Short Interest in Eco Wave Power Global AB (publ) Unsponsored ADR (NASDAQ:WAVE) Increases By 568.0%

Eco Wave Power Global AB (publ) Unsponsored ADR (NASDAQ:WAVE) was the target of a large increase in short interest in the month of June. As of June 30th, there was short interest totaling 83,170 shares, an increase of 568.0% from the June 15th total of 12,451 shares. Based on an average daily volume of 305,495 shares, the days-to-cover ratio is currently 0.3 days. Currently, 2.2% of the shares of the stock are sold short.

Institutional Trading of Eco Wave Power Global AB (publ)

A hedge fund recently bought a new position in Eco Wave Power Global AB (publ) stock. SmartHarvest Portfolios LLC purchased a new stake in Eco Wave Power Global AB (publ) Unsponsored ADR (NASDAQ:WAVE) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 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) as of its most recent SEC filing. Institutional investors and hedge funds own 0.57% of the company’s stock.

Eco Wave Power Global AB (publ) Trading Up 0.2%

Shares of NASDAQ:WAVE traded up $0.02 during trading on Friday, hitting $8.92. 40,728 shares of the stock were exchanged, compared to its average volume of 169,867. The company has a fifty day moving average price of $8.66 and a two-hundred day moving average price of $6.78. The company has a market cap of $49.51 million, a PE ratio of -13.12 and a beta of -0.38. Eco Wave Power Global AB has a 12-month low of $4.52 and a 12-month high of $10.87.

Eco Wave Power Global AB (publ) (NASDAQ:WAVE) last released its quarterly earnings data on Thursday, May 7th. The company reported ($0.12) earnings per share for the quarter, beating the consensus estimate of ($0.14) by $0.02.

Analysts Set New Price Targets

Separately, Weiss Ratings reiterated a “sell (d-)” rating on shares of Eco Wave Power Global AB (publ) in a report on Monday, April 20th. One investment analyst has rated the stock with a Sell rating, According to MarketBeat.com, the company presently has a consensus rating of “Sell”.

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.