Short Interest in Spectral AI, Inc. (NASDAQ:MDAI) Rises By 17.2%

Spectral AI, Inc. (NASDAQ:MDAI) was the recipient of a significant increase in short interest during the month of August. As of August 31st, there was short interest totalling 895,100 shares, an increase of 17.2% from the August 15th total of 763,500 shares. Currently, 12.1% of the company’s shares are short sold. Based on an average daily volume of 188,700 shares, the short-interest ratio is presently 4.7 days.

Institutional Investors Weigh In On Spectral AI

A number of hedge funds have recently added to or reduced their stakes in the business. Cantor Fitzgerald L. P. acquired a new stake in shares of Spectral AI in the fourth quarter valued at $38,000. Virtu Financial LLC purchased a new position in shares of Spectral AI in the 1st quarter valued at about $38,000. Forum Financial Management LP acquired a new position in shares of Spectral AI during the second quarter worth about $51,000. Finally, Murchinson Ltd. purchased a new stake in shares of Spectral AI during the first quarter worth approximately $85,000. 67.08% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the stock. Northland Capmk upgraded shares of Spectral AI to a “strong-buy” rating in a report on Monday, August 12th. HC Wainwright reiterated a “buy” rating and issued a $3.50 price objective on shares of Spectral AI in a research report on Tuesday, August 13th. Finally, Northland Securities started coverage on Spectral AI in a research note on Monday, August 12th. They set an “outperform” rating and a $6.00 target price for the company.

Spectral AI Stock Performance

Shares of MDAI stock traded down $0.02 during trading hours on Tuesday, hitting $1.22. The company had a trading volume of 114,633 shares, compared to its average volume of 907,019. The company’s fifty day moving average is $1.57 and its 200 day moving average is $1.79. Spectral AI has a fifty-two week low of $1.15 and a fifty-two week high of $4.68.

Spectral AI (NASDAQ:MDAI) last posted its quarterly earnings data on Monday, August 12th. The company reported ($0.16) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.14) by ($0.02). The company had revenue of $7.48 million during the quarter, compared to analysts’ expectations of $6.00 million. As a group, equities research analysts predict that Spectral AI will post -0.64 EPS for the current year.

About Spectral AI

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.