RA Medical Systems Inc (NYSE:RMED) Sees Significant Drop in Short Interest

RA Medical Systems Inc (NYSE:RMED) saw a significant decrease in short interest in September. As of September 30th, there was short interest totalling 187,300 shares, a decrease of 42.4% from the August 30th total of 325,400 shares. Approximately 2.9% of the company’s shares are sold short. Based on an average daily volume of 101,800 shares, the short-interest ratio is presently 1.8 days.

RMED has been the topic of several analyst reports. Piper Jaffray Companies cut RA Medical Systems from an “overweight” rating to a “neutral” rating and reduced their price objective for the company from $9.00 to $1.50 in a research note on Tuesday, August 13th. Zacks Investment Research upgraded RA Medical Systems from a “sell” rating to a “hold” rating in a research note on Wednesday, July 17th. Finally, Cantor Fitzgerald cut RA Medical Systems from an “overweight” rating to a “neutral” rating and reduced their price objective for the company from $10.00 to $2.00 in a research note on Tuesday, August 13th. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. RA Medical Systems has a consensus rating of “Hold” and a consensus target price of $6.38.

Shares of NYSE RMED traded up $0.09 during mid-day trading on Friday, hitting $1.22. The company had a trading volume of 34,874 shares, compared to its average volume of 86,744. The company has a market capitalization of $15.26 million and a PE ratio of -0.37. The company has a debt-to-equity ratio of 0.06, a current ratio of 11.89 and a quick ratio of 11.45. RA Medical Systems has a 1-year low of $1.06 and a 1-year high of $13.70. The business’s 50-day simple moving average is $1.51 and its 200 day simple moving average is $2.97.



In other RA Medical Systems news, insider Dean Irwin sold 22,886 shares of the company’s stock in a transaction on Thursday, July 18th. The stock was sold at an average price of $2.93, for a total transaction of $67,055.98. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 25.20% of the stock is owned by corporate insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. BlackRock Inc. raised its stake in shares of RA Medical Systems by 94.2% in the second quarter. BlackRock Inc. now owns 22,438 shares of the company’s stock valued at $81,000 after acquiring an additional 10,883 shares in the last quarter. Weil Company Inc. acquired a new stake in shares of RA Medical Systems in the second quarter valued at $63,000. Envestnet Asset Management Inc. acquired a new stake in shares of RA Medical Systems in the second quarter valued at $45,000. Finally, Dowling & Yahnke LLC acquired a new stake in RA Medical Systems in the second quarter valued at $110,000. Institutional investors and hedge funds own 21.86% of the company’s stock.

RA Medical Systems Company Profile

Ra Medical Systems, Inc, a commercial-stage medical device company, develops, manufactures, and markets excimer lasers for use in the treatment of vascular and dermatological diseases. The company offers DABRA (destruction of arteriosclerotic blockages by laser radiation ablation), a minimally-invasive excimer laser and disposable catheter system that is used by physicians in the endovascular treatment of vascular blockages resulting from lower extremity vascular disease.

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