Welsbach Technology Metals Acquisition Corp. (NASDAQ:EMAT) Shares Shorted: Short Interest Up 83.0% in October

Welsbach Technology Metals Acquisition Corp. (NASDAQ:EMAT) saw a large growth in short interest in the month of October. As of October 15th, there was short interest totaling 3,918,564 shares, a growth of 83.0% from the September 30th total of 2,141,802 shares. Based on an average daily volume of 1,953,967 shares, the days-to-cover ratio is currently 2.0 days. Approximately 731.1% of the company’s shares are sold short.

Institutional Trading of Welsbach Technology Metals Acquisition

A hedge fund recently bought a new position in Welsbach Technology Metals Acquisition stock. Robertson Stephens Wealth Management LLC purchased a new stake in shares of Welsbach Technology Metals Acquisition Corp. (NASDAQ:EMAT) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 2,933,443 shares of the company’s stock, valued at approximately $7,480,000. Robertson Stephens Wealth Management LLC owned 117.81% of Welsbach Technology Metals Acquisition at the end of the most recent quarter. Institutional investors own 48.61% of the company’s stock.

Welsbach Technology Metals Acquisition Price Performance

Shares of NASDAQ:EMAT traded down $0.03 on Friday, hitting $1.65. 488,447 shares of the company’s stock were exchanged, compared to its average volume of 1,323,757. The stock has a market capitalization of $4.11 million and a price-to-earnings ratio of -41.25. Welsbach Technology Metals Acquisition has a 12 month low of $1.28 and a 12 month high of $24.09. The business’s 50 day simple moving average is $2.63 and its two-hundred day simple moving average is $5.86.

Welsbach Technology Metals Acquisition (NASDAQ:EMAT) last posted its quarterly earnings results on Monday, August 17th. The company reported ($0.02) EPS for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.01. The company had revenue of $1.64 million during the quarter, compared to the consensus estimate of $2.10 million. Equities analysts forecast that Welsbach Technology Metals Acquisition will post -0.78 EPS for the current fiscal year.

Analyst Ratings Changes

EMAT has been the subject of several recent analyst reports. Wall Street Zen lowered Welsbach Technology Metals Acquisition from a “hold” rating to a “sell” rating in a research report on Saturday, September 26th. Weiss Ratings downgraded Welsbach Technology Metals Acquisition from a “sell (d-)” rating to a “sell (e+)” rating in a report on Friday, August 7th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $12.00.

Welsbach Technology Metals Acquisition Company Profile

Welsbach Technology Metals Acquisition Corp. is a special purpose acquisition company (SPAC) formed to identify and complete a business combination with a company operating in the technology metals sector. Its focus is on businesses involved in the exploration, mining, processing, refining, recycling or development of metals that support advanced industrial and technology applications.

Unlike an operating mining or materials company, Welsbach Technology Metals Acquisition Corp. does not appear to have established commercial products, mining properties or operating revenue of its own.