Momentus (NASDAQ:MNTS) Shares Down 1.2% – Here’s Why

Momentus Inc. (NASDAQ:MNTS) shares traded down 1.2% on Thursday . The stock traded as low as $4.13 and last traded at $4.15. 579,031 shares were traded during mid-day trading, a decline of 41% from the average daily volume of 984,947 shares. The stock had previously closed at $4.20.

Analyst Ratings Changes

Several brokerages have commented on MNTS. Alliance Global Partners started coverage on Momentus in a report on Thursday, August 13th. They set a “buy” rating and a $8.00 price target on the stock. Weiss Ratings restated a “sell (e+)” rating on shares of Momentus in a research note on Friday, July 17th. Finally, Wall Street Zen downgraded shares of Momentus from a “hold” rating to a “sell” rating in a report on Saturday, July 4th. One investment analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $8.00.

Momentus Trading Up 0.7%

The firm’s fifty day moving average price is $4.92 and its 200-day moving average price is $6.19. The company has a market cap of $91.79 million, a P/E ratio of -0.19 and a beta of 2.31.

Momentus (NASDAQ:MNTS) last released its earnings results on Tuesday, August 11th. The company reported ($0.70) earnings per share for the quarter, meeting the consensus estimate of ($0.70). Momentus had a negative net margin of 927.68% and a negative return on equity of 90.19%. The business had revenue of $0.03 million during the quarter, compared to analysts’ expectations of $0.03 million.

Institutional Trading of Momentus

A hedge fund recently raised its position in Momentus stock. Armistice Capital LLC lifted its position in shares of Momentus Inc. (NASDAQ:MNTS) by 199.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 792,000 shares of the company’s stock after purchasing an additional 527,773 shares during the quarter. Armistice Capital LLC owned approximately 12.62% of Momentus worth $966,000 as of its most recent filing with the Securities and Exchange Commission. 9.24% of the stock is currently owned by hedge funds and other institutional investors.

About Momentus

Momentus Inc is a space logistics and in-space transportation company that develops and operates orbital transfer vehicles (OTVs) to move satellites and other payloads between orbits. Its core offering, the Vigoride platform, uses a proprietary water plasma propulsion system to provide sustainable, high-efficiency thrust for a range of orbital maneuvers. The company’s solutions are designed to enable flexible deployment and repositioning of satellites after launch, assisting satellite operators in optimizing mission lifespans and orbital slots.

Founded in 2017 and headquartered in Santa Clara, California, Momentus has pursued a path of technology demonstration and commercialization.