Sanara MedTech Inc. (NASDAQ:SMTI) Sees Significant Decline in Short Interest

Sanara MedTech Inc. (NASDAQ:SMTI - Get Free Report) was the recipient of a large decline in short interest during the month of May. As of May 15th, there was short interest totalling 180,900 shares, a decline of 13.7% from the April 30th total of 209,600 shares. Currently, 6.1% of the company's shares are sold short. Based on an average trading volume of 27,900 shares, the days-to-cover ratio is presently 6.5 days.

Sanara MedTech Trading Up 2.1%

NASDAQ SMTI traded up $0.61 during trading hours on Friday, reaching $29.49. The company had a trading volume of 29,904 shares, compared to its average volume of 26,824. The stock has a 50-day moving average of $30.36 and a 200 day moving average of $32.89. Sanara MedTech has a 1-year low of $25.86 and a 1-year high of $39.08. The company has a current ratio of 2.23, a quick ratio of 2.02 and a debt-to-equity ratio of 0.76. The stock has a market capitalization of $262.11 million, a P/E ratio of -29.79 and a beta of 1.35.

Sanara MedTech (NASDAQ:SMTI - Get Free Report) last posted its earnings results on Wednesday, May 14th. The company reported ($0.41) EPS for the quarter, missing analysts' consensus estimates of ($0.31) by ($0.10). The company had revenue of $23.43 million during the quarter, compared to analyst estimates of $23.48 million. Sanara MedTech had a negative net margin of 10.71% and a negative return on equity of 19.86%. As a group, research analysts anticipate that Sanara MedTech will post -1.1 earnings per share for the current fiscal year.

Institutional Trading of Sanara MedTech

A number of institutional investors and hedge funds have recently bought and sold shares of SMTI. Marshall Wace LLP purchased a new stake in Sanara MedTech during the fourth quarter worth about $1,005,000. Renaissance Technologies LLC increased its stake in Sanara MedTech by 152.9% during the fourth quarter. Renaissance Technologies LLC now owns 35,400 shares of the company's stock worth $1,175,000 after purchasing an additional 21,400 shares during the period. Nuveen LLC purchased a new stake in Sanara MedTech during the first quarter worth about $326,000. JPMorgan Chase & Co. increased its stake in Sanara MedTech by 234.5% during the fourth quarter. JPMorgan Chase & Co. now owns 13,574 shares of the company's stock worth $451,000 after purchasing an additional 9,516 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in Sanara MedTech by 116.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 15,925 shares of the company's stock worth $529,000 after purchasing an additional 8,567 shares during the period. 8.10% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

SMTI has been the topic of several recent research reports. HC Wainwright boosted their price target on shares of Sanara MedTech from $51.00 to $53.00 and gave the company a "buy" rating in a research report on Thursday, May 15th. Cantor Fitzgerald reissued an "overweight" rating and set a $46.00 price target on shares of Sanara MedTech in a research report on Wednesday, March 26th.

Sanara MedTech Company Profile

Sanara MedTech Inc, a medical technology company, develops, markets, and distributes surgical, wound, and skincare products and services to physicians, hospitals, clinics, and post-acute care settings in the United States. The company offers CellerateRX Surgical, a medical hydrolysate of Type I bovine collagen indicated for the management of surgical, traumatic, and partial- and full-thickness wounds, as well as first- and second-degree burns; and HYCOL, a medical hydrolysate of Type I bovine collagen intended for the management of full and partial thickness wounds, including pressure ulcers, venous and arterial leg ulcers, and diabetic foot ulcers.