Spectral AI (NASDAQ:MDAI) Trading 1.6% Higher – Here’s What Happened

Spectral AI, Inc. (NASDAQ:MDAI) shares shot up 1.6% during mid-day trading on Thursday . The stock traded as high as $1.89 and last traded at $1.86. 245,533 shares traded hands during trading, a decline of 77% from the average session volume of 1,083,905 shares. The stock had previously closed at $1.83.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on MDAI. BTIG Research boosted their target price on Spectral AI from $3.00 to $4.00 and gave the company a “buy” rating in a research note on Tuesday, May 26th. Weiss Ratings raised Spectral AI from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Thursday, May 21st. One investment analyst has rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $4.00.

Spectral AI Stock Up 1.6%

The company has a market capitalization of $59.19 million, a P/E ratio of -3.51 and a beta of 1.15. The company has a 50-day moving average of $2.02 and a two-hundred day moving average of $1.70.

Spectral AI (NASDAQ:MDAI) last released its quarterly earnings results on Tuesday, May 12th. The company reported ($0.11) earnings per share for the quarter, meeting the consensus estimate of ($0.11). The firm had revenue of $3.99 million for the quarter, compared to the consensus estimate of $4.13 million. As a group, equities analysts expect that Spectral AI, Inc. will post -0.5 EPS for the current fiscal year.

Institutional Investors Weigh In On Spectral AI

Several hedge funds have recently made changes to their positions in the company. Raymond James Financial Inc. boosted its position in shares of Spectral AI by 1,180.0% during the third quarter. Raymond James Financial Inc. now owns 12,800 shares of the company’s stock valued at $29,000 after purchasing an additional 11,800 shares in the last quarter. Bridgeway Capital Management LLC boosted its position in shares of Spectral AI by 14.4% during the third quarter. Bridgeway Capital Management LLC now owns 199,000 shares of the company’s stock valued at $454,000 after purchasing an additional 25,000 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Spectral AI by 21.8% during the second quarter. Geode Capital Management LLC now owns 152,958 shares of the company’s stock valued at $379,000 after purchasing an additional 27,365 shares in the last quarter. Jane Street Group LLC bought a new stake in shares of Spectral AI during the second quarter valued at approximately $74,000. Finally, DNB Asset Management AS boosted its position in shares of Spectral AI by 71.3% during the third quarter. DNB Asset Management AS now owns 73,705 shares of the company’s stock valued at $168,000 after purchasing an additional 30,681 shares in the last quarter. 67.08% of the stock is currently owned by institutional investors.

Spectral AI Company Profile

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.