Outset Medical (NASDAQ:OM) Stock Price Expected to Rise, Royal Bank Of Canada Analyst Says

Key Points

• Royal Bank of Canada has raised its target price for Outset Medical from $21.00 to $22.00, indicating a potential upside of 52.24% from its previous close.
• Outset Medical's stock has recently seen increased trading activity, with a 9.7% rise during midday trading reaching $14.45.
• The company reported a loss of ($3.66) earnings per share in its latest quarter, significantly missing analysts' expectations, but exceeding revenue estimates at $29.75 million.

Outset Medical (NASDAQ:OM - Get Free Report) had its target price boosted by research analysts at Royal Bank Of Canada from $21.00 to $22.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has a "sector perform" rating on the stock. Royal Bank Of Canada's price target points to a potential upside of 52.24% from the stock's previous close.

A number of other analysts have also recently issued reports on the company. Wall Street Zen upgraded Outset Medical from a "sell" rating to a "hold" rating in a research report on Saturday, June 7th. Scotiabank raised Outset Medical to a "strong-buy" rating in a research report on Thursday, May 15th. Finally, BTIG Research set a $37.00 price target on Outset Medical and gave the stock a "buy" rating in a research report on Monday, July 14th. Two research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $29.75.

Outset Medical Trading Up 9.7%

OM traded up $1.28 during midday trading on Thursday, hitting $14.45. The company's stock had a trading volume of 692,219 shares, compared to its average volume of 222,846. The company has a current ratio of 8.37, a quick ratio of 6.74 and a debt-to-equity ratio of 0.57. The firm has a market cap of $256.10 million, a P/E ratio of -0.50 and a beta of 2.14. The firm has a 50-day moving average price of $18.80 and a two-hundred day moving average price of $14.52. Outset Medical has a 52-week low of $5.85 and a 52-week high of $29.70.

Outset Medical (NASDAQ:OM - Get Free Report) last issued its quarterly earnings data on Wednesday, May 7th. The company reported ($3.66) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.97) by ($2.69). Outset Medical had a negative return on equity of 143.62% and a negative net margin of 98.74%. The business had revenue of $29.75 million during the quarter, compared to the consensus estimate of $27.81 million. On average, research analysts anticipate that Outset Medical will post -1.99 earnings per share for the current year.

Institutional Trading of Outset Medical

Several institutional investors and hedge funds have recently bought and sold shares of the business. Two Sigma Securities LLC lifted its position in Outset Medical by 190.0% during the fourth quarter. Two Sigma Securities LLC now owns 42,477 shares of the company's stock valued at $47,000 after buying an additional 27,830 shares in the last quarter. XTX Topco Ltd bought a new stake in shares of Outset Medical in the 4th quarter worth $50,000. Squarepoint Ops LLC acquired a new position in Outset Medical in the fourth quarter worth approximately $174,000. Birchview Capital LP boosted its position in shares of Outset Medical by 3,587.7% in the 4th quarter. Birchview Capital LP now owns 368,766 shares of the company's stock valued at $409,000 after purchasing an additional 358,766 shares during the period. Finally, Two Sigma Investments LP boosted its stake in Outset Medical by 36.0% in the 4th quarter. Two Sigma Investments LP now owns 488,602 shares of the company's stock worth $542,000 after purchasing an additional 129,334 shares during the period.

About Outset Medical

Outset Medical, Inc, a medical technology company, engages in the development of a hemodialysis system for hemodialysis in the United States. The company offers Tablo Hemodialysis System, a compact console with integrated water purification, on-demand dialysate production, and software and connectivity capabilities for dialysis care in acute and home settings; and manufactures, supports, and distributes for Tablo console, Tablo cartridge, and other consumables.

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