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

Cutera, Inc. (NASDAQ:CUTR) saw a significant decrease in short interest in August. As of August 31st, there was short interest totalling 3,930,000 shares, a decrease of 10.3% from the August 15th total of 4,380,000 shares. Based on an average daily volume of 556,900 shares, the short-interest ratio is presently 7.1 days.

Hedge Funds Weigh In On Cutera

Several large investors have recently bought and sold shares of CUTR. Bayesian Capital Management LP purchased a new position in Cutera in the first quarter valued at $33,000. Ground Swell Capital LLC purchased a new position in shares of Cutera during the second quarter worth about $37,000. Findell Capital Management LLC purchased a new position in shares of Cutera during the fourth quarter worth about $39,000. Dynamic Technology Lab Private Ltd purchased a new position in shares of Cutera during the fourth quarter worth about $102,000. Finally, BNP Paribas Financial Markets grew its holdings in shares of Cutera by 7.1% during the first quarter. BNP Paribas Financial Markets now owns 75,833 shares of the medical device company’s stock worth $111,000 after purchasing an additional 5,017 shares during the last quarter. Hedge funds and other institutional investors own 90.70% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have commented on CUTR shares. Piper Sandler restated a “neutral” rating and set a $1.00 price target (down from $3.00) on shares of Cutera in a research note 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 analyst has rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, Cutera has a consensus rating of “Hold” and an average price target of $5.33.

Cutera Price Performance

Shares of NASDAQ CUTR traded up $0.01 during mid-day trading on Wednesday, hitting $0.76. The company had a trading volume of 205,076 shares, compared to its average volume of 1,052,249. The company has a market capitalization of $15.32 million, a PE ratio of -0.11 and a beta of 1.32. Cutera has a 1-year low of $0.65 and a 1-year high of $9.12. The business’s 50-day simple moving average is $1.04 and its 200 day simple moving average is $1.62.

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 the consensus estimate of ($1.55) by $0.32. The company had revenue of $34.38 million during the quarter, compared to analyst estimates of $39.47 million. On average, analysts expect that Cutera will post -5.13 EPS for the current year.

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 deep dermal remodeling; truFlex, a bio-electrical muscle stimulation device to treat patients at all fitness levels; and excel V+, a vascular and benign pigmented lesion treatment platform.