Short Interest in Hyperfine, Inc. (NASDAQ:HYPR) Drops By 15.3%

Hyperfine, Inc. (NASDAQ:HYPR) was the recipient of a large drop in short interest in the month of April. As of April 15th, there was short interest totaling 1,145,426 shares, a drop of 15.3% from the March 31st total of 1,351,638 shares. Based on an average daily volume of 292,116 shares, the short-interest ratio is currently 3.9 days. Approximately 1.7% of the company’s shares are short sold.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Hyperfine in a research report on Tuesday, April 21st. BTIG Research assumed coverage on shares of Hyperfine in a research report on Wednesday. They issued a “buy” rating and a $2.00 target price for the company. Zacks Research upgraded shares of Hyperfine to a “hold” rating in a research report on Thursday, March 19th. Finally, Lake Street Capital increased their target price on shares of Hyperfine from $2.00 to $2.50 and gave the stock a “buy” rating in a research report on Thursday, March 19th. Three research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $1.59.

Hyperfine Stock Performance

Shares of Hyperfine stock traded up $0.22 during midday trading on Friday, reaching $1.88. 2,031,067 shares of the company’s stock traded hands, compared to its average volume of 526,457. The company has a market cap of $183.67 million, a price-to-earnings ratio of -4.26 and a beta of 1.06. The company’s 50 day simple moving average is $1.19 and its 200 day simple moving average is $1.15. Hyperfine has a 52 week low of $0.53 and a 52 week high of $2.22.

Hyperfine (NASDAQ:HYPR) last released its quarterly earnings results on Wednesday, March 18th. The company reported ($0.06) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.02. The business had revenue of $5.29 million for the quarter, compared to the consensus estimate of $5.30 million. Hyperfine had a negative net margin of 262.29% and a negative return on equity of 95.09%. As a group, equities research analysts predict that Hyperfine will post -0.34 earnings per share for the current year.

Insider Buying and Selling

In other Hyperfine news, COO Thomas Teisseyre sold 24,188 shares of the stock in a transaction that occurred on Monday, March 23rd. The shares were sold at an average price of $1.21, for a total value of $29,267.48. Following the completion of the sale, the chief operating officer owned 354,648 shares in the company, valued at $429,124.08. This represents a 6.38% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Brett Hale sold 24,188 shares of the stock in a transaction that occurred on Monday, March 23rd. The stock was sold at an average price of $1.21, for a total transaction of $29,267.48. Following the completion of the sale, the chief financial officer owned 275,812 shares of the company’s stock, valued at approximately $333,732.52. The trade was a 8.06% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 26.33% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Millennium Management LLC bought a new position in shares of Hyperfine during the 4th quarter valued at $55,000. Bridgeway Capital Management LLC raised its holdings in shares of Hyperfine by 50.2% during the 4th quarter. Bridgeway Capital Management LLC now owns 119,700 shares of the company’s stock valued at $117,000 after purchasing an additional 40,000 shares in the last quarter. Walleye Capital LLC acquired a new position in Hyperfine in the 4th quarter valued at $212,000. State Street Corp grew its stake in Hyperfine by 6.1% in the 4th quarter. State Street Corp now owns 265,195 shares of the company’s stock valued at $260,000 after buying an additional 15,200 shares during the last quarter. Finally, Renaissance Technologies LLC grew its stake in Hyperfine by 674.4% in the 4th quarter. Renaissance Technologies LLC now owns 364,743 shares of the company’s stock valued at $357,000 after buying an additional 317,645 shares during the last quarter. Institutional investors own 15.03% of the company’s stock.

Hyperfine Company Profile

Hyperfine, Inc (NASDAQ: HYPR) is a medical technology company focused on expanding access to advanced neuroimaging through its portable magnetic resonance imaging (MRI) system. The company’s flagship product, Swoop®, is designed to enable bedside MRI scanning in a wide range of clinical environments, including emergency departments, intensive care units and outpatient clinics. By leveraging a compact, high-performance permanent magnet and a custom-designed gradient system, Hyperfine aims to reduce the logistical and financial barriers associated with traditional, large-scale MRI installations.

The Swoop system features a lightweight, wheeled design that can be maneuvered directly to a patient’s bedside, allowing clinicians to conduct diagnostic imaging without the need to transport critically ill or immobile patients.