Elutia (NASDAQ:ELUT) Given New $6.00 Price Target at Lake Street Capital

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 Lake Street Capital from $8.00 to $6.00 in a report issued on Wednesday,Benzinga reports. The firm currently has a "buy" rating on the stock. Lake Street Capital's target price would suggest a potential upside of 391.80% from the company's previous close.

Elutia Stock Performance

NASDAQ ELUT traded down $0.06 during trading hours on Wednesday, reaching $1.22. The company's stock had a trading volume of 158,241 shares, compared to its average volume of 52,438. The stock has a market cap of $51.73 million, a PE ratio of -1.15 and a beta of 0.89. Elutia has a fifty-two week low of $1.17 and a fifty-two week high of $5.12. The company's 50-day moving average is $2.04 and its two-hundred day moving average is $2.18.

Elutia (NASDAQ:ELUT - Get Free Report) last issued its quarterly earnings data on Thursday, August 14th. The company reported ($0.26) EPS for the quarter, missing analysts' consensus estimates of ($0.17) by ($0.09). The company had revenue of $6.26 million for the quarter, compared to analysts' expectations of $6.55 million. Equities analysts expect that Elutia will post -1.74 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Elutia

A number of hedge funds and other institutional investors have recently modified their holdings of ELUT. XTX Topco Ltd purchased a new stake in shares of Elutia during the second quarter worth about $28,000. OMERS ADMINISTRATION Corp purchased a new stake in shares of Elutia during the first quarter worth about $28,000. Jane Street Group LLC purchased a new stake in shares of Elutia during the first quarter worth about $48,000. Arcus Capital Partners LLC purchased a new stake in shares of Elutia during the first quarter worth about $51,000. Finally, Northern Trust Corp grew its holdings in shares of Elutia by 30.0% during the fourth quarter. Northern Trust Corp now owns 17,957 shares of the company's stock worth $67,000 after buying an additional 4,148 shares in the last quarter. 74.03% of the stock is currently owned by hedge funds and other institutional investors.

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.