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

Lucid Diagnostics Inc. (NASDAQ:LUCD) experienced a notable reduction in short interest throughout November. By November 15th, short interest decreased to 293,100 shares, reflecting a drop of 30.6% from the previous month's total of 422,400 shares as of October 31st. Currently, approximately 1.5% of the stock is sold short. With an average daily trading volume of 319,300 shares, the short-interest ratio stands at 0.9 days.

Recent Analyst Activities

Several research analysts have recently made updates regarding the ratings of Lucid Diagnostics shares. On November 14th, Canaccord Genuity Group maintained a "buy" rating and set a target price of $3.00 for the company's stock. Meanwhile, Cantor Fitzgerald adjusted their price target from $3.00 to $2.00 while keeping an "overweight" rating as of November 15th. Earlier, Canaccord Genuity upgraded the stock to a "strong-buy" rating on August 13th. Additionally, Ascendiant Capital Markets lowered their forecast for Lucid Diagnostics from $7.50 to $7.25, but maintained a "buy" rating on September 10th. Finally, Needham & Company reaffirmed a "buy" rating and a price target of $2.50 on November 14th. Current consensus among four equities research analysts indicates a "Buy" rating for the stock, with an average target price of $3.69.

Institutional Investment Insights

In recent developments, a hedge fund has increased its investment in Lucid Diagnostics. Virtu Financial LLC raised its stake in the company by 66.4% in the first quarter, based on a 13F filing with the Securities and Exchange Commission. Following the addition of 13,835 shares, the firm now holds 34,671 shares, approximately valued at $28,000. Institutional investors own a significant 74.01% of Lucid Diagnostics' stock.

Stock Performance Overview

On the trading day Friday, shares of NASDAQ LUCD remained steady, closing at $1.00. A total of 100,778 shares changed hands, compared to the average trading volume of 209,494 shares. The stock has seen a low of $0.63 and a high of $1.58 over the past year. Currently, Lucid Diagnostics boasts a market capitalization of $59.30 million, a price-to-earnings ratio of -0.88, and a beta of 1.41. The company’s 50-day moving average price is $0.90, while the 200-day moving average sits at $0.85.

About Lucid Diagnostics

Lucid Diagnostics Inc. operates as a medical diagnostics technology company based in the United States. The firm primarily focuses on patients with gastroesophageal reflux disease (GERD) who are at elevated risk of developing esophageal precancerous conditions and cancers, particularly the aggressive form of esophageal adenocarcinoma.

Final Thoughts

Investors considering Lucid Diagnostics should be aware of the shifting landscape of short interest and analyst recommendations. It's essential to stay informed about the company's trajectory in ongoing evaluations and market reactions.

Lucid, Diagnostics, Investors