Spectral AI (NASDAQ:MDAI) Shares Down 4.4% – Here’s What Happened

Spectral AI, Inc. (NASDAQ:MDAI)’s stock price was down 4.4% during mid-day trading on Tuesday . The company traded as low as $1.05 and last traded at $1.08. Approximately 86,834 shares traded hands during trading, a decline of 90% from the average daily volume of 856,146 shares. The stock had previously closed at $1.13.

Analysts Set New Price Targets

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

Spectral AI Stock Performance

The company has a 50-day moving average of $1.36 and a 200 day moving average of $1.66.

Spectral AI (NASDAQ:MDAI) last posted its quarterly earnings data 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 firm had revenue of $7.48 million during the quarter, compared to analysts’ expectations of $6.00 million. As a group, equities research analysts predict that Spectral AI, Inc. will post -0.64 EPS for the current year.

Hedge Funds Weigh In On Spectral AI

A number of hedge funds and other institutional investors have recently modified their holdings of MDAI. Cantor Fitzgerald L. P. purchased a new position in shares of Spectral AI in the 4th quarter worth about $38,000. Murchinson Ltd. purchased a new position in shares of Spectral AI in the 1st quarter worth about $85,000. Virtu Financial LLC purchased a new position in shares of Spectral AI in the 1st quarter worth about $38,000. Finally, Forum Financial Management LP purchased a new stake in Spectral AI during the 2nd quarter valued at about $51,000. 67.08% of the stock is currently owned by hedge funds and other institutional investors.

About Spectral AI

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.