ClearPoint Neuro, Inc. (NASDAQ:CLPT) Sees Significant Increase in Short Interest

ClearPoint Neuro, Inc. (NASDAQ:CLPT - Get Free Report) was the recipient of a large increase in short interest during 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 daily trading volume, of 199,200 shares, the days-to-cover ratio is currently 3.6 days.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in CLPT. Essex Investment Management Co. LLC grew its holdings in ClearPoint Neuro by 0.3% during the third quarter. Essex Investment Management Co. LLC now owns 463,853 shares of the company's stock worth $5,200,000 after acquiring an additional 1,267 shares during the period. Taylor Frigon Capital Management LLC grew its stake in shares of ClearPoint Neuro by 20.3% in the 1st quarter. Taylor Frigon Capital Management LLC now owns 424,097 shares of the company's stock worth $2,884,000 after purchasing an additional 71,491 shares during the last quarter. CM Management LLC raised its holdings in shares of ClearPoint Neuro by 87.5% in the 1st quarter. CM Management LLC now owns 375,000 shares of the company's stock worth $2,550,000 after purchasing an additional 175,000 shares in the last quarter. Renaissance Technologies LLC lifted its stake in ClearPoint Neuro by 562.6% during the second quarter. Renaissance Technologies LLC now owns 169,700 shares of the company's stock valued at $915,000 after purchasing an additional 144,088 shares during the last quarter. Finally, Legato Capital Management LLC boosted its holdings in ClearPoint Neuro by 21.6% during the second quarter. Legato Capital Management LLC now owns 158,968 shares of the company's stock worth $857,000 after buying an additional 28,227 shares in the last quarter. Institutional investors and hedge funds own 30.08% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on CLPT shares. Lake Street Capital raised their target price on ClearPoint Neuro from $11.00 to $15.00 and gave the company a "buy" rating in a research note on Tuesday, August 27th. B. Riley assumed coverage on shares of ClearPoint Neuro in a research report on Thursday, July 25th. They issued a "buy" rating and a $10.00 price objective on the stock.

ClearPoint Neuro Trading Down 1.0 %

CLPT traded down $0.13 during trading hours on Tuesday, hitting $13.02. The company's stock had a trading volume of 176,433 shares, compared to its average volume of 183,403. The company has a 50-day simple moving average of $12.03 and a 200 day simple moving average of $8.38. The firm has a market capitalization of $359.35 million, a PE ratio of -18.32 and a beta of 1.10. ClearPoint Neuro has a fifty-two week low of $4.05 and a fifty-two week high of $14.13.

ClearPoint Neuro (NASDAQ:CLPT - Get Free Report) last issued its quarterly earnings results on Wednesday, August 7th. The company reported ($0.16) EPS for the quarter, beating analysts' consensus estimates of ($0.19) by $0.03. The company had revenue of $7.86 million for the quarter, compared to analyst estimates of $7.50 million. ClearPoint Neuro had a negative return on equity of 64.23% and a negative net margin of 64.06%. During the same period last year, the company earned ($0.29) earnings per share. Research analysts expect that ClearPoint Neuro will post -0.65 earnings per share for the current fiscal year.

About ClearPoint Neuro

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.