Elutia (NASDAQ:ELUT) Trading Down 2.5% - What's Next?

Elutia Inc. (NASDAQ:ELUT - Get Free Report) traded down 2.5% during trading on Friday . The stock traded as low as $2.09 and last traded at $2.11. 4,737 shares were traded during mid-day trading, a decline of 89% from the average session volume of 42,605 shares. The stock had previously closed at $2.16.

Wall Street Analyst Weigh In

Separately, Lake Street Capital cut their target price on Elutia from $10.00 to $8.00 and set a "buy" rating for the company in a research note on Friday, May 9th.

Elutia Trading Up 9.1%

The company has a market capitalization of $93.34 million, a PE ratio of -1.18 and a beta of 0.88. The stock has a fifty day moving average of $1.89 and a two-hundred day moving average of $2.58.

Elutia (NASDAQ:ELUT - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported ($0.21) EPS for the quarter, missing analysts' consensus estimates of ($0.20) by ($0.01). The business had revenue of $6.03 million during the quarter, compared to analyst estimates of $6.65 million. Equities analysts forecast that Elutia Inc. will post -1.74 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of ELUT. OMERS ADMINISTRATION Corp purchased a new stake in Elutia during the first quarter valued at $28,000. Jane Street Group LLC purchased a new stake in Elutia during the first quarter valued at $48,000. Arcus Capital Partners LLC purchased a new stake in Elutia during the first quarter valued at $51,000. Northern Trust Corp increased its position in Elutia by 30.0% during the fourth quarter. Northern Trust Corp now owns 17,957 shares of the company's stock valued at $67,000 after acquiring an additional 4,148 shares during the last quarter. Finally, Citadel Advisors LLC purchased a new stake in Elutia during the fourth quarter valued at $84,000. Hedge funds and other institutional investors own 74.03% of the company's stock.

About Elutia

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.