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Why Has Heart Test Laboratories Inc’s (NASDAQ: HSCS) Share Price Dropped So Much?

Heart Test Laboratories Inc (NASDAQ:HSCS) price closed higher on Monday, November 20, jumping 11.65% above its previous close.

A look at the daily price movement shows that the last close reads $0.17, with intraday deals fluctuated between $0.1774 and $0.215. Taking into account the 52-week price action we note that the stock hit a 52-week high of $3.95 and 52-week low of $0.14. The stock subtracted -52.25% on its value in the past month.

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Heart Test Laboratories Inc, which has a market valuation of $1.97 million. Analysts tracking HSCS have forecast the quarterly EPS to shrink by -0.12 per share this quarter, while the same analysts predict the annual EPS to hit -$0.51 for the year 2023 and up to -$0.56 for 2025. In this case, analysts estimate an annual EPS growth of 36.30% for the year and -9.80% for the next year.

Staying with the analyst view, there is a consensus estimate of $400k for the company’s annual revenue in 2024. Per this projection, the revenue is forecast to grow 7,900.00% above that which the company brought in 2024.

Revisions to the company’s EPS highlights a short term direction of a stock’s price movement, which in the last 7 days came up with no upward and no downward reviews. On the technical perspective front, indicators give HSCS a short term outlook of 100% Sell on average. Looking at the stock’s medium term indicators we note that it is averaging as a 100% Sell, while an average of long term indicators are currently assigning the stock as 100% Sell.

Here is a look at the average analyst rating for the stock as represented on a scale of 1.00 to 5.00, with the extremes of 1.00 and 5.00 suggesting the stock is strong buy or strong sell respectively. Specifically, 1 analysts have assigned HSCS a recommendation rating as follows: 0 rate it as a Hold; 1 advise Buy while 0 analyst(s) assign an Overweight rating. 0 analyst(s) have tagged the Heart Test Laboratories Inc (HSCS) stock as Underweight, with 0 recommending Sell. In general, analysts have rated the stock Buy, a scenario likely to bolster investors out for an opportunity to add to their holdings of the company’s shares.

The overview shows that HSCS’s price is at present -13.64% off the SMA20 and -50.69% from the SMA50. The Relative Strength Index (RSI) metric on the 14-day timeframe is pointing at 39.36, with weekly volatility standing at 28.55%. The indicator jumps to 31.64% when calculated based on the past 30 days. Heart Test Laboratories Inc (NASDAQ:HSCS)’s beta value is holding at 3.64, while the average true range (ATR) indicator is currently reading 0.06. Considering analysts have assigned the stock a price target range of $3.80-$3.80 as the low and high respectively, we find the trailing 12-month average consensus price target to be $3.80. Based on this estimate, we see that current price is roughly -1900.0% off the estimated low and -1900.0% off the forecast high. Investors will no doubt be excited to see the share price fall to $3.80, which is the median consensus price, and at that level HSCS would be -1900.0% from current price.

An analysis of the Heart Test Laboratories Inc (NASDAQ:HSCS) stock in terms of its daily trading volume indicates that the 3-month average is 3.34 million. However, this figure increases on the past 10-day timeline to an average of 20.96 million.

Current records show that the company has 10.12M in outstanding shares. The insiders’ percentage holdings are 30.27% of outstanding shares while the percentage share held by institutions stands at 4.86%. The stats also highlight that short interest as of Oct 30, 2023, stood at 47120.0 shares, which puts the short ratio at the time at 0.66. From this we can glean that short interest is 0.43% of company’s current outstanding shares. Notably, we see that shares short in October fall slightly given the previous month’s figure stood at 55490.0. But the -77.97% downside, the stock’s price has registered year-to-date as of last trading, will likely reignite investor interest given the prospect of it rallying even higher.