OneMedNet Corporation (NASDAQ: ONMD) experienced a notable decline in its stock price, falling by 3.9% during trading on Thursday. The stock traded as low as $0.7375 before closing at $0.79. A total of 320,701 shares changed hands, matching the average session volume of 319,284 shares. This drop follows a previous closing price of $0.8220.
Analyst Ratings and Company Performance
In recent assessments, Weiss Ratings maintained a “sell (d-)” rating for OneMedNet, reflecting a cautious outlook. As per data from MarketBeat, the consensus rating for OneMedNet remains “Sell,” with one investment analyst endorsing this position.
The company released its quarterly earnings data on November 14, 2023, reporting earnings per share (EPS) of ($0.01). The revenue for the quarter was $0.18 million, indicating ongoing challenges in financial performance.
Insider Activity and Institutional Investment
In related news, CEO Aaron Green sold 61,555 shares of OneMedNet on November 18, 2023, at an average price of $1.20. This transaction totaled $73,866 and resulted in Green holding 1,804,103 shares, valued at approximately $2,164,923.60. This sale represents a 3.30% decrease in his ownership percentage. The transaction was disclosed in a filing with the U.S. Securities and Exchange Commission (SEC).
Additionally, insider ownership stands at 46.20%, indicating significant interest from company executives. Recent activity from institutional investors has also impacted the stock. For instance, Correct Capital Wealth Management acquired a new position in OneMedNet valued at around $4,910,000 during the third quarter. Meanwhile, Exencial Wealth Advisors LLC increased its holdings by 141.3%, now owning 3,599,460 shares worth approximately $3,923,000. Ashton Thomas Private Wealth LLC also entered a new position worth about $25,000.
As it stands, institutional investors and hedge funds hold 0.95% of OneMedNet’s stock, reflecting a cautious but engaged investment landscape.
Founded in Eden Prairie, Minnesota, OneMedNet Corporation specializes in clinical imaging solutions, offering innovative technology such as iRWD. This solution leverages artificial intelligence to securely de-identify, search, and curate imaging data, facilitating advancements in medical research and diagnostics.
The recent fluctuations in OneMedNet’s stock price and the changing ratings from analysts highlight the ongoing challenges the company faces in the competitive healthcare technology market. Investors will be closely monitoring future developments as they evaluate the company’s prospects.
