Cutera, Inc. (NASDAQ:CUTR) Sees Significant Decline in Short Interest

Cutera, Inc. (NASDAQ:CUTR) was the target of a large drop in short interest during the month of October. As of October 15th, there was short interest totalling 3,800,000 shares, a drop of 6.9% from the September 30th total of 4,080,000 shares. Based on an average daily volume of 366,600 shares, the short-interest ratio is presently 10.4 days.

Institutional Trading of Cutera

Several institutional investors and hedge funds have recently modified their holdings of the stock. Bank of Montreal Can raised its stake in shares of Cutera by 14.2% in the second quarter. Bank of Montreal Can now owns 282,704 shares of the medical device company’s stock worth $455,000 after purchasing an additional 35,248 shares during the last quarter. Squarepoint Ops LLC raised its stake in shares of Cutera by 164.5% in the second quarter. Squarepoint Ops LLC now owns 113,964 shares of the medical device company’s stock worth $172,000 after purchasing an additional 70,870 shares during the last quarter. BNP Paribas Financial Markets grew its holdings in shares of Cutera by 7.1% in the first quarter. BNP Paribas Financial Markets now owns 75,833 shares of the medical device company’s stock valued at $111,000 after acquiring an additional 5,017 shares in the last quarter. Ground Swell Capital LLC bought a new position in shares of Cutera in the second quarter valued at approximately $37,000. Finally, Bayesian Capital Management LP bought a new position in shares of Cutera in the first quarter valued at approximately $33,000. 90.70% of the stock is owned by hedge funds and other institutional investors.

Cutera Trading Up 1.3 %

NASDAQ CUTR opened at $0.59 on Friday. The business’s 50-day moving average price is $0.72 and its two-hundred day moving average price is $1.37. Cutera has a 12 month low of $0.58 and a 12 month high of $4.97. The firm has a market capitalization of $11.81 million, a PE ratio of -0.09 and a beta of 1.32.

Cutera (NASDAQ:CUTR) last announced its quarterly earnings data on Thursday, August 8th. The medical device company reported ($1.23) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.55) by $0.32. The business had revenue of $34.38 million during the quarter, compared to analyst estimates of $39.47 million. As a group, analysts forecast that Cutera will post -4.75 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Piper Sandler reaffirmed a “neutral” rating and issued a $1.00 price objective (down from $3.00) on shares of Cutera in a report on Friday, August 9th. Stephens decreased their price target on Cutera from $10.00 to $5.00 and set an “overweight” rating on the stock in a research note on Friday, August 9th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $5.33.

About Cutera

Cutera, Inc provides aesthetic and dermatology solutions for medical practitioners worldwide. It develops, manufactures, and markets energy-based product platforms for medical practitioners; and distributes third-party manufactured skincare products. The company provides AviClear for the treatment of mild, moderate, and severe inflammatory acne vulgaris; Secret PRO, a device that utilizes fractional CO2 for skin resurfacing and radio frequency (RF) microneedling for skin revitalization; truFlex, a bio-electrical muscle stimulation device designs to strengthen, firm and tone the abdomen, buttocks, and thighs; and excel V/V+, a vascular and benign pigmented lesion treatment platform.