Titan Medical Inc. (NASDAQ:TMDI) saw a significant drop in short interest in the month of July. As of July 15th, there was short interest totalling 966,500 shares, a drop of 22.1% from the June 30th total of 1,240,000 shares. Based on an average daily trading volume, of 4,190,000 shares, the days-to-cover ratio is presently 0.2 days. Approximately 1.6% of the company’s stock are short sold.
Separately, Zacks Investment Research lowered shares of Titan Medical from a “buy” rating to a “hold” rating in a report on Saturday, April 4th.
Shares of TMDI stock opened at $0.92 on Friday. The firm has a market cap of $61.12 million, a price-to-earnings ratio of 2.00 and a beta of 3.24. The company’s 50 day moving average is $0.93 and its 200 day moving average is $0.51. Titan Medical has a 52-week low of $0.12 and a 52-week high of $2.71.
A number of institutional investors and hedge funds have recently made changes to their positions in TMDI. Morgan Stanley boosted its stake in Titan Medical by 303.0% in the first quarter. Morgan Stanley now owns 227,354 shares of the company’s stock valued at $62,000 after acquiring an additional 170,943 shares in the last quarter. Accredited Investors Inc. acquired a new stake in Titan Medical in the second quarter valued at approximately $140,000. Capital One Financial Corp acquired a new stake in Titan Medical in the first quarter valued at approximately $26,000. Renaissance Technologies LLC acquired a new stake in Titan Medical in the fourth quarter valued at approximately $44,000. Finally, MAI Capital Management acquired a new stake in Titan Medical in the second quarter valued at approximately $47,000. Institutional investors own 3.41% of the company’s stock.
Titan Medical Company Profile
Titan Medical Inc, a research and development stage company, focuses on the design, development, and commercialization of computer-assisted robotic surgical technologies for application in minimally invasive surgery (MIS). The company is developing the SPORT Surgical System, a single-port robotic surgical system that comprises a surgeon-controlled patient cart, which includes a 3D vision system and multi-articulating instruments for performing MIS procedures; and a surgeon workstation that provides the surgeon with ergonomic interface to the patient cart and a 3D endoscopic view inside the patient's body during MIS procedures.
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