Invuity Inc (IVTY) Short Interest Down 76.6% in September

Invuity Inc (NASDAQ:IVTY) was the recipient of a significant decline in short interest in the month of September. As of September 28th, there was short interest totalling 157,848 shares, a decline of 76.6% from the September 14th total of 674,048 shares. Currently, 0.8% of the company’s shares are sold short. Based on an average daily volume of 452,141 shares, the days-to-cover ratio is currently 0.3 days.

Several hedge funds have recently added to or reduced their stakes in IVTY. Cannell Capital LLC raised its holdings in shares of Invuity by 36.2% in the second quarter. Cannell Capital LLC now owns 1,498,034 shares of the medical instruments supplier’s stock valued at $5,842,000 after acquiring an additional 398,034 shares in the last quarter. Millennium Management LLC raised its holdings in shares of Invuity by 30.1% in the second quarter. Millennium Management LLC now owns 668,280 shares of the medical instruments supplier’s stock valued at $2,606,000 after acquiring an additional 154,614 shares in the last quarter. Perkins Capital Management Inc. raised its holdings in shares of Invuity by 42.8% in the second quarter. Perkins Capital Management Inc. now owns 311,450 shares of the medical instruments supplier’s stock valued at $1,215,000 after acquiring an additional 93,400 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Invuity by 5,196.9% in the first quarter. JPMorgan Chase & Co. now owns 47,672 shares of the medical instruments supplier’s stock valued at $184,000 after acquiring an additional 46,772 shares in the last quarter. Finally, Fondren Management LP bought a new position in Invuity in the second quarter worth about $168,000. Hedge funds and other institutional investors own 59.95% of the company’s stock.

IVTY stock opened at $7.39 on Friday. The company has a quick ratio of 1.69, a current ratio of 2.13 and a debt-to-equity ratio of 10.57. The stock has a market capitalization of $178.15 million, a P/E ratio of -3.36 and a beta of 0.01. Invuity has a 1-year low of $2.35 and a 1-year high of $9.55.

Invuity (NASDAQ:IVTY) last released its quarterly earnings data on Thursday, August 2nd. The medical instruments supplier reported ($0.37) earnings per share for the quarter, beating the consensus estimate of ($0.47) by $0.10. The firm had revenue of $10.50 million during the quarter, compared to the consensus estimate of $10.73 million. Invuity had a negative return on equity of 724.87% and a negative net margin of 89.29%. On average, sell-side analysts anticipate that Invuity will post -1.41 EPS for the current fiscal year.

A number of analysts have recently issued reports on IVTY shares. Zacks Investment Research raised shares of Invuity from a “hold” rating to a “buy” rating and set a $4.25 target price for the company in a research note on Thursday, July 5th. ValuEngine raised shares of Invuity from a “sell” rating to a “hold” rating in a research note on Wednesday, September 12th. Stifel Nicolaus lowered shares of Invuity from a “buy” rating to a “hold” rating in a research note on Tuesday, September 11th. William Blair lowered shares of Invuity from an “outperform” rating to a “market perform” rating in a research note on Tuesday, September 11th. Finally, Northland Securities lowered shares of Invuity from an “outperform” rating to a “market perform” rating in a research note on Monday, September 17th. Six research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. The company has an average rating of “Hold” and an average price target of $6.81.

About Invuity

Invuity, Inc, a medical technology company, develops and markets surgical devices in the United States and Asia. The company through its intelligent photonics technology platform develops single-use and reusable illuminated surgical devices, which provide surgeons with illumination and direct visualization of surgical cavities.

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