K Wave Media, Ltd. (NASDAQ:KWM) Sees Large Drop in Short Interest

K Wave Media, Ltd. (NASDAQ:KWM) was the target of a significant decline in short interest in August. As of August 14th, there was short interest totaling 59,019 shares, a decline of 95.2% from the July 30th total of 1,230,606 shares. Based on an average daily volume of 241,259 shares, the short-interest ratio is presently 0.2 days. Approximately 7.9% of the shares of the company are sold short.

Wall Street Analyst Weigh In

Separately, Weiss Ratings downgraded shares of K Wave Media from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Friday. One investment analyst has rated the stock with a Sell rating, According to MarketBeat.com, K Wave Media presently has a consensus rating of “Sell”.

K Wave Media Stock Up 1.3%

KWM traded up $0.02 during trading on Wednesday, reaching $1.60. 51,532 shares of the stock were exchanged, compared to its average volume of 141,116. The business’s 50 day moving average price is $3.52 and its two-hundred day moving average price is $10.50. K Wave Media has a 1 year low of $1.50 and a 1 year high of $99.90.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Jane Street Group LLC bought a new stake in K Wave Media during the second quarter valued at $41,000. Galaxy Group Investments LLC acquired a new position in K Wave Media during the 4th quarter worth $164,000. Finally, Anson Funds Management LP acquired a new position in K Wave Media during the 1st quarter valued at about $1,984,000. 62.18% of the stock is currently owned by hedge funds and other institutional investors.

About K Wave Media

K Wave Media engaged in the entertainment content and IP creation businesses. K Wave Media, formerly known as Global Star Acquisition Inc, is based in NEW YORK.