Greenwave Technology Solutions, Inc. (NASDAQ:GWAV) Shares Shorted: Short Interest Up 88.9% in September

Greenwave Technology Solutions, Inc. (NASDAQ:GWAV) saw a significant increase in short interest during the month of September. As of September 30th, there was short interest totaling 43,002 shares, an increase of 88.9% from the September 15th total of 22,763 shares. Approximately 5.4% of the company’s shares are short sold. Based on an average trading volume of 88,299 shares, the days-to-cover ratio is currently 0.5 days.

Insider Buying and Selling at Greenwave Technology Solutions

In other news, CEO Danny Meeks purchased 2,152,853 shares of the business’s stock in a transaction dated Thursday, August 27th. The shares were acquired at an average price of $3.72 per share, with a total value of $8,008,613.16. Following the completion of the purchase, the chief executive officer directly owned 2,188,354 shares of the company’s stock, valued at $8,140,676.88. The trade was a 6,064.20% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 4.00% of the stock is currently owned by insiders.

Greenwave Technology Solutions Stock Performance

Shares of GWAV stock opened at $2.48 on Friday. The company’s 50 day moving average price is $3.47 and its two-hundred day moving average price is $3.45. The company has a market capitalization of $2.06 million, a P/E ratio of -0.11 and a beta of 0.24. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.12 and a current ratio of 0.23. Greenwave Technology Solutions has a 52 week low of $2.19 and a 52 week high of $9.99.

Greenwave Technology Solutions (NASDAQ:GWAV) last issued its quarterly earnings results on Tuesday, August 18th. The company reported ($3.91) EPS for the quarter. The firm had revenue of $16.00 million during the quarter. Greenwave Technology Solutions had a negative net margin of 27.67% and a negative return on equity of 64.32%.

Analysts Set New Price Targets

Separately, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Greenwave Technology Solutions in a research note on Thursday. One research analyst has rated the stock with a Sell rating. According to data from MarketBeat.com, the stock has an average rating of “Sell”.

Greenwave Technology Solutions Company Profile

Greenwave Technology Solutions, Inc is a scrap-metal recycling company that operates through its subsidiary, Empire Services, Inc The company collects, processes and sells recycled ferrous and nonferrous metals, including materials recovered from automobiles, appliances, industrial equipment, construction debris and other discarded products.

Greenwave operates metal-processing and recycling facilities primarily in Virginia and North Carolina. Its operations generally include purchasing or collecting scrap, sorting and preparing materials, and selling processed metals to steel mills, foundries, manufacturers and other industrial customers.