Eco Wave Power Global AB (publ) (NASDAQ:WAVE) Stock Price Down 2.8% – Here’s What Happened

Shares of Eco Wave Power Global AB (publ) Unsponsored ADR (NASDAQ:WAVE) dropped 2.8% during trading on Thursday. The stock traded as low as $4.50 and last traded at $4.50. Approximately 19,568 shares traded hands during trading, an increase of 156% from the average daily volume of 7,639 shares. The stock had previously closed at $4.63.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Eco Wave Power Global AB (publ) in a research note on Thursday, October 15th. Alliance Global Partners upgraded Eco Wave Power Global AB (publ) to a “strong-buy” rating in a research note on Friday, August 14th. Wall Street Zen upgraded Eco Wave Power Global AB (publ) to a “hold” rating in a report on Saturday, July 25th. Finally, LADENBURG THALM/SH SH initiated coverage on Eco Wave Power Global AB (publ) in a research note on Thursday, October 1st. They set a “buy” rating and a $10.00 target price for the company. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $10.00.

Eco Wave Power Global AB (publ) Stock Performance

The firm has a market cap of $24.98 million, a price-to-earnings ratio of -7.50 and a beta of -0.44. The business’s 50 day moving average price is $5.76 and its 200-day moving average price is $6.71.

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

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

A hedge fund recently bought a new position in Eco Wave Power Global AB (publ) stock. GAMMA Investing LLC purchased a new position in shares of Eco Wave Power Global AB (publ) Unsponsored ADR (NASDAQ:WAVE) during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 7,067 shares of the company’s stock, valued at approximately $42,000. GAMMA Investing LLC owned 0.13% of Eco Wave Power Global AB (publ) at the end of the most recent quarter. 0.57% of the stock is currently owned by hedge funds and other institutional investors.

Eco Wave Power Global AB (publ) Company Profile

Eco Wave Power Global AB (publ) is a renewable energy technology company that develops systems designed to generate electricity from ocean and sea waves. Its technology uses floaters installed on existing marine structures, such as breakwaters, piers and ports. The movement of the waves drives hydraulic systems that power generators, while the equipment can be raised above sea level during severe weather conditions.

Founded in 2011, the company has developed and commercialized a patented onshore wave energy conversion technology intended to reduce the infrastructure and maintenance challenges associated with offshore systems.