OneMedNet Corporation (NASDAQ:ONMD) Sees Significant Drop in Short Interest

OneMedNet Corporation (NASDAQ:ONMD) was the target of a significant decline in short interest during the month of September. As of September 30th, there was short interest totaling 113,555 shares, a decline of 87.7% from the September 15th total of 922,431 shares. Currently, 3.8% of the company’s stock are short sold. Based on an average daily trading volume, of 94,253 shares, the days-to-cover ratio is presently 1.2 days.

Insiders Place Their Bets

In related news, Director Thomas Kosasa purchased 144,927 shares of OneMedNet stock in a transaction dated Thursday, July 30th. The stock was purchased at an average cost of $6.90 per share, for a total transaction of $999,996.30. Following the completion of the acquisition, the director directly owned 1,853,815 shares of the company’s stock, valued at $12,791,323.50. The trade was a 8.48% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Jeffrey Yu purchased 14,285 shares of OneMedNet stock in a transaction dated Thursday, September 10th. The shares were bought at an average price of $6.30 per share, with a total value of $89,995.50. Following the completion of the acquisition, the insider directly owned 892,326 shares of the company’s stock, valued at approximately $5,621,653.80. This represents a 1.63% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last three months, insiders have sold 12,667 shares of company stock valued at $86,542. 50.20% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Separately, Weiss Ratings raised shares of OneMedNet from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, August 24th. One investment analyst has rated the stock with a Sell rating. According to MarketBeat, the stock presently has an average rating of “Sell”.

OneMedNet Stock Performance

Shares of ONMD traded down $0.37 on Monday, hitting $3.93. 42,836 shares of the stock traded hands, compared to its average volume of 183,546. The company has a market capitalization of $23.30 million, a PE ratio of -2.46 and a beta of 1.14. The business has a 50 day simple moving average of $6.24 and a 200 day simple moving average of $7.31. OneMedNet has a one year low of $3.90 and a one year high of $34.40.

About OneMedNet

OneMedNet Corporation is a healthcare technology company that develops infrastructure for accessing, managing and analyzing medical data. Its platform is designed to help healthcare providers, researchers, life sciences companies and other authorized users work with clinical and medical-imaging information while keeping the underlying data within the organization that controls it.

The company’s technology uses a federated data model, allowing participating institutions to collaborate on data analysis without routinely transferring sensitive patient information to a centralized repository.