Spectral AI (NASDAQ:MDAI) Rating Increased to Strong-Buy at Northland Securities

Northland Securities upgraded shares of Spectral AI (NASDAQ:MDAI) to a strong-buy rating in a research note published on Monday,Zacks.com reports.

A number of other equities analysts also recently commented on the stock. Weiss Ratings raised shares of Spectral AI from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday, June 29th. BTIG Research increased their price target on shares of Spectral AI from $3.00 to $4.00 and gave the company a “buy” rating in a research note on Tuesday, May 26th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $4.00.

Spectral AI Price Performance

Shares of MDAI opened at $1.64 on Monday. Spectral AI has a 52-week low of $1.18 and a 52-week high of $2.97. The company has a market capitalization of $52.18 million, a PE ratio of -3.09 and a beta of 1.17. The stock has a fifty day simple moving average of $1.89 and a two-hundred day simple moving average of $1.75.

Spectral AI (NASDAQ:MDAI) last posted its quarterly earnings results on Tuesday, May 12th. The company reported ($0.11) EPS for the quarter, hitting the consensus estimate of ($0.11). The company had revenue of $3.99 million for the quarter, compared to analysts’ expectations of $4.12 million. As a group, equities analysts anticipate that Spectral AI will post -0.56 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Spectral AI

A number of hedge funds have recently modified their holdings of the business. Raymond James Financial Inc. increased its position in shares of Spectral AI by 1,180.0% during the 3rd quarter. Raymond James Financial Inc. now owns 12,800 shares of the company’s stock worth $29,000 after purchasing an additional 11,800 shares during the last quarter. Jane Street Group LLC acquired a new position in Spectral AI in the second quarter valued at about $74,000. Virtu Financial LLC acquired a new position in Spectral AI in the fourth quarter valued at about $75,000. Marshall Wace LLP purchased a new position in Spectral AI during the second quarter worth about $104,000. Finally, State Street Corp boosted its stake in Spectral AI by 90.9% during the fourth quarter. State Street Corp now owns 75,600 shares of the company’s stock worth $107,000 after buying an additional 36,000 shares during the period. 67.08% of the stock is currently owned by hedge funds and other institutional investors.

About Spectral AI

Spectral AI, Inc (NASDAQ: MDAI) is a technology company focused on delivering advanced analytics and insights through the application of machine learning to multi-spectral and hyperspectral data. Its core platform ingests imagery from satellites, aerial drones and ground-based sensors, applying proprietary algorithms to identify patterns and anomalies invisible to the naked eye. The company’s solutions are designed to help clients make more informed decisions in areas such as agriculture, environmental monitoring, infrastructure inspection and resource exploration.

The company offers a cloud-native software-as-a-service (SaaS) platform that enables users to visualize and analyze large volumes of spectral data via customizable dashboards.