Spectral AI (NASDAQ:MDAI) Stock Price Down 0.6% – What’s Next?

Spectral AI, Inc. (NASDAQ:MDAI)’s share price fell 0.6% on Thursday . The stock traded as low as $1.70 and last traded at $1.72. 116,333 shares changed hands during trading, a decline of 57% from the average daily volume of 273,007 shares. The stock had previously closed at $1.73.

Analysts Set New Price Targets

MDAI has been the subject of several recent analyst reports. BTIG Research upped their target price on shares of Spectral AI from $3.00 to $4.00 and gave the company a “buy” rating in a research note on Tuesday, May 26th. Weiss Ratings raised shares of Spectral AI from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, June 29th. One analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $4.00.

Spectral AI Price Performance

The firm has a market capitalization of $54.73 million, a P/E ratio of -3.25 and a beta of 1.17. The stock has a fifty day moving average of $2.01 and a 200-day moving average of $1.73.

Spectral AI (NASDAQ:MDAI) last released its earnings results on Tuesday, May 12th. The company reported ($0.11) EPS for the quarter, meeting the consensus estimate of ($0.11). The firm had revenue of $3.99 million during the quarter, compared to the consensus estimate of $4.12 million. Sell-side analysts predict that Spectral AI, Inc. will post -0.56 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Hudson Bay Capital Management LP acquired a new stake in Spectral AI in the 4th quarter valued at $2,168,000. State Street Corp lifted its position in Spectral AI by 90.9% during the 4th quarter. State Street Corp now owns 75,600 shares of the company’s stock worth $107,000 after buying an additional 36,000 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Spectral AI by 19.0% during the 4th quarter. Geode Capital Management LLC now owns 216,558 shares of the company’s stock worth $308,000 after buying an additional 34,597 shares during the last quarter. Bridgeway Capital Management LLC boosted its stake in shares of Spectral AI by 14.4% during the 3rd quarter. Bridgeway Capital Management LLC now owns 199,000 shares of the company’s stock worth $454,000 after buying an additional 25,000 shares during the last quarter. Finally, XTX Topco Ltd bought a new position in shares of Spectral AI in the 2nd quarter valued at about $123,000. Institutional investors and hedge funds own 67.08% of the company’s stock.

About Spectral AI

Spectral AI, Inc (NASDAQ: MDAI) is a technology company focused on delivering advanced analytics and insights through the application of machine learning to multi-spectral and hyperspectral data. Its core platform ingests imagery from satellites, aerial drones and ground-based sensors, applying proprietary algorithms to identify patterns and anomalies invisible to the naked eye. The company’s solutions are designed to help clients make more informed decisions in areas such as agriculture, environmental monitoring, infrastructure inspection and resource exploration.

The company offers a cloud-native software-as-a-service (SaaS) platform that enables users to visualize and analyze large volumes of spectral data via customizable dashboards.