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

Spectral AI, Inc. (NASDAQ:MDAI) was the target of a large 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. Based on an average daily volume of 188,700 shares, the short-interest ratio is currently 4.7 days. Approximately 12.1% of the company’s stock are sold short.

Spectral AI Stock Performance

Shares of MDAI stock traded down $0.02 during mid-day trading on Tuesday, hitting $1.22. 114,633 shares of the stock were exchanged, compared to its average volume of 907,019. The stock’s fifty day simple moving average is $1.57 and its two-hundred day simple moving average is $1.79. Spectral AI has a 12-month low of $1.15 and a 12-month high of $4.68.

Spectral AI (NASDAQ:MDAI) last released its quarterly earnings results on Monday, August 12th. The company reported ($0.16) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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. Analysts predict that Spectral AI will post -0.64 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on MDAI shares. HC Wainwright reissued a “buy” rating and issued a $3.50 target price on shares of Spectral AI in a report on Tuesday, August 13th. Northland Capmk upgraded Spectral AI to a “strong-buy” rating in a research note on Monday, August 12th. Finally, Northland Securities assumed coverage on shares of Spectral AI in a research note on Monday, August 12th. They issued an “outperform” rating and a $6.00 price target on the stock.

Hedge Funds Weigh In On Spectral AI

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

Spectral AI Company Profile

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.