Eco Wave Power Global AB (publ) Unsponsored ADR (NASDAQ:WAVE) Sees Significant Decrease in Short Interest

Eco Wave Power Global AB (publ) Unsponsored ADR (NASDAQ:WAVE) was the target of a significant drop in short interest in July. As of July 31st, there was short interest totaling 14,971 shares, a drop of 53.4% from the July 15th total of 32,098 shares. Based on an average daily trading volume, of 28,249 shares, the days-to-cover ratio is currently 0.5 days. Currently, 0.3% of the shares of the stock are sold short.

Eco Wave Power Global AB (publ) Stock Performance

Shares of NASDAQ:WAVE opened at $7.15 on Monday. The business’s fifty day moving average price is $8.17 and its two-hundred day moving average price is $7.14. The stock has a market cap of $39.68 million, a PE ratio of -11.92 and a beta of -0.35. Eco Wave Power Global AB has a one year low of $4.52 and a one year high of $10.87.

Eco Wave Power Global AB (publ) (NASDAQ:WAVE) last released its quarterly earnings results on Tuesday, August 11th. The company reported ($0.16) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.18) by $0.02.

Institutional Investors Weigh In On Eco Wave Power Global AB (publ)

A hedge fund recently raised its stake in Eco Wave Power Global AB (publ) stock. SmartHarvest Portfolios LLC lifted its position in shares of Eco Wave Power Global AB (publ) Unsponsored ADR (NASDAQ:WAVE) by 60.1% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 21,396 shares of the company’s stock after buying an additional 8,035 shares during the quarter. SmartHarvest Portfolios LLC owned approximately 0.37% of Eco Wave Power Global AB (publ) worth $135,000 at the end of the most recent quarter. Institutional investors own 0.57% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. Wall Street Zen upgraded shares of Eco Wave Power Global AB (publ) to a “hold” rating in a research report on Saturday, July 25th. Weiss Ratings restated a “sell (d-)” rating on shares of Eco Wave Power Global AB (publ) in a report on Friday, July 17th. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the stock has an average 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.