Spectral AI (NASDAQ:MDAI) Trading Down 6.3% – Time to Sell?

Spectral AI, Inc. (NASDAQ:MDAI)’s stock price was down 6.3% during trading on Wednesday . The company traded as low as $1.18 and last traded at $1.20. Approximately 6,712,115 shares changed hands during mid-day trading, an increase of 2,580% from the average daily volume of 250,476 shares. The stock had previously closed at $1.28.

Analysts Set New Price Targets

MDAI has been the subject of a number of research reports. BTIG Research reissued a “buy” rating and set a $3.00 price target on shares of Spectral AI in a research note on Tuesday, February 10th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Spectral AI in a research note on Monday, December 22nd. Two research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $3.25.

Spectral AI Price Performance

The firm has a market capitalization of $36.83 million, a PE ratio of -1.62 and a beta of 0.98. The business has a 50-day simple moving average of $1.53 and a 200-day simple moving average of $1.76.

Institutional Trading of Spectral AI

Several hedge funds and other institutional investors have recently bought and sold shares of MDAI. Hudson Bay Capital Management LP bought a new stake in Spectral AI in the fourth quarter worth $2,168,000. DNB Asset Management AS increased its position in Spectral AI by 85.2% during the fourth quarter. DNB Asset Management AS now owns 136,473 shares of the company’s stock valued at $194,000 after acquiring an additional 62,768 shares during the last quarter. Jane Street Group LLC bought a new position in Spectral AI during the fourth quarter valued at $75,000. Virtu Financial LLC purchased a new stake in shares of Spectral AI in the fourth quarter valued at $75,000. Finally, XTX Topco Ltd purchased a new stake in shares of Spectral AI in the second quarter valued at $123,000. Hedge funds and other institutional investors own 67.08% of the company’s stock.

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.