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

Elong Power Holding Limited (NASDAQ:ELPW) was the recipient of a large drop in short interest during the month of May. As of May 29th, there was short interest totaling 301,918 shares, a drop of 61.9% from the May 14th total of 793,279 shares. Currently, 48.5% of the company’s stock are sold short. Based on an average daily trading volume, of 1,129,891 shares, the short-interest ratio is currently 0.3 days.

Analysts Set New Price Targets

ELPW has been the subject of several analyst reports. Weiss Ratings reiterated a “sell (e+)” rating on shares of Elong Power in a research note on Friday, April 24th. Wall Street Zen upgraded shares of Elong Power to a “hold” rating in a research note on Saturday, March 14th. One analyst has rated the stock with a Sell rating, According to MarketBeat, the company presently has an average rating of “Sell”.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in Elong Power stock. Invesco Ltd. bought a new stake in shares of Elong Power Holding Limited (NASDAQ:ELPW) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 34,808 shares of the company’s stock, valued at approximately $31,000. Invesco Ltd. owned 0.07% of Elong Power as of its most recent SEC filing. 88.31% of the stock is currently owned by hedge funds and other institutional investors.

Elong Power Trading Down 8.5%

NASDAQ:ELPW traded down $0.10 on Friday, hitting $1.07. The stock had a trading volume of 1,965,146 shares, compared to its average volume of 8,290,550. Elong Power has a 1 year low of $0.66 and a 1 year high of $5,696.00. The firm’s fifty day simple moving average is $2.16 and its two-hundred day simple moving average is $81.94.

Elong Power (NASDAQ:ELPW) last released its earnings results on Monday, April 20th. The company reported ($71.57) earnings per share for the quarter. The firm had revenue of $0.92 million for the quarter.

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.