Wall Street Zen Downgrades Elauwit Connection (NASDAQ:ELWT) to Strong Sell

Elauwit Connection (NASDAQ:ELWT) was downgraded by Wall Street Zen from a “hold” rating to a “strong sell” rating in a research report issued on Saturday.

Separately, Weiss Ratings began coverage on shares of Elauwit Connection in a research note on Monday, February 2nd. They issued a “sell (e-)” rating for the company. One analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the company has a consensus rating of “Sell”.

Elauwit Connection Price Performance

NASDAQ ELWT opened at $6.50 on Friday. The firm’s 50 day moving average price is $6.31. Elauwit Connection has a one year low of $4.11 and a one year high of $8.75. The company has a market cap of $43.03 million and a P/E ratio of -216.67.

Elauwit Connection (NASDAQ:ELWT) last announced its quarterly earnings results on Tuesday, March 31st. The company reported ($0.69) earnings per share for the quarter. The company had revenue of $4.68 million for the quarter.

Hedge Funds Weigh In On Elauwit Connection

Several large investors have recently modified their holdings of the stock. HRT Financial LP purchased a new stake in Elauwit Connection during the 4th quarter valued at $108,000. Alyeska Investment Group L.P. purchased a new position in Elauwit Connection during the fourth quarter worth $507,000. Penn Capital Management Company LLC bought a new position in Elauwit Connection during the fourth quarter valued at $1,025,000. Finally, Bard Associates Inc. bought a new position in Elauwit Connection during the fourth quarter valued at $1,249,000.

About Elauwit Connection

We are a provider of broadband Internet networks for the multifamily and student housing property sector. We provide Managed Services and Network-as-a-Service solutions designed to modernize and enhance the Internet connectivity experience for residents while driving significant financial benefits for property owners. We strive to be a leading player in a booming multifamily property conversion trend through service commitment, operational experience and flexibility. Key highlights of our business and market opportunity include: · There is an untapped market to fulfill major demand for network services in multifamily housing units: o According to market estimates from the National Multifamily Housing Council (NMHC), there are approximately 23 million apartment units in the U.S, and we estimate 55% of those units are well-suited for our network services.