Polarityte Inc (NASDAQ:PTE) Short Interest Up 13.0% in August

Polarityte Inc (NASDAQ:PTE) was the target of a significant growth in short interest in the month of August. As of August 31st, there was short interest totalling 6,123,000 shares, a growth of 13.0% from the July 31st total of 5,420,200 shares. Approximately 53.1% of the shares of the stock are short sold. Based on an average trading volume of 338,800 shares, the days-to-cover ratio is currently 18.1 days.

PTE has been the topic of a number of research analyst reports. Oppenheimer set a $14.00 price objective on shares of Polarityte and gave the company a “buy” rating in a research note on Wednesday, August 21st. Cantor Fitzgerald set a $50.00 price objective on shares of Polarityte and gave the company a “buy” rating in a research note on Tuesday, August 20th. ValuEngine upgraded shares of Polarityte from a “hold” rating to a “buy” rating in a research note on Tuesday, July 2nd. Northland Securities set a $50.00 price objective on shares of Polarityte and gave the company a “buy” rating in a research note on Monday, August 26th. Finally, HC Wainwright initiated coverage on shares of Polarityte in a research note on Monday, July 8th. They set a “buy” rating and a $8.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $23.41.

Polarityte stock traded up $0.21 during mid-day trading on Friday, hitting $4.56. The company’s stock had a trading volume of 22,725 shares, compared to its average volume of 419,536. The company has a quick ratio of 6.68, a current ratio of 6.72 and a debt-to-equity ratio of 0.06. The stock has a market capitalization of $118.79 million, a P/E ratio of -0.92 and a beta of 1.57. Polarityte has a twelve month low of $3.40 and a twelve month high of $23.06. The stock’s fifty day moving average price is $4.41 and its two-hundred day moving average price is $7.54.

Polarityte (NASDAQ:PTE) last posted its quarterly earnings results on Thursday, August 8th. The company reported ($0.92) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($1.05) by $0.13. The business had revenue of $1.32 million during the quarter, compared to analyst estimates of $1.57 million. The company’s quarterly revenue was up 312.5% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.74) EPS. Equities analysts expect that Polarityte will post -4.14 earnings per share for the current year.

A number of institutional investors have recently bought and sold shares of the business. Cambridge Investment Research Advisors Inc. purchased a new position in Polarityte during the 2nd quarter worth approximately $89,000. D. E. Shaw & Co. Inc. purchased a new position in Polarityte during the 2nd quarter worth approximately $353,000. Cubist Systematic Strategies LLC purchased a new position in Polarityte during the 2nd quarter worth approximately $86,000. Marshall Wace LLP grew its position in Polarityte by 50.9% during the 2nd quarter. Marshall Wace LLP now owns 17,881 shares of the company’s stock worth $102,000 after purchasing an additional 6,031 shares in the last quarter. Finally, Marshall Wace North America L.P. grew its position in Polarityte by 178.6% during the 2nd quarter. Marshall Wace North America L.P. now owns 19,020 shares of the company’s stock worth $109,000 after purchasing an additional 12,194 shares in the last quarter. Hedge funds and other institutional investors own 41.51% of the company’s stock.

Polarityte Company Profile

PolarityTE, Inc, a biotechnology and regenerative biomaterials company, focuses on discovering, designing, and developing a range of regenerative tissue products and biomaterials for the fields of medicine, biomedical engineering, and material sciences in the United States. The company operates in two segments, Regenerative Medicine and Contract Services.

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