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

OneMedNet Corporation (NASDAQ:ONMD) was the target of a significant drop in short interest during the month of August. As of August 14th, there was short interest totaling 721,823 shares, a drop of 60.3% from the July 30th total of 1,816,220 shares. Based on an average daily volume of 666,106 shares, the days-to-cover ratio is presently 1.1 days. Approximately 2.4% of the company’s shares are short sold.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on ONMD shares. Weiss Ratings raised shares of OneMedNet from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, August 24th. Wall Street Zen lowered OneMedNet from a “hold” rating to a “sell” rating in a report on Saturday, May 23rd. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the company currently has a consensus rating of “Sell”.

OneMedNet Stock Down 0.9%

Shares of ONMD stock traded down $0.01 on Friday, hitting $0.58. The stock had a trading volume of 131,279 shares, compared to its average volume of 540,221. OneMedNet has a one year low of $0.49 and a one year high of $4.22. The business has a 50 day moving average price of $0.67 and a 200 day moving average price of $0.75. The company has a market cap of $34.39 million, a PE ratio of -3.62 and a beta of 1.14.

OneMedNet (NASDAQ:ONMD) last posted its earnings results on Friday, August 14th. The company reported ($0.04) EPS for the quarter. The business had revenue of $0.29 million for the quarter.

Insider Buying and Selling at OneMedNet

In related news, insider Jeffrey Yu purchased 158,730 shares of the business’s stock in a transaction dated Tuesday, June 23rd. The shares were purchased at an average cost of $0.63 per share, for a total transaction of $99,999.90. Following the completion of the acquisition, the insider owned 8,780,410 shares in the company, valued at approximately $5,531,658.30. This trade represents a 1.84% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Thomas Kosasa purchased 1,449,275 shares of OneMedNet stock in a transaction that occurred on Thursday, July 30th. The stock was bought at an average cost of $0.69 per share, for a total transaction of $999,999.75. Following the purchase, the director directly owned 18,538,150 shares in the company, valued at $12,791,323.50. This trade represents a 8.48% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last quarter, insiders have bought 2,031,421 shares of company stock valued at $1,351,664. Corporate insiders own 50.20% of the company’s stock.

Hedge Funds Weigh In On OneMedNet

A number of large investors have recently bought and sold shares of ONMD. HRT Financial LP bought a new stake in OneMedNet during the 4th quarter valued at $32,000. Virtu Financial LLC purchased a new stake in shares of OneMedNet during the 4th quarter worth $48,000. Jane Street Group LLC bought a new stake in OneMedNet during the fourth quarter valued at about $119,000. Finally, State Street Corp grew its stake in OneMedNet by 41.5% in the fourth quarter. State Street Corp now owns 116,700 shares of the company’s stock valued at $128,000 after purchasing an additional 34,200 shares during the last quarter. Institutional investors own 0.95% of the company’s stock.

OneMedNet Company Profile

OneMedNet Corporation provides clinical imaging solutions. It offers iRWD, a solution that utilizes AI to securely de-identify, search, and curate imaging data for its partner network consisting of medical and academic research institutions to generate progression in stages of medical research, discovery and diagnostics that span the field of life sciences. OneMedNet Corporation is based in Eden Prairie, Minnesota.