Armistice Capital LLC recently announced the acquisition of new stake in Rockwell Medical Inc. (NASDAQ:RMTI). The institutional investor has increased its shareholding in the Healthcare company by 364.38% to 0.96 million shares with purchase of 0.75 million shares. This fresh investment now brings its stake to 8.24% valued currently at $0.97 million. In addition, Renaissance Technologies LLC raised its holdings by 2200.0 to 37215.0 shares.
With over 0.29 million Rockwell Medical Inc. (RMTI) shares trading Friday and a closing price of $1.89 on the day, the dollar volume was approximately $0.54 million. The shares have shown a positive half year performance of 54.92% and its price on 01/13/23 gained nearly 17.39%. Currently, there are 11.63M common shares owned by the public and among those 11.37M shares have been available to trade.
The analysts have set the share’s price value over the next 12 months at a high of $8.00 and a low of $2.00. The average price target is 62.2% above its recent price level and an upside to the estimated low will see the stock gain 5.5% over that period. But an upside of 76.38% will see the stock hit the forecast high price target while median target price for the stock is $5.00.
Insiders at the company have transacted a total of 5 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 5 of these insider trades were purchases, accounting for 125,000 shares. Insider sales of the common stock occurred on 0 occasions, with total insider shares sold totaling 0 shares.
The top 3 mutual fund holders in Rockwell Medical Inc. are Vanguard Extended Market Index Fu, Vanguard Total Stock Market Index, and Fidelity Extended Market Index Fu. Vanguard Extended Market Index Fu owns 0.12 million shares of the company’s stock, all valued at over $0.12 million. Fidelity Extended Market Index Fu now owns shares totaling to 0.33% of the shares outstanding.
Shares of Rockwell Medical Inc. (NASDAQ: RMTI) opened at $1.71, up $0.1 from a prior closing price of $1.61. However, the script later moved the day high at 1.9000, up 17.39%. The company’s stock has a 5-day price change of 64.35% and 61.54% over the past three months. RMTI shares are trading 86.21% year to date (YTD), with the 12-month market performance down to -56.95% lower. It has a 12-month low price of $0.84 and touched a high of $7.15 over the same period. RMTI has an average intraday trading volume of 72.98K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 69.52%, 75.91%, and 6.72% respectively.
Institutional ownership of Rockwell Medical Inc. (NASDAQ: RMTI) shares accounts for 22.30% of the company’s 11.63M shares outstanding. Mutual fund holders own 19.44%, while other institutional holders and individual stakeholders account for 2.88% and — respectively.
It has a market capitalization of $18.69M and a beta (3y monthly) value of 1.06. The earnings-per-share (ttm) stands at -$11.23. Price movements for the stock have been influenced by the stock’s volatility, which stands at 15.13% over the week and 10.35% over the month.
Analysts forecast that Rockwell Medical Inc. (RMTI) will achieve an EPS of -$0.48 for the current quarter, -$0.47 for the next quarter and -$1.66 for 2023. The lowest estimate earnings-per-share for the quarter is -$0.6 while analysts give the company a high EPS estimate of -$0.37. Comparatively, EPS for the current quarter was -$0.88 a year ago. Earnings per share for the fiscal year are expected to increase by 14.70%, and 59.50% over the next financial year. EPS should grow at an annualized rate of 38.00% over the next five years, compared to 2.30% over the past 5-year period.
Looking at the support for the RMTI, a number of firms have released research notes about the stock. Piper Jaffray stated their Overweight rating for the stock in a research note on June 24, 2019, with the firm’s price target at $10. H.C. Wainwright coverage for the Rockwell Medical Inc. (RMTI) stock in a research note released on May 13, 2019 offered a Buy rating with a price target of $11. Morgan Stanley on their part issued Underweight rating on August 13, 2015.