Nantahala Capital Management LLC Grows Stock Position in Elutia Inc. (NASDAQ:ELUT)

Nantahala Capital Management LLC lifted its stake in Elutia Inc. (NASDAQ:ELUT) by 8.8% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,795,697 shares of the company’s stock after buying an additional 145,697 shares during the quarter. Nantahala Capital Management LLC owned approximately 7.40% of Elutia worth $8,907,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Renaissance Technologies LLC boosted its position in Elutia by 50.5% in the 2nd quarter. Renaissance Technologies LLC now owns 53,616 shares of the company’s stock worth $266,000 after purchasing an additional 18,000 shares in the last quarter. AIGH Capital Management LLC grew its position in Elutia by 288.8% during the second quarter. AIGH Capital Management LLC now owns 1,697,316 shares of the company’s stock valued at $8,419,000 after buying an additional 1,260,750 shares during the period. Arcus Capital Partners LLC purchased a new position in Elutia in the second quarter valued at $50,000. Perkins Capital Management Inc. purchased a new position in Elutia in the first quarter valued at $2,512,000. Finally, Verdence Capital Advisors LLC acquired a new position in shares of Elutia in the first quarter worth about $45,000. 74.03% of the stock is owned by institutional investors and hedge funds.

Elutia Stock Down 1.0 %

ELUT opened at $3.81 on Tuesday. The firm’s fifty day simple moving average is $3.77 and its two-hundred day simple moving average is $3.56. Elutia Inc. has a 52-week low of $1.14 and a 52-week high of $5.24. The company has a market cap of $92.48 million, a price-to-earnings ratio of -1.61 and a beta of 0.73.

Elutia (NASDAQ:ELUT) last issued its quarterly earnings results on Wednesday, August 7th. The company reported ($1.14) earnings per share for the quarter. The company had revenue of $6.29 million for the quarter. On average, research analysts forecast that Elutia Inc. will post -3.06 EPS for the current year.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on ELUT. Lake Street Capital lifted their price target on Elutia from $5.00 to $10.00 and gave the company a “buy” rating in a research note on Friday, June 21st. Cantor Fitzgerald restated an “overweight” rating and issued a $10.00 price objective on shares of Elutia in a research report on Friday, September 6th.

Elutia Profile

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.