Short Interest in OneMedNet Corporation (NASDAQ:ONMD) Drops By 54.2%

OneMedNet Corporation (NASDAQ:ONMD) was the target of a large decline in short interest in June. As of June 30th, there was short interest totaling 232,816 shares, a decline of 54.2% from the June 15th total of 508,235 shares. Approximately 0.8% of the shares of the stock are short sold. Based on an average trading volume of 501,081 shares, the days-to-cover ratio is presently 0.5 days.

OneMedNet Stock Performance

NASDAQ:ONMD traded down $0.01 on Tuesday, hitting $0.73. 17,364 shares of the stock were exchanged, compared to its average volume of 2,149,329. OneMedNet has a 52 week low of $0.44 and a 52 week high of $4.22. The stock has a market capitalization of $41.74 million, a price-to-earnings ratio of -14.66 and a beta of 1.14. The company’s 50-day moving average price is $0.75 and its 200 day moving average price is $0.84.

OneMedNet (NASDAQ:ONMD) last issued its earnings results on Friday, May 15th. The company reported ($0.04) earnings per share (EPS) for the quarter. The firm had revenue of $0.10 million for the quarter.

Analyst Ratings Changes

Several research analysts recently issued reports on ONMD shares. Weiss Ratings reiterated a “sell (e+)” rating on shares of OneMedNet in a research report on Monday, June 1st. Wall Street Zen cut shares of OneMedNet from a “hold” rating to a “sell” rating in a research report on Saturday, May 23rd. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat, OneMedNet currently has a consensus rating of “Sell”.

Insider Buying and Selling

In other OneMedNet news, insider Jeffrey Yu purchased 158,730 shares of the firm’s stock in a transaction that occurred on Tuesday, June 23rd. The shares were acquired at an average cost of $0.63 per share, for a total transaction of $99,999.90. Following the transaction, the insider directly owned 8,780,410 shares in the company, valued at approximately $5,531,658.30. The trade was a 1.84% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, Director Thomas Kosasa purchased 158,730 shares of the company’s stock in a transaction that occurred on Friday, June 12th. The shares were acquired at an average cost of $0.63 per share, with a total value of $99,999.90. Following the completion of the acquisition, the director directly owned 17,088,874 shares in the company, valued at approximately $10,765,990.62. This represents a 0.94% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last 90 days, insiders have purchased 1,131,861 shares of company stock worth $851,664. 46.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On OneMedNet

A number of hedge funds and other institutional investors have recently bought and sold shares of ONMD. HRT Financial LP acquired a new stake in OneMedNet during the 4th quarter worth $32,000. Virtu Financial LLC acquired a new position in shares of OneMedNet in the 4th quarter valued at $48,000. Jane Street Group LLC acquired a new position in shares of OneMedNet in the 4th quarter valued at $119,000. State Street Corp boosted its position in shares of OneMedNet by 41.5% in the 4th quarter. State Street Corp now owns 116,700 shares of the company’s stock worth $128,000 after purchasing an additional 34,200 shares during the last quarter. Finally, Exencial Wealth Advisors LLC boosted its position in shares of OneMedNet by 1.3% in the 4th quarter. Exencial Wealth Advisors LLC now owns 3,644,861 shares of the company’s stock worth $4,009,000 after purchasing an additional 45,401 shares during the last quarter. 0.95% of the stock is owned by institutional investors.

About OneMedNet

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.