Eco Wave Power Global AB (publ) Unsponsored ADR (NASDAQ:WAVE) Short Interest Up 57.5% in May

Eco Wave Power Global AB (publ) Unsponsored ADR (NASDAQ:WAVE) was the target of a significant growth in short interest in the month of May. As of May 29th, there was short interest totaling 10,574 shares, a growth of 57.5% from the May 14th total of 6,715 shares. Based on an average trading volume of 34,937 shares, the days-to-cover ratio is currently 0.3 days. Approximately 0.2% of the shares of the stock are short sold.

Eco Wave Power Global AB (publ) Stock Performance

NASDAQ WAVE opened at $7.43 on Wednesday. Eco Wave Power Global AB has a twelve month low of $4.41 and a twelve month high of $10.50. The stock has a market cap of $41.24 million, a price-to-earnings ratio of -10.93 and a beta of -0.38. The firm’s 50 day moving average price is $7.83 and its two-hundred day moving average price is $6.49.

Eco Wave Power Global AB (publ) (NASDAQ:WAVE) last posted its quarterly earnings data on Thursday, May 7th. The company reported ($0.12) earnings per share for the quarter, topping the consensus estimate of ($0.14) by $0.02.

Hedge Funds Weigh In On Eco Wave Power Global AB (publ)

A hedge fund recently bought a new stake in Eco Wave Power Global AB (publ) stock. SmartHarvest Portfolios LLC bought a new stake in Eco Wave Power Global AB (publ) Unsponsored ADR (NASDAQ:WAVE) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 13,361 shares of the company’s stock, valued at approximately $78,000. SmartHarvest Portfolios LLC owned about 0.24% of Eco Wave Power Global AB (publ) as of its most recent SEC filing. 0.57% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reiterated a “sell (d-)” rating on shares of Eco Wave Power Global AB (publ) in a research note on Monday, April 20th. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the stock has an average rating of “Sell”.

About Eco Wave Power Global AB (publ)

Eco Wave Power Global AB (publ) develops and commercializes technology that harnesses the energy of ocean and sea waves to generate electricity. The company’s modular, floating wave energy converters attach to existing maritime structures such as breakwaters and piers, converting vertical wave motion into electrical power through hydraulic systems and generators. This approach is designed to minimize environmental impact while delivering a predictable renewable energy source.

Founded in 2011 by CEO Inna Braverman, Eco Wave Power has secured patent protection for its core wave energy technology and completed its first grid-connected installation in Gibraltar in 2016.