Spectral AI (NASDAQ:MDAI) Trading Down 0.6% – Time to Sell?

Spectral AI, Inc. (NASDAQ:MDAI)’s stock price traded down 0.6% on Thursday . The stock traded as low as $1.70 and last traded at $1.72. 116,333 shares were traded during trading, a decline of 57% from the average daily volume of 273,007 shares. The stock had previously closed at $1.73.

Wall Street Analysts Forecast Growth

MDAI has been the topic of a number of analyst reports. BTIG Research lifted their price objective on shares of Spectral AI from $3.00 to $4.00 and gave the stock a “buy” rating in a report on Tuesday, May 26th. Weiss Ratings upgraded shares of Spectral AI from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday, June 29th. One investment analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $4.00.

Spectral AI Stock Down 0.6%

The company has a market capitalization of $54.73 million, a PE ratio of -3.25 and a beta of 1.17. The stock has a 50-day moving average of $2.02 and a 200 day moving average of $1.73.

Spectral AI (NASDAQ:MDAI) last posted its quarterly earnings data on Tuesday, May 12th. The company reported ($0.11) earnings per share for the quarter, hitting the consensus estimate of ($0.11). The business had revenue of $3.99 million during the quarter, compared to analysts’ expectations of $4.12 million. Equities analysts forecast that Spectral AI, Inc. will post -0.56 EPS for the current fiscal year.

Hedge Funds Weigh In On Spectral AI

A number of hedge funds and other institutional investors have recently made changes to their positions in MDAI. Raymond James Financial Inc. boosted its holdings in shares of Spectral AI by 1,180.0% in the 3rd quarter. Raymond James Financial Inc. now owns 12,800 shares of the company’s stock worth $29,000 after buying an additional 11,800 shares during the last quarter. Jane Street Group LLC purchased a new stake in Spectral AI during the second quarter worth about $74,000. Marshall Wace LLP purchased a new stake in Spectral AI during the second quarter worth about $104,000. XTX Topco Ltd purchased a new stake in Spectral AI during the second quarter worth about $123,000. Finally, Virtu Financial LLC bought a new stake in Spectral AI in the fourth quarter worth about $75,000. 67.08% of the stock is owned by hedge funds and other institutional investors.

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.