlsmed

Several large investors have recently added to or reduced their stakes in CARL. Teacher Retirement System of Texas purchased a new stake in Carlsmed in the 3rd quarter valued at about $2,343,000. Kornitzer Capital Management Inc. KS purchased a new stake in shares of Carlsmed in the third quarter valued at approximately $736,000. TD Waterhouse Canada Inc. purchased a new stake in shares of Carlsmed in the third quarter valued at approximately $2,026,000. Board of Trustees of The Leland Stanford Junior University purchased a new stake in shares of Carlsmed in the third quarter valued at approximately $335,000. Finally, Rhumbline Advisers purchased a new stake in shares of Carlsmed in the third quarter valued at approximately $79,000.

Analysts Set New Price Targets

A number of research firms recently weighed in on CARL. Weiss Ratings reaffirmed a "sell (e-)" rating on shares of Carlsmed in a research report on Monday, December 22nd. Truist Financial reduced their price objective on Carlsmed from $20.00 to $18.00 and set a "buy" rating for the company in a research report on Wednesday. Wall Street Zen raised Carlsmed from a "sell" rating to a "hold" rating in a research report on Saturday, February 14th. Zacks Research raised Carlsmed from a "strong sell" rating to a "hold" rating in a report on Thursday, March 26th. Finally, The Goldman Sachs Group reduced their target price on Carlsmed from $19.00 to $17.00 and set a "buy" rating for the company in a report on Thursday, April 9th. Three analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $19.67.

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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