Short Interest in OneMedNet Corporation (NASDAQ:ONMD) Drops By 60.3%

OneMedNet Corporation (NASDAQ:ONMD) was the target of a large decrease in short interest during the month of August. As of August 14th, there was short interest totaling 721,823 shares, a decrease of 60.3% from the July 30th total of 1,816,220 shares. Currently, 2.4% of the shares of the company are sold short. Based on an average trading volume of 666,106 shares, the short-interest ratio is currently 1.1 days.

OneMedNet Price Performance

Shares of ONMD opened at $0.59 on Friday. OneMedNet has a 1-year low of $0.49 and a 1-year high of $4.22. The firm has a 50-day simple moving average of $0.67 and a two-hundred day simple moving average of $0.76. The stock has a market cap of $34.69 million, a PE ratio of -3.66 and a beta of 1.14.

OneMedNet (NASDAQ:ONMD) last posted its earnings results on Friday, August 14th. The company reported ($0.04) earnings per share (EPS) for the quarter. The company had revenue of $0.29 million during the quarter.

Insiders Place Their Bets

In other OneMedNet news, insider Jeffrey Yu purchased 158,730 shares of the stock in a transaction on Tuesday, June 23rd. The shares were bought at an average cost of $0.63 per share, with a total value of $99,999.90. Following the completion of the acquisition, the insider owned 8,780,410 shares in the company, valued at $5,531,658.30. This trade represents a 1.84% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Thomas Kosasa acquired 1,449,275 shares of OneMedNet stock in a transaction on Thursday, July 30th. The shares were bought at an average price of $0.69 per share, with a total value of $999,999.75. Following the purchase, the director directly owned 18,538,150 shares in the company, valued at approximately $12,791,323.50. The trade was a 8.48% increase in their position. The SEC filing for this purchase provides additional information. Insiders bought 2,031,421 shares of company stock worth $1,351,664 in the last quarter. Company insiders own 50.20% of the company’s stock.

Institutional Trading of OneMedNet

A number of large investors have recently modified their holdings of ONMD. State Street Corp boosted its holdings in OneMedNet by 41.5% in the fourth quarter. State Street Corp now owns 116,700 shares of the company’s stock valued at $128,000 after purchasing an additional 34,200 shares during the period. Jane Street Group LLC purchased a new stake in OneMedNet during the 4th quarter worth about $119,000. Virtu Financial LLC acquired a new stake in OneMedNet in the 4th quarter valued at about $48,000. Finally, HRT Financial LP acquired a new stake in OneMedNet in the 4th quarter valued at about $32,000. Hedge funds and other institutional investors own 0.95% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Wall Street Zen downgraded shares of OneMedNet from a “hold” rating to a “sell” rating in a research report on Saturday, May 23rd. Weiss Ratings upgraded OneMedNet from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the company presently has a consensus rating of “Sell”.

About OneMedNet

OneMedNet Corporation provides clinical imaging solutions. It offers iRWD, a solution that utilizes AI to securely de-identify, search, and curate imaging data for its partner network consisting of medical and academic research institutions to generate progression in stages of medical research, discovery and diagnostics that span the field of life sciences. OneMedNet Corporation is based in Eden Prairie, Minnesota.