Lake Street Capital Issues Pessimistic Forecast for Elutia (NASDAQ:ELUT) Stock Price

Key Points

• Lake Street Capital has lowered its price target for Elutia (NASDAQ:ELUT) from $8.00 to $6.00, indicating a potential upside of 346.10% from the stock's previous close.
• Elutia recently reported a loss of ($0.26) earnings per share, missing analysts' expectations and generating $6.26 million in revenue for the quarter.
• Institutional ownership of Elutia stock has increased, with major investors like Alyeska Investment Group L.P. raising their stakes significantly during the first quarter.

Elutia (NASDAQ:ELUT - Get Free Report) had its price target reduced by analysts at Lake Street Capital from $8.00 to $6.00 in a research note issued on Wednesday,Benzinga reports. The firm presently has a "buy" rating on the stock. Lake Street Capital's target price would indicate a potential upside of 346.10% from the stock's previous close.

Elutia Price Performance

NASDAQ:ELUT traded down $0.13 during trading hours on Wednesday, hitting $1.35. 231,910 shares of the company were exchanged, compared to its average volume of 46,585. The company's 50 day moving average price is $2.08 and its 200-day moving average price is $2.22. Elutia has a 52-week low of $1.36 and a 52-week high of $5.12. The stock has a market capitalization of $57.03 million, a price-to-earnings ratio of -1.27 and a beta of 0.89.

Elutia (NASDAQ:ELUT - Get Free Report) last announced its quarterly earnings results on Thursday, August 14th. The company reported ($0.26) earnings per share for the quarter, missing analysts' consensus estimates of ($0.17) by ($0.09). The business had revenue of $6.26 million for the quarter, compared to analyst estimates of $6.55 million. On average, equities analysts predict that Elutia will post -1.74 earnings per share for the current year.

Institutional Investors Weigh In On Elutia

Several large investors have recently made changes to their positions in the stock. Millennium Management LLC raised its stake in Elutia by 16.4% in the fourth quarter. Millennium Management LLC now owns 45,217 shares of the company's stock valued at $169,000 after purchasing an additional 6,386 shares in the last quarter. Citadel Advisors LLC bought a new position in shares of Elutia in the fourth quarter worth approximately $84,000. Alyeska Investment Group L.P. raised its holdings in Elutia by 310.8% in the 1st quarter. Alyeska Investment Group L.P. now owns 2,643,445 shares of the company's stock worth $6,688,000 after purchasing an additional 2,000,000 shares in the last quarter. Nantahala Capital Management LLC raised its position in shares of Elutia by 11.2% in the 1st quarter. Nantahala Capital Management LLC now owns 3,184,947 shares of the company's stock worth $8,058,000 after purchasing an additional 320,000 shares during the last quarter. Finally, Perkins Capital Management Inc. lifted its stake in shares of Elutia by 32.1% in the 1st quarter. Perkins Capital Management Inc. now owns 1,136,377 shares of the company's stock worth $2,875,000 after purchasing an additional 276,300 shares during the period. Institutional investors and hedge funds own 74.03% of the company's stock.

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.

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