iQSTEL Inc. (NASDAQ:IQST) Sees Large Decrease in Short Interest

iQSTEL Inc. (NASDAQ:IQST) was the recipient of a large drop in short interest during the month of June. As of June 15th, there was short interest totaling 528,393 shares, a drop of 42.8% from the May 31st total of 924,525 shares. Currently, 7.9% of the shares of the company are short sold. Based on an average daily trading volume, of 1,732,980 shares, the short-interest ratio is currently 0.3 days.

iQSTEL Price Performance

Shares of NASDAQ:IQST traded down $0.08 during midday trading on Wednesday, hitting $1.08. The company had a trading volume of 1,113,645 shares, compared to its average volume of 1,408,264. The company has a market cap of $7.28 million and a price-to-earnings ratio of -0.40. iQSTEL has a 12-month low of $0.93 and a 12-month high of $10.68. The company has a fifty day moving average of $1.29 and a two-hundred day moving average of $1.99.

iQSTEL (NASDAQ:IQST) last released its earnings results on Wednesday, May 20th. The company reported ($0.29) earnings per share for the quarter, missing the consensus estimate of ($0.12) by ($0.17). iQSTEL had a negative net margin of 2.62% and a negative return on equity of 45.89%. The company had revenue of $97.92 million for the quarter. Research analysts expect that iQSTEL will post -0.69 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. DRW Securities LLC increased its holdings in iQSTEL by 74.2% in the 4th quarter. DRW Securities LLC now owns 32,001 shares of the company’s stock worth $93,000 after acquiring an additional 13,628 shares in the last quarter. Cetera Investment Advisers bought a new position in shares of iQSTEL in the second quarter worth approximately $148,000. Finally, Geode Capital Management LLC bought a new position in shares of iQSTEL in the second quarter worth approximately $288,000.

Analysts Set New Price Targets

Several analysts recently commented on IQST shares. Wall Street Zen lowered iQSTEL from a “hold” rating to a “sell” rating in a report on Saturday, June 13th. Weiss Ratings reissued a “sell (e+)” rating on shares of iQSTEL in a research report on Wednesday, June 24th. One equities research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, iQSTEL has a consensus rating of “Hold” and a consensus target price of $18.00.

About iQSTEL

iQSTEL, Inc (NASDAQ: IQST) is a U.S.-based telecommunications company that operates a global connectivity platform for voice, data and messaging services. The company leverages cloud-native infrastructure to deliver international roaming solutions, prepaid mobile top-up services and eSIM provisioning. Its technology enables seamless wireless communications for both individual subscribers and business clients across a broad network of partner carriers.

The company’s core offerings include instant airtime reloads, cross-border mobile voice and data plans, machine-to-machine (M2M) connectivity and Internet of Things (IoT) solutions.