Eco Wave Power Global AB (publ) Unsponsored ADR (NASDAQ:WAVE) Stock Short Interest Drops 80.2%

Eco Wave Power Global AB (publ) Unsponsored ADR (NASDAQ:WAVE) was the target of a significant drop in short interest in the month of September. As of September 15th, there was short interest totaling 2,282 shares, a drop of 80.2% from the August 31st total of 11,539 shares. Based on an average daily trading volume, of 25,583 shares, the short-interest ratio is currently 0.1 days. Currently, 0.1% of the company’s shares are short sold.

Eco Wave Power Global AB (publ) Stock Down 0.7%

Eco Wave Power Global AB (publ) stock opened at $6.05 on Friday. Eco Wave Power Global AB has a 52-week low of $4.52 and a 52-week high of $10.87. The firm has a market cap of $33.58 million, a PE ratio of -10.08 and a beta of -0.37. The company’s 50 day moving average is $6.70 and its two-hundred day moving average is $7.37.

Eco Wave Power Global AB (publ) (NASDAQ:WAVE) last posted its quarterly earnings results on Tuesday, August 11th. The company reported ($0.16) 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 raised its stake in Eco Wave Power Global AB (publ) stock. SmartHarvest Portfolios LLC raised its stake in Eco Wave Power Global AB (publ) Unsponsored ADR (NASDAQ:WAVE) by 60.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 21,396 shares of the company’s stock after purchasing an additional 8,035 shares during the period. SmartHarvest Portfolios LLC owned about 0.37% of Eco Wave Power Global AB (publ) worth $135,000 as of its most recent filing with the Securities and Exchange Commission (SEC). Institutional investors and hedge funds own 0.57% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on WAVE shares. Alliance Global Partners raised 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, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Eco Wave Power Global AB (publ) in a research report on Friday, July 17th. One equities research analyst has rated the stock with a Strong Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Eco Wave Power Global AB (publ) has an average rating of “Moderate Buy”.

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 wave-energy conversion technology is intended for installation on existing marine structures, such as breakwaters, piers and seawalls, rather than requiring offshore construction of large standalone facilities.

The company’s system uses floating units that rise and fall with wave movement. This motion is transferred to land-based equipment, where hydraulic mechanisms drive generators to produce electricity.