Eco Wave Power Global AB (publ) (NASDAQ:WAVE) Sees Large Drop in Short Interest

Eco Wave Power Global AB (publ) (NASDAQ:WAVE) was the target of a large drop in short interest in the month of March. As of March 15th, there was short interest totalling 27,900 shares, a drop of 33.6% from the February 28th total of 42,000 shares. Based on an average daily volume of 46,200 shares, the days-to-cover ratio is presently 0.6 days. Currently, 0.5% of the company’s stock are short sold.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on WAVE. Alliance Global Partners started coverage on shares of Eco Wave Power Global AB (publ) in a report on Monday, February 3rd. They set a “buy” rating and a $14.00 price objective on the stock. Maxim Group started coverage on Eco Wave Power Global AB (publ) in a research note on Tuesday, March 11th. They set a “buy” rating and a $15.00 price target for the company.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Veracity Capital LLC bought a new stake in shares of Eco Wave Power Global AB (publ) in the 4th quarter worth approximately $392,000. Catalina Capital Group LLC raised its stake in shares of Eco Wave Power Global AB (publ) by 22.2% in the fourth quarter. Catalina Capital Group LLC now owns 23,338 shares of the company’s stock valued at $257,000 after buying an additional 4,239 shares during the period. Steward Partners Investment Advisory LLC purchased a new position in shares of Eco Wave Power Global AB (publ) during the 4th quarter valued at $30,000. Commonwealth Equity Services LLC bought a new position in shares of Eco Wave Power Global AB (publ) during the 4th quarter worth $330,000. Finally, IPG Investment Advisors LLC increased its holdings in Eco Wave Power Global AB (publ) by 161.3% in the 4th quarter. IPG Investment Advisors LLC now owns 30,050 shares of the company’s stock worth $331,000 after acquiring an additional 18,550 shares during the last quarter. 0.57% of the stock is currently owned by hedge funds and other institutional investors.

Eco Wave Power Global AB (publ) Trading Down 8.1 %

NASDAQ WAVE opened at $6.25 on Friday. The company has a current ratio of 3.26, a quick ratio of 3.26 and a debt-to-equity ratio of 0.01. The firm has a market capitalization of $34.68 million, a P/E ratio of -14.53 and a beta of -0.69. The business has a fifty day simple moving average of $8.16 and a 200 day simple moving average of $8.63. Eco Wave Power Global AB has a 12 month low of $1.01 and a 12 month high of $17.63.

Eco Wave Power Global AB (publ) (NASDAQ:WAVE) last announced its earnings results on Monday, March 3rd. The company reported ($0.12) EPS for the quarter. The firm had revenue of $0.17 million for the quarter.

About Eco Wave Power Global AB (publ)

Eco Wave Power Global AB (publ), a wave energy company, engages in the development of a wave energy conversion (WEC) technology that converts ocean and sea waves into clean electricity. The company also holds various agreements comprising power purchase agreements, concession agreements, and other agreements worldwide with pipeline of projects with approximately 404.7 megawatts.