Spectral AI (NASDAQ:MDAI) Shares Up 1.7% - Still a Buy?

Key Points

• Spectral AI's stock (NASDAQ:MDAI) is trading up 1.7%, last priced at $2.44 with a 51% decline in trading volume compared to its average.
• Wall Street analysts have upgraded Spectral AI from a "sell" rating to a "hold" rating, indicating a potential shift in market sentiment.
• The company's market capitalization stands at $61.78 million, with significant institutional ownership comprising over 67% of its stock.

Spectral AI, Inc. (NASDAQ:MDAI - Get Free Report) rose 1.7% on Friday . The stock traded as high as $2.49 and last traded at $2.44. Approximately 245,612 shares traded hands during mid-day trading, a decline of 51% from the average daily volume of 500,144 shares. The stock had previously closed at $2.40.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen raised Spectral AI from a "sell" rating to a "hold" rating in a research report on Thursday, May 22nd.

Spectral AI Price Performance

The firm has a market capitalization of $56.46 million, a PE ratio of -4.13 and a beta of 0.90. The firm has a fifty day moving average price of $2.39 and a 200 day moving average price of $1.82.

Spectral AI (NASDAQ:MDAI - Get Free Report) last announced its quarterly earnings data on Tuesday, August 12th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.07) by ($0.03). On average, sell-side analysts expect that Spectral AI, Inc. will post -0.48 EPS for the current year.

Institutional Trading of Spectral AI

A number of hedge funds have recently bought and sold shares of the stock. Geode Capital Management LLC boosted its stake in Spectral AI by 21.8% in the second quarter. Geode Capital Management LLC now owns 152,958 shares of the company's stock worth $379,000 after purchasing an additional 27,365 shares in the last quarter. Renaissance Technologies LLC acquired a new position in Spectral AI in the fourth quarter worth $272,000. DNB Asset Management AS acquired a new position in Spectral AI in the second quarter worth $107,000. Jane Street Group LLC acquired a new position in Spectral AI in the fourth quarter worth $92,000. Finally, Northern Trust Corp acquired a new position in Spectral AI in the fourth quarter worth $44,000. 67.08% of the stock is owned by institutional investors.

Spectral AI Company Profile

Spectral AI, Inc, an artificial intelligence (AI) company, focuses on developing predictive medical diagnostics in the United States. The company develops medical diagnostics for faster and accurate treatment decisions in wound care with applications involving patients with burns and diabetic foot ulcers.