Elauwit Connection, Inc. (NASDAQ:ELWT) Short Interest Update

Elauwit Connection, Inc. (NASDAQ:ELWT) was the target of a large decrease in short interest in May. As of May 29th, there was short interest totaling 23,931 shares, a decrease of 41.3% from the May 14th total of 40,801 shares. Based on an average daily trading volume, of 27,514 shares, the days-to-cover ratio is presently 0.9 days. Currently, 0.7% of the company’s stock are sold short.

Elauwit Connection Stock Down 0.2%

Shares of NASDAQ ELWT traded down $0.01 during mid-day trading on Tuesday, reaching $6.04. 31,517 shares of the company were exchanged, compared to its average volume of 48,185. The company has a current ratio of 1.30, a quick ratio of 1.14 and a debt-to-equity ratio of 0.39. The firm has a market capitalization of $39.98 million and a PE ratio of -5.75. Elauwit Connection has a 1 year low of $4.11 and a 1 year high of $9.72. The business has a 50-day simple moving average of $7.12.

Elauwit Connection (NASDAQ:ELWT) last issued its quarterly earnings data on Friday, May 15th. The company reported ($0.33) earnings per share for the quarter. The company had revenue of $4.43 million during the quarter.

Institutional Investors Weigh In On Elauwit Connection

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ELWT. Renaissance Technologies LLC purchased a new stake in Elauwit Connection in the first quarter valued at about $66,000. HRT Financial LP purchased a new stake in Elauwit Connection in the fourth quarter valued at about $108,000. Alyeska Investment Group L.P. purchased a new stake in Elauwit Connection in the fourth quarter valued at about $507,000. Penn Capital Management Company LLC purchased a new stake in Elauwit Connection in the fourth quarter valued at about $1,025,000. Finally, Bard Associates Inc. purchased a new stake in Elauwit Connection in the fourth quarter valued at about $1,249,000.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on ELWT shares. Weiss Ratings raised Elauwit Connection from a “sell (e-)” rating to a “sell (e)” rating in a research report on Friday, May 1st. Wall Street Zen raised Elauwit Connection from a “strong sell” rating to a “sell” rating in a research report on Saturday. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat.com, the stock has a consensus rating of “Sell”.

About Elauwit Connection

We are a provider of broadband Internet networks for the multifamily and student housing property sector. We provide Managed Services and Network-as-a-Service solutions designed to modernize and enhance the Internet connectivity experience for residents while driving significant financial benefits for property owners. We strive to be a leading player in a booming multifamily property conversion trend through service commitment, operational experience and flexibility. Key highlights of our business and market opportunity include: · There is an untapped market to fulfill major demand for network services in multifamily housing units: o According to market estimates from the National Multifamily Housing Council (NMHC), there are approximately 23 million apartment units in the U.S, and we estimate 55% of those units are well-suited for our network services.