Short Interest in Vivani Medical, Inc. (NASDAQ:VANI) Declines By 32.5%

Key Points

• Short interest in Vivani Medical, Inc. decreased by 32.5% in August, falling from 368,300 shares to 248,500 shares, which represents approximately 0.8% of the company's total stock.
• Shares of Vivani Medical (NASDAQ:VANI) are currently trading at $1.29, down 5.8%, with a 52-week range between $0.91 and $1.80.
• Analysts have issued a "buy" rating for Vivani Medical with a target price of $4.00, reflecting positive sentiment around the company's future performance.

Vivani Medical, Inc. (NASDAQ:VANI - Get Free Report) was the recipient of a significant drop in short interest in August. As of August 15th, there was short interest totaling 248,500 shares, a drop of 32.5% from the July 31st total of 368,300 shares. Based on an average daily volume of 134,900 shares, the days-to-cover ratio is presently 1.8 days. Currently, 0.8% of the shares of the stock are sold short. Currently, 0.8% of the shares of the stock are sold short. Based on an average daily volume of 134,900 shares, the days-to-cover ratio is presently 1.8 days.

Analyst Upgrades and Downgrades

Separately, HC Wainwright reissued a "buy" rating and issued a $4.00 target price on shares of Vivani Medical in a report on Tuesday, September 2nd. One research analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $4.00.

Institutional Trading of Vivani Medical

Several institutional investors and hedge funds have recently made changes to their positions in the business. Connective Capital Management LLC lifted its position in shares of Vivani Medical by 796.2% during the first quarter. Connective Capital Management LLC now owns 162,098 shares of the company's stock worth $170,000 after purchasing an additional 144,010 shares during the last quarter. Wealthedge Investment Advisors LLC lifted its position in shares of Vivani Medical by 238.8% during the first quarter. Wealthedge Investment Advisors LLC now owns 125,033 shares of the company's stock worth $131,000 after purchasing an additional 88,132 shares during the last quarter. Northern Trust Corp lifted its position in shares of Vivani Medical by 19.1% during the fourth quarter. Northern Trust Corp now owns 71,915 shares of the company's stock worth $83,000 after purchasing an additional 11,540 shares during the last quarter. Jane Street Group LLC bought a new stake in shares of Vivani Medical during the fourth quarter worth $66,000. Finally, Panagora Asset Management Inc. bought a new stake in shares of Vivani Medical during the second quarter worth $25,000. 6.78% of the stock is currently owned by institutional investors.

Vivani Medical Price Performance

NASDAQ VANI remained flat at $1.28 on Tuesday. 52,764 shares of the company's stock traded hands, compared to its average volume of 55,757. The business has a 50-day moving average price of $1.35 and a two-hundred day moving average price of $1.19. The stock has a market capitalization of $75.83 million, a price-to-earnings ratio of -2.84 and a beta of 3.12. Vivani Medical has a 52 week low of $0.91 and a 52 week high of $1.80.

Vivani Medical (NASDAQ:VANI - Get Free Report) last posted its quarterly earnings data on Wednesday, August 13th. The company reported ($0.12) EPS for the quarter, missing the consensus estimate of ($0.10) by ($0.02). On average, research analysts forecast that Vivani Medical will post -0.41 earnings per share for the current year.

About Vivani Medical

Vivani Medical, Inc, a clinical stage company, develops various implants that treat chronic diseases with high unmet medical need. It engages in developing a portfolio of miniature drug implants to deliver minimally fluctuating drug profiles; and implantable visual prostheses devices to deliver useful artificial vision to blind individuals.