Elutia Inc. (NASDAQ:ELUT) Shares Purchased by Perkins Capital Management Inc.

Key Points

• Perkins Capital Management Inc. increased its holdings in Elutia Inc. by 32.1%, owning 1,136,377 shares after purchasing an additional 276,300 shares, which makes Elutia about 3.0% of their portfolio.
• Elutia's shares are trading at $1.92 with a market cap of $78.95 million and have experienced a 52-week range of $1.61 to $5.12.
• Lake Street Capital cut its target price for Elutia from $10.00 to $8.00 while maintaining a "buy" rating, reflecting a mixed sentiment on the stock's performance.

Perkins Capital Management Inc. raised its stake in Elutia Inc. (NASDAQ:ELUT - Free Report) by 32.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,136,377 shares of the company's stock after purchasing an additional 276,300 shares during the period. Elutia makes up approximately 3.0% of Perkins Capital Management Inc.'s holdings, making the stock its 7th biggest position. Perkins Capital Management Inc. owned 2.79% of Elutia worth $2,875,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of ELUT. Arcus Capital Partners LLC acquired a new position in shares of Elutia in the 1st quarter valued at $51,000. Northern Trust Corp raised its stake in shares of Elutia by 30.0% in the 4th quarter. Northern Trust Corp now owns 17,957 shares of the company's stock valued at $67,000 after buying an additional 4,148 shares in the last quarter. Citadel Advisors LLC acquired a new position in shares of Elutia in the 4th quarter valued at $84,000. Millennium Management LLC raised its stake in shares of Elutia by 16.4% in the 4th quarter. Millennium Management LLC now owns 45,217 shares of the company's stock valued at $169,000 after buying an additional 6,386 shares in the last quarter. Finally, 683 Capital Management LLC acquired a new position in shares of Elutia in the 4th quarter valued at $302,000. 74.03% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, Lake Street Capital dropped their price objective on shares of 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 1.8%

ELUT stock traded up $0.04 during trading on Thursday, hitting $2.00. 1,172 shares of the stock traded hands, compared to its average volume of 36,161. Elutia Inc. has a one year low of $1.61 and a one year high of $5.12. The stock has a market cap of $82.03 million, a price-to-earnings ratio of -1.03 and a beta of 0.88. The company has a 50 day simple moving average of $1.95 and a 200 day simple moving average of $2.41.

Elutia (NASDAQ:ELUT - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported ($0.21) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.20) by ($0.01). The company had revenue of $6.03 million for the quarter, compared to analysts' expectations of $6.65 million. As a group, analysts predict that Elutia Inc. will post -1.74 earnings per share for the current fiscal year.

Elutia 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.