Short Interest in Evolus, Inc. (NASDAQ:EOLS) Drops By 14.4%

Key Points

• Short interest fell 14.4% to 6,517,006 shares as of March 31, equal to 10.6% of the stock and a short-interest ratio of 6.6 days based on average daily volume.
• Insider sales totaled 163,504 shares in the past 90 days, highlighted by David Moatazedi (116,720 shares) and Rui Avelar (29,996 shares) sold on March 17 at about $4.89, leaving insiders with 5.9% ownership.
• Institutional ownership is very high at 90.69%, while analysts' consensus is a "Moderate Buy" with an average price target of $16, compared with the stock trading near $4.69 after a recent EPS miss.

Evolus, Inc. (NASDAQ:EOLS - Get Free Report) saw a significant drop in short interest in the month of March. As of March 31st, there was short interest totaling 6,517,006 shares, a drop of 14.4% from the March 15th total of 7,616,722 shares. Based on an average daily volume of 992,379 shares, the short-interest ratio is currently 6.6 days. Currently, 10.6% of the shares of the stock are short sold.

Insider Transactions at Evolus

In related news, insider David Moatazedi sold 116,720 shares of the company's stock in a transaction dated Tuesday, March 17th. The shares were sold at an average price of $4.89, for a total transaction of $570,760.80. Following the completion of the sale, the insider owned 618,369 shares of the company's stock, valued at $3,023,824.41. This represents a 15.88% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Rui Avelar sold 29,996 shares of the stock in a transaction dated Tuesday, March 17th. The stock was sold at an average price of $4.89, for a total transaction of $146,680.44. Following the sale, the insider owned 430,542 shares in the company, valued at $2,105,350.38. The trade was a 6.51% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 163,504 shares of company stock valued at $797,184. 5.90% of the stock is owned by insiders.

Institutional Investors Weigh In On Evolus

Several hedge funds have recently added to or reduced their stakes in the business. Nantahala Capital Management LLC grew its holdings in Evolus by 1.6% during the 4th quarter. Nantahala Capital Management LLC now owns 5,820,649 shares of the company's stock worth $38,707,000 after acquiring an additional 93,792 shares during the last quarter. Caligan Partners LP raised its stake in shares of Evolus by 23.8% during the third quarter. Caligan Partners LP now owns 4,138,943 shares of the company's stock valued at $25,413,000 after acquiring an additional 796,973 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of Evolus by 3.3% during the third quarter. Vanguard Group Inc. now owns 3,428,943 shares of the company's stock worth $21,054,000 after purchasing an additional 110,693 shares during the period. Braidwell LP bought a new stake in shares of Evolus in the fourth quarter worth $20,650,000. Finally, Soleus Capital Management L.P. grew its stake in shares of Evolus by 96.4% in the second quarter. Soleus Capital Management L.P. now owns 2,119,000 shares of the company's stock worth $19,516,000 after purchasing an additional 1,039,842 shares during the last quarter. 90.69% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on EOLS shares. Mizuho set a $15.00 price objective on shares of Evolus in a research note on Wednesday, February 4th. Wall Street Zen downgraded Evolus from a "buy" rating to a "hold" rating in a report on Sunday, March 15th. BTIG Research reiterated a "buy" rating and issued a $13.00 price target on shares of Evolus in a research note on Wednesday, March 4th. Weiss Ratings restated a "sell (e+)" rating on shares of Evolus in a research report on Monday, December 22nd. Finally, HC Wainwright reduced their price objective on Evolus from $20.00 to $13.00 and set a "buy" rating on the stock in a research note on Tuesday, February 3rd. Four research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $16.00.

Evolus Price Performance

Shares of NASDAQ EOLS traded up $0.16 during mid-day trading on Friday, hitting $4.69. 455,779 shares of the stock traded hands, compared to its average volume of 1,212,840. The company has a market cap of $305.13 million, a PE ratio of -5.79 and a beta of 1.00. Evolus has a twelve month low of $3.86 and a twelve month high of $12.28. The firm has a 50 day simple moving average of $4.52 and a two-hundred day simple moving average of $5.71.

Evolus (NASDAQ:EOLS - Get Free Report) last issued its earnings results on Tuesday, March 3rd. The company reported $0.00 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.09 by ($0.09). The business had revenue of $90.30 million during the quarter, compared to analyst estimates of $89.58 million. On average, equities research analysts anticipate that Evolus will post -0.61 earnings per share for the current fiscal year.

About Evolus

Evolus, Inc is a specialty pharmaceutical company focused on medical aesthetics. Headquartered in Newport Beach, California, Evolus develops and commercializes products designed to enhance facial appearance through minimally invasive procedures. Since its founding in 2017, the company has positioned itself in the fast-growing aesthetic market by partnering with leading manufacturers and leveraging clinical expertise to bring innovative injectables to practitioners and patients.

The company's flagship offering, Jeuveau (prabotulinumtoxinA-xvfs), is a neuromodulator approved by the U.S.

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