Short Interest in Sanara MedTech Inc. (NASDAQ:SMTI) Drops By 13.7%

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

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $46.00 price target on shares of Sanara MedTech in a research note on Wednesday, March 26th. HC Wainwright boosted their target price on Sanara MedTech from $51.00 to $53.00 and gave the stock a "buy" rating in a report on Thursday, May 15th.

Institutional Trading of Sanara MedTech

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. GAMMA Investing LLC grew its position in Sanara MedTech by 8,423.8% in the first quarter. GAMMA Investing LLC now owns 1,790 shares of the company's stock worth $58,000 after buying an additional 1,769 shares during the last quarter. Wells Fargo & Company MN grew its holdings in shares of Sanara MedTech by 53.9% in the 4th quarter. Wells Fargo & Company MN now owns 1,893 shares of the company's stock worth $63,000 after acquiring an additional 663 shares during the last quarter. MetLife Investment Management LLC acquired a new position in shares of Sanara MedTech in the 1st quarter worth $82,000. BNP Paribas Financial Markets acquired a new stake in shares of Sanara MedTech during the fourth quarter worth $106,000. Finally, Rhumbline Advisers lifted its holdings in shares of Sanara MedTech by 14.9% during the first quarter. Rhumbline Advisers now owns 3,714 shares of the company's stock valued at $115,000 after purchasing an additional 483 shares during the last quarter. 8.10% of the stock is owned by institutional investors and hedge funds.

Sanara MedTech Price Performance

Shares of Sanara MedTech stock traded up $0.12 during trading on Friday, hitting $29.00. The stock had a trading volume of 17,795 shares, compared to its average volume of 26,745. The business has a fifty day moving average of $30.38 and a two-hundred day moving average of $33.00. Sanara MedTech has a fifty-two week low of $25.86 and a fifty-two week high of $39.08. The firm has a market cap of $257.75 million, a P/E ratio of -29.29 and a beta of 1.38. The company has a debt-to-equity ratio of 0.76, a current ratio of 2.23 and a quick ratio of 2.02.

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

About Sanara MedTech

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.