Outset Medical (NASDAQ:OM) Trading Up 6.1% - Here's What Happened

Key Points

• Outset Medical shares rose by 6.1% on Tuesday, reaching a high of $13.62 after closing at $12.61, with trading volume increasing to 399,662 shares.
• Equities analysts have various ratings on Outset Medical, with a consensus target price of $24.67 and ratings ranging from "Strong Buy" to "Sell".
• Several hedge funds significantly increased their stakes in Outset Medical during the second quarter, indicating growing institutional interest in the company.

Outset Medical, Inc. (NASDAQ:OM - Get Free Report) shares were up 6.1% on Tuesday . The company traded as high as $13.62 and last traded at $13.38. Approximately 399,662 shares traded hands during mid-day trading, an increase of 82% from the average daily volume of 220,089 shares. The stock had previously closed at $12.61.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on OM shares. Royal Bank Of Canada restated a "sector perform" rating and issued a $22.00 price target on shares of Outset Medical in a research note on Tuesday, August 19th. BTIG Research set a $37.00 price objective on shares of Outset Medical and gave the company a "buy" rating in a report on Monday, July 14th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Outset Medical in a report on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $24.67.

Outset Medical Trading Up 6.1%

The business's fifty day moving average is $13.91 and its 200-day moving average is $15.43. The firm has a market cap of $237.76 million, a P/E ratio of -0.66 and a beta of 2.13. The company has a debt-to-equity ratio of 0.63, a quick ratio of 6.05 and a current ratio of 7.47.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in OM. Legal & General Group Plc acquired a new stake in Outset Medical in the 2nd quarter valued at $34,000. Ameritas Investment Partners Inc. purchased a new position in Outset Medical during the 2nd quarter worth $35,000. BNP Paribas Financial Markets boosted its holdings in Outset Medical by 7,013.8% during the 2nd quarter. BNP Paribas Financial Markets now owns 2,063 shares of the company's stock worth $40,000 after acquiring an additional 2,034 shares during the last quarter. Police & Firemen s Retirement System of New Jersey purchased a new position in Outset Medical during the 2nd quarter worth $78,000. Finally, New York State Common Retirement Fund purchased a new position in Outset Medical during the 2nd quarter worth $108,000.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.