Short Interest in Greenwave Technology Solutions, Inc. (NASDAQ:GWAV) Drops By 32.7%

Greenwave Technology Solutions, Inc. (NASDAQ:GWAV) was the recipient of a significant decline in short interest in August. As of August 31st, there was short interest totaling 25,812 shares, a decline of 32.7% from the August 15th total of 38,376 shares. Based on an average daily trading volume, of 28,602 shares, the days-to-cover ratio is presently 0.9 days. Approximately 3.2% of the shares of the stock are short sold.

Wall Street Analyst Weigh In

Separately, Weiss Ratings restated a “sell (e+)” rating on shares of Greenwave Technology Solutions in a report on Friday, July 17th. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Sell”.

Insider Activity at Greenwave Technology Solutions

In related news, CEO Danny Meeks purchased 2,152,853 shares of the stock in a transaction dated Thursday, August 27th. The shares were acquired at an average cost of $3.72 per share, with a total value of $8,008,613.16. Following the purchase, the chief executive officer directly owned 2,188,354 shares in the company, valued at $8,140,676.88. This trade represents a 6,064.20% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 4.00% of the company’s stock.

Greenwave Technology Solutions Price Performance

Shares of GWAV traded up $0.48 during trading hours on Thursday, reaching $2.81. 362,734 shares of the company traded hands, compared to its average volume of 94,526. The stock has a market capitalization of $2.33 million, a PE ratio of -0.13 and a beta of 0.22. The company has a quick ratio of 0.12, a current ratio of 0.23 and a debt-to-equity ratio of 0.07. The stock has a fifty day simple moving average of $3.78 and a 200 day simple moving average of $3.65. Greenwave Technology Solutions has a fifty-two week low of $2.22 and a fifty-two week high of $24.00.

Greenwave Technology Solutions (NASDAQ:GWAV) last issued its quarterly earnings results on Tuesday, August 18th. The company reported ($3.91) EPS for the quarter. The firm had revenue of $16.00 million for the quarter. Greenwave Technology Solutions had a negative return on equity of 64.32% and a negative net margin of 27.67%.

Greenwave Technology Solutions Company Profile

Greenwave Technology Solutions, Inc (NASDAQ: GWAV) is a developer of Internet of Things (IoT) connectivity management solutions. The company’s cloud-native platform enables enterprises and service providers to orchestrate, monitor and secure cellular data connections across a variety of devices and network operators, offering features such as remote provisioning, subscription management and real-time analytics.

Its core offerings include eSIM management, multi-operator roaming orchestration and automated compliance tools designed to simplify the deployment and lifecycle management of large-scale IoT and machine-to-machine (M2M) connectivity projects.