Spectral AI (NASDAQ:MDAI) Shares Down 0.6% - Here's What Happened

Key Points

• Spectral AI shares slipped 0.6% on Thursday, trading between $1.70 and $1.72 on lighter-than-usual volume.
• Analysts remain mixed on the stock: BTIG lifted its price target to $4.00 and kept a buy rating, while Weiss Ratings downgraded its view slightly; MarketBeat shows an overall Hold consensus.
• The company recently reported quarterly earnings of -$0.11 per share, matching expectations, but revenue of $3.99 million came in below estimates.

Spectral AI, Inc. (NASDAQ:MDAI - Get Free Report) was down 0.6% during trading on Thursday . The stock traded as low as $1.70 and last traded at $1.72. 116,333 shares traded hands during trading, a decline of 57% from the average daily volume of 273,007 shares. The stock had previously closed at $1.73.

Wall Street Analysts Forecast Growth

MDAI has been the topic of a number of research analyst reports. BTIG Research raised their price target on shares of Spectral AI from $3.00 to $4.00 and gave the company a "buy" rating in a research note on Tuesday, May 26th. Weiss Ratings raised shares of Spectral AI from a "sell (e+)" rating to a "sell (d-)" rating in a report on Monday, June 29th. One investment analyst has rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Spectral AI presently has a consensus rating of "Hold" and a consensus target price of $4.00.

Spectral AI Trading Down 0.6%

The company has a market capitalization of $54.73 million, a P/E ratio of -3.25 and a beta of 1.17. The stock has a 50 day moving average price of $2.02 and a 200 day moving average price of $1.73.

Spectral AI (NASDAQ:MDAI - Get Free Report) last released its quarterly earnings data on Tuesday, May 12th. The company reported ($0.11) earnings per share for the quarter, meeting the consensus estimate of ($0.11). The firm had revenue of $3.99 million for the quarter, compared to analyst estimates of $4.12 million. On average, research analysts predict that Spectral AI, Inc. will post -0.56 EPS for the current year.

Institutional Trading of Spectral AI

Several hedge funds and other institutional investors have recently made changes to their positions in MDAI. Hudson Bay Capital Management LP bought a new position in Spectral AI in the fourth quarter worth approximately $2,168,000. State Street Corp raised its stake in shares of Spectral AI by 90.9% in the fourth quarter. State Street Corp now owns 75,600 shares of the company's stock worth $107,000 after purchasing an additional 36,000 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Spectral AI by 19.0% in the fourth quarter. Geode Capital Management LLC now owns 216,558 shares of the company's stock valued at $308,000 after purchasing an additional 34,597 shares in the last quarter. Bridgeway Capital Management LLC lifted its holdings in shares of Spectral AI by 14.4% in the third quarter. Bridgeway Capital Management LLC now owns 199,000 shares of the company's stock valued at $454,000 after purchasing an additional 25,000 shares in the last quarter. Finally, XTX Topco Ltd purchased a new position in shares of Spectral AI during the second quarter valued at approximately $123,000. 67.08% of the stock is currently owned by institutional investors.

About Spectral AI

Spectral AI, Inc NASDAQ: MDAI is a technology company focused on delivering advanced analytics and insights through the application of machine learning to multi-spectral and hyperspectral data. Its core platform ingests imagery from satellites, aerial drones and ground-based sensors, applying proprietary algorithms to identify patterns and anomalies invisible to the naked eye. The company's solutions are designed to help clients make more informed decisions in areas such as agriculture, environmental monitoring, infrastructure inspection and resource exploration.

The company offers a cloud-native software-as-a-service (SaaS) platform that enables users to visualize and analyze large volumes of spectral data via customizable dashboards.

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