Lucid Diagnostics Inc. (NASDAQ:LUCD) Sees Significant Decline in Short Interest

Lucid Diagnostics Inc. (NASDAQ:LUCD) was the target of a large decline in short interest during the month of March. As of March 13th, there was short interest totaling 5,797,071 shares, a decline of 13.8% from the February 26th total of 6,727,046 shares. Approximately 4.5% of the company’s stock are sold short. Based on an average daily trading volume, of 696,565 shares, the days-to-cover ratio is presently 8.3 days.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on LUCD shares. Wall Street Zen raised shares of Lucid Diagnostics from a “sell” rating to a “hold” rating in a research report on Saturday, March 28th. BTIG Research reissued a “buy” rating and issued a $2.50 price target on shares of Lucid Diagnostics in a research report on Monday. Needham & Company LLC reaffirmed a “buy” rating and set a $3.00 price objective on shares of Lucid Diagnostics in a report on Thursday, March 26th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Lucid Diagnostics in a research report on Monday, December 29th. Finally, Ascendiant Capital Markets boosted their target price on Lucid Diagnostics from $8.00 to $8.25 and gave the company a “buy” rating in a report on Wednesday, December 10th. Four investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $3.94.

Lucid Diagnostics Stock Performance

Shares of LUCD opened at $1.15 on Thursday. The company’s 50 day simple moving average is $1.29 and its 200-day simple moving average is $1.18. The firm has a market cap of $158.33 million, a PE ratio of -1.20 and a beta of 1.24. Lucid Diagnostics has a 12-month low of $0.95 and a 12-month high of $1.80.

Lucid Diagnostics (NASDAQ:LUCD) last released its quarterly earnings results on Thursday, March 26th. The company reported ($0.10) EPS for the quarter, missing the consensus estimate of ($0.07) by ($0.03). The company had revenue of $1.50 million for the quarter, compared to analysts’ expectations of $1.39 million. As a group, equities research analysts forecast that Lucid Diagnostics will post -0.84 EPS for the current fiscal year.

Institutional Investors Weigh In On Lucid Diagnostics

Several hedge funds have recently made changes to their positions in the business. XTX Topco Ltd acquired a new stake in shares of Lucid Diagnostics during the fourth quarter worth about $246,000. Millennium Management LLC acquired a new position in Lucid Diagnostics in the 4th quarter valued at about $168,000. Abel Hall LLC purchased a new stake in Lucid Diagnostics during the 4th quarter valued at approximately $33,000. Squarepoint Ops LLC raised its stake in Lucid Diagnostics by 1,871.7% during the 4th quarter. Squarepoint Ops LLC now owns 342,883 shares of the company’s stock valued at $374,000 after acquiring an additional 325,493 shares during the last quarter. Finally, Barclays PLC lifted its position in Lucid Diagnostics by 40.8% during the 4th quarter. Barclays PLC now owns 141,167 shares of the company’s stock worth $154,000 after acquiring an additional 40,891 shares during the period. Institutional investors and hedge funds own 74.01% of the company’s stock.

Lucid Diagnostics Company Profile

Lucid Diagnostics is a molecular diagnostics company focused on improving early detection of oral and oropharyngeal cancers. The company’s flagship offering, the LucidDx Oral Cytology Brush Test, combines a minimally invasive brush biopsy tool with proprietary laboratory analysis to identify cellular abnormalities indicative of malignancy. Samples collected in dental and medical offices are sent to Lucid’s CLIA-certified and CAP-accredited laboratory, where advanced imaging and cytopathology workflows generate diagnostic reports for clinicians and patients.

Since commencing commercial operations, Lucid Diagnostics has worked to integrate its testing platform into dental practices, oral surgery clinics and ENT specialists across the United States.