The stock of ReShape Lifesciences Inc. (RSLS) gained in the current market today. The stock gained almost 3.66% to reach $1.98. At the end of the last trading session, the stock traded at $1.94. The average volume of the stock traded in the last trading session was approximately 495.24K.
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Reasons of the RSLS stock gain:
The stock of the company had recently been bought by many institutional investors. In the 3rd quarter of 2021, Sassicaia Capital Advisers LLC purchased shares worth approximately $29,000 in ReShape Lifesciences stock. In the 2nd quarter of 2021, the Alpine Global Management LLC purchased a new stock worth approximately $85,000 in the company. In the 2nd quarter, Geode Capital Management LLC also purchased shares worth approximately $116,000. Recently in the 3rd quarter, Two Sigma Investments LP purchased shares worth $116,000 in ReShape Lifesciences. Lastly, during the 2nd quarter, the Vanguard Group Inc. purchased shares worth approximately $256,000 in ReShape Lifesciences stock. 7.18% of the company’s stock is owned by Hedge funds and other institutional investors.
In recent news CEO of ReShape Lifesciences Inc. (RSLS) Barton P. Bandy on Thursday, 2nd December sold his 13,427 shares of the company’s stock. The average price of the shares was $1.83 having a total value of $24,571.41.
Also On Friday, 10th September, Barton P. Bandy sold 294,494 shares of ReShape Lifesciences stock. The total value of the shares was $851,087.66 that was sold on a $2.89 per share average value.
The company also announced today that they will be hosting a virtual daylong conference. They will be updating the investors and all of the related stakeholders about the quarterly plans and vision for the company.
Effect on the stock:
The gain in the stock could be linked to the above purchase of institutional investors. This shows their trust in the company after which many investors are taking investment in its company a serious play. They are expecting the stock to gain in the future.
Conclusion
The previous quarter was financially not good for the company. Net loss of the company drastically increased and the cash on hand was seen to decrease significantly. The next quarter’s performance will have a significant effect on the stock of the company.
