Short Interest in Rapid Micro Biosystems, Inc. Increases by 16.5%

Rapid Micro Biosystems, Inc. (NASDAQ:RPID) experienced a notable rise in short interest during January. By January 31st, the total short interest reached 132,400 shares, reflecting an increase of 16.5% from the 113,600 shares reported on January 15th. This means that 0.6% of the company's shares are currently short sold. With an average daily trading volume of 184,500 shares, the days-to-cover ratio stands at 0.7 days.

Wall Street Analyst Insights

In related news, KeyCorp has begun coverage on Rapid Micro Biosystems' shares. They assigned an "overweight" rating along with a target price of $8.00 for the stock, indicating their positive outlook on the company.

Hedge Funds Update

Recently, an institutional investor has increased its stake in Rapid Micro Biosystems. According to a report filed with the Securities and Exchange Commission (SEC), Renaissance Technologies LLC boosted its position in the company by 122.9% during the fourth quarter. Following this purchase, they now own 183,087 shares after acquiring an additional 100,942 shares. Renaissance Technologies now controls 0.43% of Rapid Micro Biosystems, valued at approximately $165,000 at the end of the last quarter. Overall, institutional investors and hedge funds hold 52.60% of the company's stock.

Stock Performance of Rapid Micro Biosystems

On the trading day prior, RPID's shares fell by $0.09, closing at $3.48. The trading volume for the day was 551,651 shares, compared to an average of 426,841 shares. With a market capitalization of $149.74 million, the stock has a price-to-earnings ratio of -3.11 and a beta of 1.26. Over the past twelve months, the stock has hit a low of $0.58 and a high of $3.75. The company's 50-day moving average is $1.50, while the 200-day moving average sits at $1.13.

Company Overview

Rapid Micro Biosystems, Inc. is a life sciences technology firm that specializes in products designed for the detection of microbial contamination in manufacturing processes for pharmaceuticals, medical devices, and personal care products. The company operates in several regions, including the United States, Germany, Switzerland, and Japan, among others. Their flagship platform, Growth Direct, includes the Growth Direct system, proprietary consumables, a lab information management system connection software, as well as customer support and validation services.

Micro, Stocks, Short