Elong Power Holding Limited (NASDAQ:ELPW) Sees Significant Drop in Short Interest

Elong Power Holding Limited (NASDAQ:ELPW) was the recipient of a significant decrease in short interest in the month of December. As of December 15th, there was short interest totaling 77,592 shares, a decrease of 33.7% from the November 30th total of 117,095 shares. Based on an average daily trading volume, of 218,742 shares, the days-to-cover ratio is currently 0.4 days. Currently, 0.2% of the company’s shares are sold short. Currently, 0.2% of the company’s shares are sold short. Based on an average daily trading volume, of 218,742 shares, the days-to-cover ratio is currently 0.4 days.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on ELPW. Wall Street Zen upgraded Elong Power to a “hold” rating in a research report on Saturday, October 11th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Elong Power in a report on Wednesday, October 8th. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat, the company currently has an average rating of “Sell”.

Institutional Trading of Elong Power

A hedge fund recently bought a new stake in Elong Power stock. Invesco Ltd. bought a new position in shares of Elong Power Holding Limited (NASDAQ:ELPW) during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund bought 34,808 shares of the company’s stock, valued at approximately $31,000. Invesco Ltd. owned about 0.07% of Elong Power at the end of the most recent reporting period. 88.31% of the stock is currently owned by hedge funds and other institutional investors.

Elong Power Stock Down 7.2%

Shares of NASDAQ:ELPW traded down $0.15 during trading on Tuesday, reaching $1.94. The stock had a trading volume of 26,343 shares, compared to its average volume of 99,907. The firm’s 50-day simple moving average is $0.30 and its 200 day simple moving average is $1.01. Elong Power has a one year low of $1.73 and a one year high of $129.20.

Elong Power Company Profile

Elong Power (NASDAQ: ELPW) is a China-based designer, manufacturer and distributor of high- and medium-voltage electrical equipment used in power transmission and distribution networks. The company’s product portfolio includes gas-insulated switchgear (GIS), metal-enclosed switchgear, load break switches, ring main units (RMUs) and power distribution cabinets, as well as related control and protection systems. Elong Power’s equipment is engineered to facilitate safe and efficient delivery of electricity across urban and rural networks.

In addition to core switchgear products, Elong Power provides turnkey solutions that encompass system design, installation, commissioning and after-sales maintenance.