Short Interest in Hyperfine, Inc. (NASDAQ:HYPR) Drops By 15.3%

Key Points

• Short interest in Hyperfine dropped 15.3% to 1,145,426 shares as of April 15, equal to about 1.7% of shares sold short and a short-interest ratio of 3.9 days.
• Analysts are mixed but the consensus rating is Hold with a $1.59 target, even as the stock rallied ~13% to $1.88 on heavy volume (2.03M shares) in the latest session.
• CFO Brett Hale and COO Thomas Teisseyre each sold 24,188 shares on March 23 at roughly $1.21, reducing their stakes though insiders still own 26.33% of the company.

Hyperfine, Inc. (NASDAQ:HYPR - Get Free Report) was the target of a significant drop in short interest in April. As of April 15th, there was short interest totaling 1,145,426 shares, a drop of 15.3% from the March 31st total of 1,351,638 shares. Approximately 1.7% of the shares of the stock are sold short. Based on an average trading volume of 292,116 shares, the short-interest ratio is currently 3.9 days.

Analyst Ratings Changes

A number of analysts recently weighed in on HYPR shares. BTIG Research started coverage on shares of Hyperfine in a report on Wednesday. They set a "buy" rating and a $2.00 target price for the company. Weiss Ratings restated a "sell (d-)" rating on shares of Hyperfine in a report on Tuesday, April 21st. Lake Street Capital raised their target price on shares of Hyperfine from $2.00 to $2.50 and gave the stock a "buy" rating in a report on Thursday, March 19th. Finally, Zacks Research upgraded shares of Hyperfine to a "hold" rating in a report on Thursday, March 19th. Three analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $1.59.

Hyperfine Stock Up 13.0%

NASDAQ:HYPR traded up $0.22 during trading hours on Friday, reaching $1.88. 2,031,067 shares of the company's stock were exchanged, compared to its average volume of 526,457. The business's 50-day simple moving average is $1.19 and its two-hundred day simple moving average is $1.15. Hyperfine has a 12 month low of $0.53 and a 12 month high of $2.22. The company has a market capitalization of $183.67 million, a P/E ratio of -4.26 and a beta of 1.06.

Hyperfine (NASDAQ:HYPR - Get Free Report) last posted its quarterly earnings data on Wednesday, March 18th. The company reported ($0.06) EPS for the quarter, topping analysts' consensus estimates of ($0.08) by $0.02. Hyperfine had a negative net margin of 262.29% and a negative return on equity of 95.09%. The firm had revenue of $5.29 million during the quarter, compared to analyst estimates of $5.30 million. As a group, sell-side analysts anticipate that Hyperfine will post -0.34 earnings per share for the current fiscal year.

Insider Activity at Hyperfine

In other news, CFO Brett Hale sold 24,188 shares of the stock in a transaction that occurred on Monday, March 23rd. The shares were sold at an average price of $1.21, for a total value of $29,267.48. Following the completion of the transaction, the chief financial officer directly owned 275,812 shares in the company, valued at $333,732.52. This trade represents a 8.06% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Thomas Teisseyre sold 24,188 shares of the stock in a transaction that occurred on Monday, March 23rd. The shares were sold at an average price of $1.21, for a total transaction of $29,267.48. Following the completion of the transaction, the chief operating officer owned 354,648 shares of the company's stock, valued at $429,124.08. This trade represents a 6.38% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 26.33% of the company's stock.

Hedge Funds Weigh In On Hyperfine

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. EP Wealth Advisors LLC acquired a new position in Hyperfine in the 4th quarter worth approximately $34,000. Sanctuary Advisors LLC boosted its stake in Hyperfine by 130.9% in the 4th quarter. Sanctuary Advisors LLC now owns 39,938 shares of the company's stock worth $39,000 after purchasing an additional 22,638 shares during the period. Tortoise Investment Management LLC acquired a new position in Hyperfine in the 3rd quarter worth approximately $65,000. Kathmere Capital Management LLC acquired a new position in Hyperfine in the 4th quarter worth approximately $51,000. Finally, Millennium Management LLC acquired a new position in Hyperfine in the 4th quarter worth approximately $55,000. Institutional investors and hedge funds own 15.03% of the company's stock.

About Hyperfine

Hyperfine, Inc NASDAQ: HYPR is a medical technology company focused on expanding access to advanced neuroimaging through its portable magnetic resonance imaging (MRI) system. The company's flagship product, Swoop®, is designed to enable bedside MRI scanning in a wide range of clinical environments, including emergency departments, intensive care units and outpatient clinics. By leveraging a compact, high-performance permanent magnet and a custom-designed gradient system, Hyperfine aims to reduce the logistical and financial barriers associated with traditional, large-scale MRI installations.

The Swoop system features a lightweight, wheeled design that can be maneuvered directly to a patient's bedside, allowing clinicians to conduct diagnostic imaging without the need to transport critically ill or immobile patients.

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