Short Interest in Eco Wave Power Global AB (publ) Unsponsored ADR (NASDAQ:WAVE) Drops By 61.4%

Eco Wave Power Global AB (publ) Unsponsored ADR (NASDAQ:WAVE) was the recipient of a large drop in short interest in the month of July. As of July 15th, there was short interest totaling 32,098 shares, a drop of 61.4% from the June 30th total of 83,170 shares. Based on an average trading volume of 25,927 shares, the short-interest ratio is presently 1.2 days. Approximately 0.8% of the company’s shares are sold short.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on WAVE shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Eco Wave Power Global AB (publ) in a report on Friday, July 17th. Wall Street Zen upgraded shares of Eco Wave Power Global AB (publ) to a “hold” rating in a report on Saturday. One analyst has rated the stock with a Sell rating, Based on data from MarketBeat, Eco Wave Power Global AB (publ) currently has a consensus rating of “Sell”.

Eco Wave Power Global AB (publ) Stock Performance

Shares of Eco Wave Power Global AB (publ) stock opened at $7.61 on Tuesday. The stock has a market capitalization of $42.24 million, a PE ratio of -11.19 and a beta of -0.38. Eco Wave Power Global AB has a 52 week low of $4.52 and a 52 week high of $10.87. The stock has a 50 day moving average price of $8.68 and a two-hundred day moving average price of $6.99.

Eco Wave Power Global AB (publ) (NASDAQ:WAVE) last issued its earnings results on Thursday, May 7th. The company reported ($0.12) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.02.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in Eco Wave Power Global AB (publ) stock. SmartHarvest Portfolios LLC acquired a new stake in shares of Eco Wave Power Global AB (publ) Unsponsored ADR (NASDAQ:WAVE) during the 4th quarter, according to its most recent 13F filing with the SEC. The firm acquired 13,361 shares of the company’s stock, valued at approximately $78,000. SmartHarvest Portfolios LLC owned approximately 0.24% of Eco Wave Power Global AB (publ) at the end of the most recent quarter. 0.57% of the stock is currently owned by institutional investors and hedge funds.

About Eco Wave Power Global AB (publ)

Eco Wave Power Global AB (publ) develops and commercializes technology that harnesses the energy of ocean and sea waves to generate electricity. The company’s modular, floating wave energy converters attach to existing maritime structures such as breakwaters and piers, converting vertical wave motion into electrical power through hydraulic systems and generators. This approach is designed to minimize environmental impact while delivering a predictable renewable energy source.

Founded in 2011 by CEO Inna Braverman, Eco Wave Power has secured patent protection for its core wave energy technology and completed its first grid-connected installation in Gibraltar in 2016.