Short Interest in Momentus Inc. (NASDAQ:MNTS) Drops By 43.5%

Momentus Inc. (NASDAQ:MNTS) saw a large drop in short interest in June. As of June 15th, there was short interest totaling 1,691,283 shares, a drop of 43.5% from the May 31st total of 2,993,305 shares. Based on an average daily volume of 7,995,092 shares, the days-to-cover ratio is presently 0.2 days. Currently, 16.1% of the shares of the company are sold short.

Institutional Investors Weigh In On Momentus

An institutional investor recently raised its stake in Momentus stock. Armistice Capital LLC lifted its position in Momentus Inc. (NASDAQ:MNTS) by 199.7% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 792,000 shares of the company’s stock after purchasing an additional 527,773 shares during the quarter. Armistice Capital LLC owned 12.62% of Momentus worth $966,000 at the end of the most recent reporting period. Institutional investors own 9.24% of the company’s stock.

Momentus Stock Performance

Shares of MNTS stock traded down $0.22 during trading hours on Wednesday, hitting $6.50. The company had a trading volume of 1,916,556 shares, compared to its average volume of 5,553,782. Momentus has a 12 month low of $3.11 and a 12 month high of $43.55. The firm has a market capitalization of $122.46 million, a price-to-earnings ratio of -0.15 and a beta of 2.27. The firm’s fifty day moving average is $9.02 and its 200 day moving average is $7.24.

Momentus (NASDAQ:MNTS) last posted its earnings results on Wednesday, May 13th. The company reported ($2.15) EPS for the quarter. Momentus had a negative return on equity of 401.62% and a negative net margin of 843.77%.The company had revenue of $3.21 million for the quarter.

Wall Street Analysts Forecast Growth

MNTS has been the subject of a number of recent research reports. Wall Street Zen upgraded Momentus from a “sell” rating to a “hold” rating in a research note on Saturday, May 30th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Momentus in a research note on Tuesday, April 21st. One analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the company has a consensus rating of “Sell”.

About Momentus

Momentus Inc is a space logistics and in-space transportation company that develops and operates orbital transfer vehicles (OTVs) to move satellites and other payloads between orbits. Its core offering, the Vigoride platform, uses a proprietary water plasma propulsion system to provide sustainable, high-efficiency thrust for a range of orbital maneuvers. The company’s solutions are designed to enable flexible deployment and repositioning of satellites after launch, assisting satellite operators in optimizing mission lifespans and orbital slots.

Founded in 2017 and headquartered in Santa Clara, California, Momentus has pursued a path of technology demonstration and commercialization.