Elutia (NASDAQ:ELUT) Issues Quarterly Earnings Results

Key Points

• Elutia reported an earnings per share (EPS) of ($0.26) for the quarter, reflecting its current financial challenges.
• Following their earnings report, Lake Street Capital decreased Elutia's price target from $10.00 to $8.00, maintaining a "buy" rating.
• An institutional investor, XTX Topco Ltd, acquired a new position in Elutia by purchasing 14,012 shares worth approximately $28,000, contributing to a majority of 74.03% ownership by institutional investors.

Elutia (NASDAQ:ELUT - Get Free Report) announced its quarterly earnings results on Thursday. The company reported ($0.26) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.17) by ($0.09), Zacks reports. The firm had revenue of $6.26 million during the quarter, compared to analyst estimates of $6.55 million.

Elutia Stock Performance

NASDAQ ELUT remained flat at $2.02 during trading on Tuesday. The company's stock had a trading volume of 28,333 shares, compared to its average volume of 26,633. The business's 50 day moving average is $2.01 and its 200 day moving average is $2.30. The firm has a market cap of $83.06 million, a price-to-earnings ratio of -1.91 and a beta of 0.88. Elutia has a 52 week low of $1.61 and a 52 week high of $5.12.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in Elutia stock. Jane Street Group LLC purchased a new position in Elutia Inc. (NASDAQ:ELUT - Free Report) during the 1st quarter, according to its most recent disclosure with the SEC. The fund purchased 19,098 shares of the company's stock, valued at approximately $48,000. Hedge funds and other institutional investors own 74.03% of the company's stock.

Analyst Upgrades and Downgrades

Separately, Lake Street Capital reduced their target price on Elutia from $10.00 to $8.00 and set a "buy" rating for the company in a report on Friday, May 9th. Two analysts have rated the stock with a Buy rating, According to MarketBeat.com, Elutia currently has a consensus rating of "Buy" and an average target price of $8.00.

Elutia Company Profile

Elutia Inc, a commercial-stage company, develops and commercializes drug-eluting biologics products for neurostimulation, wound care, and breast reconstruction in the United States. The company operates in three segments: Device Protection; Women's Health; and Cardiovascular. It offers CanGaroo Envelope, which is used to accommodate cardiac implantable electronic devices, such as pacemakers and internal defibrillators.