Short Interest in Elutia Inc. (NASDAQ:ELUT) Drops By 29.8%

Elutia Inc. (NASDAQ:ELUT) was the target of a significant decrease in short interest in February. As of February 28th, there was short interest totalling 67,700 shares, a decrease of 29.8% from the February 13th total of 96,400 shares. Currently, 0.3% of the company’s stock are short sold. Based on an average trading volume of 41,100 shares, the short-interest ratio is currently 1.6 days.

Insider Buying and Selling

In other Elutia news, Director Highcape Capital, L.P. acquired 420,000 shares of the company’s stock in a transaction on Monday, February 3rd. The shares were purchased at an average price of $2.50 per share, for a total transaction of $1,050,000.00. Following the completion of the purchase, the director now directly owns 9,520,232 shares of the company’s stock, valued at approximately $23,800,580. This represents a 4.62 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 40.80% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Elutia

A number of large investors have recently modified their holdings of ELUT. Geode Capital Management LLC raised its position in Elutia by 50.3% during the 3rd quarter. Geode Capital Management LLC now owns 188,408 shares of the company’s stock worth $718,000 after purchasing an additional 63,047 shares during the last quarter. Millennium Management LLC grew its position in shares of Elutia by 16.4% during the 4th quarter. Millennium Management LLC now owns 45,217 shares of the company’s stock valued at $169,000 after purchasing an additional 6,386 shares in the last quarter. Citadel Advisors LLC purchased a new position in shares of Elutia during the 4th quarter valued at $84,000. Northern Trust Corp grew its position in shares of Elutia by 30.0% during the 4th quarter. Northern Trust Corp now owns 17,957 shares of the company’s stock valued at $67,000 after purchasing an additional 4,148 shares in the last quarter. Finally, 683 Capital Management LLC purchased a new position in shares of Elutia during the 4th quarter valued at $302,000. Institutional investors and hedge funds own 74.03% of the company’s stock.

Elutia Stock Down 2.2 %

Shares of ELUT stock traded down $0.07 during trading hours on Friday, reaching $3.18. The company’s stock had a trading volume of 34,987 shares, compared to its average volume of 38,575. The firm’s 50 day simple moving average is $3.04 and its 200-day simple moving average is $3.61. The company has a market capitalization of $109.91 million, a price-to-earnings ratio of -1.22 and a beta of 0.86. Elutia has a fifty-two week low of $2.28 and a fifty-two week high of $5.24.

Wall Street Analysts Forecast Growth

Separately, Cantor Fitzgerald reissued an “overweight” rating and set a $8.00 price target on shares of Elutia in a research report on Friday, March 7th.

Elutia Company Profile

Elutia Inc, a commercial-stage company, develops and commercializes drug-eluting biologics products for neurostimulation, wound care, and breast reconstruction in the United States. The company operates in three segments: Device Protection; Women's Health; and Cardiovascular. It offers CanGaroo Envelope, which is used to accommodate cardiac implantable electronic devices, such as pacemakers and internal defibrillators.