Eco Wave Power Global AB (publ) (NASDAQ:WAVE) Posts Quarterly Earnings Results, Beats Estimates By $0.16 EPS

Eco Wave Power Global AB (publ) (NASDAQ:WAVE) issued its quarterly earnings data on Tuesday. The company reported ($0.08) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.24) by $0.16, FiscalAI reports.

Eco Wave Power Global AB (publ) Stock Performance

NASDAQ:WAVE opened at $4.52 on Thursday. Eco Wave Power Global AB has a fifty-two week low of $3.97 and a fifty-two week high of $10.87. The company has a 50 day simple moving average of $5.59 and a two-hundred day simple moving average of $6.68. The company has a market capitalization of $25.09 million, a PE ratio of -8.69 and a beta of -0.39.

Institutional Investors Weigh In On Eco Wave Power Global AB (publ)

A hedge fund recently bought a new position in Eco Wave Power Global AB (publ) stock. Connective Capital Management LLC bought a new position in shares of Eco Wave Power Global AB (publ) Unsponsored ADR (NASDAQ:WAVE) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 32,234 shares of the company’s stock, valued at approximately $292,000. Connective Capital Management LLC owned about 0.58% of Eco Wave Power Global AB (publ) as of its most recent SEC filing. 0.57% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

WAVE has been the subject of several recent research reports. Wall Street Zen upgraded shares of Eco Wave Power Global AB (publ) to a “hold” rating in a research report on Saturday, July 25th. LADENBURG THALM/SH SH initiated coverage on shares of Eco Wave Power Global AB (publ) in a report on Thursday, October 1st. They set a “buy” rating and a $10.00 price target on the stock. Alliance Global Partners raised shares of Eco Wave Power Global AB (publ) to a “strong-buy” rating in a research note on Friday, August 14th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Eco Wave Power Global AB (publ) in a report on Thursday, October 15th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $10.00.

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 technology uses floaters installed on existing marine structures, such as breakwaters, piers and ports. The movement of the waves drives hydraulic systems that power generators, while the equipment can be raised above sea level during severe weather conditions.

Founded in 2011, the company has developed and commercialized a patented onshore wave energy conversion technology intended to reduce the infrastructure and maintenance challenges associated with offshore systems.