Nuwellis, Inc. (NASDAQ:NUWE) Stock Short Interest Drops 77.4%

Nuwellis, Inc. (NASDAQ:NUWE) was the target of a significant drop in short interest in the month of September. As of September 15th, there was short interest totaling 38,092 shares, a drop of 77.4% from the August 31st total of 168,583 shares. Approximately 1.1% of the shares of the company are short sold. Based on an average trading volume of 259,674 shares, the days-to-cover ratio is presently 0.1 days.

Nuwellis Price Performance

Shares of Nuwellis stock traded down $0.03 on Friday, reaching $0.78. 147,346 shares of the company traded hands, compared to its average volume of 3,355,834. Nuwellis has a 52 week low of $0.71 and a 52 week high of $172.90. The company has a 50 day moving average of $1.35 and a 200 day moving average of $17.35. The firm has a market capitalization of $2.83 million, a PE ratio of -0.01 and a beta of 0.23.

Nuwellis (NASDAQ:NUWE) last posted its quarterly earnings results on Thursday, August 13th. The company reported ($26.64) EPS for the quarter, missing analysts’ consensus estimates of ($23.80) by ($2.84). Nuwellis had a negative return on equity of 623.14% and a negative net margin of 123.38%.The company had revenue of $1.97 million during the quarter, compared to the consensus estimate of $2.42 million.

Institutional Trading of Nuwellis

An institutional investor recently raised its position in Nuwellis stock. Sabby Management LLC grew its position in shares of Nuwellis, Inc. (NASDAQ:NUWE) by 149.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 89,685 shares of the company’s stock after buying an additional 53,791 shares during the period. Nuwellis accounts for 0.2% of Sabby Management LLC’s investment portfolio, making the stock its 18th largest position. Sabby Management LLC owned about 4.80% of Nuwellis worth $156,000 at the end of the most recent reporting period. Institutional investors own 3.13% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on NUWE. Weiss Ratings restated a “sell (e+)” rating on shares of Nuwellis in a research note on Monday, September 21st. Wall Street Zen upgraded Nuwellis to a “hold” rating in a research note on Saturday, July 18th. One investment analyst has rated the stock with a Sell rating, According to MarketBeat, Nuwellis presently has an average rating of “Sell”.

About Nuwellis

Nuwellis, Inc (NASDAQ: NUWE) is a medical device company focused on therapies for managing fluid overload. The company develops and commercializes solutions intended to remove excess salt and water from the blood of patients who do not respond adequately to diuretics, particularly individuals with heart failure and related conditions.

Nuwellis’ principal product is the Aquadex system, a specialized ultrafiltration platform that includes a console and disposable blood circuit. The system is designed for use in hospital and other clinical settings to provide controlled fluid removal under the supervision of healthcare professionals.

The company was formerly known as CHF Solutions, Inc and adopted the Nuwellis name in 2020.