Elutia (NASDAQ:ELUT) Releases Earnings Results, Beats Expectations By $0.15 EPS

Elutia (NASDAQ:ELUT) announced its quarterly earnings results on Thursday. The company reported ($0.01) EPS for the quarter, topping the consensus estimate of ($0.16) by $0.15, Zacks reports. The firm had revenue of $3.32 million for the quarter, compared to analysts’ expectations of $6.65 million.

Elutia Trading Down 5.0%

Shares of NASDAQ ELUT traded down $0.05 during midday trading on Friday, reaching $0.90. 241,275 shares of the stock were exchanged, compared to its average volume of 97,348. The stock has a 50 day moving average price of $1.11 and a 200-day moving average price of $1.69. The company has a market capitalization of $37.95 million, a P/E ratio of -0.84 and a beta of 0.78. Elutia has a 52-week low of $0.85 and a 52-week high of $5.12.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the company. Lake Street Capital dropped their price objective on Elutia from $8.00 to $6.00 and set a “buy” rating for the company in a research note on Wednesday, September 10th. Wall Street Zen raised Elutia to a “sell” rating in a report on Saturday. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Elutia in a research note on Wednesday, October 8th. Two equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $7.00.

Institutional Trading of Elutia

A hedge fund recently bought a new stake in Elutia stock. Jane Street Group LLC purchased a new stake in Elutia Inc. (NASDAQ:ELUT) in the 1st quarter, according to its most recent filing with the SEC. The fund purchased 19,098 shares of the company’s stock, valued at approximately $48,000. Institutional investors own 74.03% of the company’s stock.

About Elutia

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.