Short Interest in ClearPoint Neuro, Inc. (NASDAQ:CLPT) Grows By 15.1%

ClearPoint Neuro, Inc. (NASDAQ:CLPT) was the target of a significant increase in short interest in the month of October. As of October 15th, there was short interest totalling 712,200 shares, an increase of 15.1% from the September 30th total of 618,500 shares. Based on an average trading volume of 199,200 shares, the days-to-cover ratio is currently 3.6 days.

Institutional Trading of ClearPoint Neuro

Several hedge funds have recently modified their holdings of the company. Essex Investment Management Co. LLC increased its position in ClearPoint Neuro by 0.3% in the third quarter. Essex Investment Management Co. LLC now owns 463,853 shares of the company’s stock worth $5,200,000 after purchasing an additional 1,267 shares during the last quarter. Point72 DIFC Ltd purchased a new position in shares of ClearPoint Neuro in the 2nd quarter worth $32,000. Cubist Systematic Strategies LLC bought a new stake in shares of ClearPoint Neuro in the 2nd quarter worth about $419,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of ClearPoint Neuro during the 2nd quarter valued at about $175,000. Finally, Squarepoint Ops LLC bought a new position in shares of ClearPoint Neuro in the 2nd quarter valued at about $549,000. 30.08% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

CLPT has been the subject of a number of recent analyst reports. Lake Street Capital upped their price objective on ClearPoint Neuro from $11.00 to $15.00 and gave the stock a “buy” rating in a research note on Tuesday, August 27th. B. Riley assumed coverage on ClearPoint Neuro in a research note on Thursday, July 25th. They issued a “buy” rating and a $10.00 price target for the company.

ClearPoint Neuro Stock Performance

Shares of NASDAQ CLPT opened at $12.86 on Thursday. The company has a market cap of $354.88 million, a P/E ratio of -18.11 and a beta of 1.10. ClearPoint Neuro has a 52-week low of $4.05 and a 52-week high of $14.13. The firm’s fifty day moving average is $12.09 and its two-hundred day moving average is $8.46.

ClearPoint Neuro (NASDAQ:CLPT) last issued its earnings results on Wednesday, August 7th. The company reported ($0.16) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.19) by $0.03. ClearPoint Neuro had a negative return on equity of 64.23% and a negative net margin of 64.06%. The firm had revenue of $7.86 million for the quarter, compared to analysts’ expectations of $7.50 million. During the same period in the previous year, the firm posted ($0.29) earnings per share. As a group, analysts forecast that ClearPoint Neuro will post -0.65 EPS for the current fiscal year.

ClearPoint Neuro Company Profile

ClearPoint Neuro, Inc operates as a medical device company primarily in the United States. It develops and commercializes platforms for performing minimally invasive surgical procedures in the brain under magnetic resonance imaging guided interventions. The company offers ClearPoint system, an integrated system for the insertion of deep brain stimulation electrodes, biopsy needles, and laser catheters, as well as the infusion of pharmaceuticals into the brain.