Spectral AI (NASDAQ:MDAI) Shares Down 6.3% – Time to Sell?

Shares of Spectral AI, Inc. (NASDAQ:MDAI) were down 6.3% on Wednesday . The company traded as low as $1.18 and last traded at $1.20. Approximately 6,712,115 shares were traded during trading, an increase of 2,580% from the average daily volume of 250,476 shares. The stock had previously closed at $1.28.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on MDAI shares. BTIG Research reissued a “buy” rating and issued a $3.00 price target on shares of Spectral AI in a report on Tuesday, February 10th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Spectral AI in a research note on Monday, December 22nd. Two research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $3.25.

Spectral AI Price Performance

The company has a market cap of $47.26 million, a P/E ratio of -2.08 and a beta of 0.98. The company has a 50 day moving average of $1.52 and a 200-day moving average of $1.75.

Institutional Trading of Spectral AI

A number of large investors have recently modified their holdings of the business. Hudson Bay Capital Management LP bought a new position in shares of Spectral AI in the fourth quarter worth approximately $2,168,000. DNB Asset Management AS lifted its position in Spectral AI by 85.2% during the fourth quarter. DNB Asset Management AS now owns 136,473 shares of the company’s stock valued at $194,000 after purchasing an additional 62,768 shares during the last quarter. Jane Street Group LLC bought a new stake in Spectral AI during the fourth quarter valued at approximately $75,000. Virtu Financial LLC purchased a new position in Spectral AI in the 4th quarter worth approximately $75,000. Finally, XTX Topco Ltd purchased a new position in Spectral AI in the 2nd quarter worth approximately $123,000. Institutional investors own 67.08% of the company’s stock.

Spectral AI Company Profile

Spectral AI, Inc (NASDAQ: MDAI) is a technology company focused on delivering advanced analytics and insights through the application of machine learning to multi-spectral and hyperspectral data. Its core platform ingests imagery from satellites, aerial drones and ground-based sensors, applying proprietary algorithms to identify patterns and anomalies invisible to the naked eye. The company’s solutions are designed to help clients make more informed decisions in areas such as agriculture, environmental monitoring, infrastructure inspection and resource exploration.

The company offers a cloud-native software-as-a-service (SaaS) platform that enables users to visualize and analyze large volumes of spectral data via customizable dashboards.