Eco Wave Power Global AB (publ) (NASDAQ:WAVE) Stock Falls 2.8% – What’s Next?

Eco Wave Power Global AB (publ) Unsponsored ADR (NASDAQ:WAVE)’s share price traded down 2.8% during mid-day trading on Thursday. The company traded as low as $4.50 and last traded at $4.50. 19,568 shares changed hands during mid-day trading, an increase of 156% from the average session volume of 7,639 shares. The stock had previously closed at $4.63.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on WAVE. Weiss Ratings restated a “sell (d-)” rating on shares of Eco Wave Power Global AB (publ) in a research report on Thursday, October 15th. 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 started coverage on shares of Eco Wave Power Global AB (publ) in a research report on Thursday, October 1st. They issued a “buy” rating and a $10.00 target price on the stock. Finally, Alliance Global Partners upgraded shares of Eco Wave Power Global AB (publ) to a “strong-buy” rating in a research report on Friday, August 14th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $10.00.

Eco Wave Power Global AB (publ) Trading Up 3.7%

The business has a fifty day simple moving average of $5.72 and a two-hundred day simple moving average of $6.70. The company has a market cap of $25.90 million, a PE ratio of -7.78 and a beta of -0.44.

Eco Wave Power Global AB (publ) (NASDAQ:WAVE) last released its earnings results on Tuesday, August 11th. The company reported ($0.16) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.18) by $0.02.

Institutional Trading of Eco Wave Power Global AB (publ)

An institutional investor recently bought a new position in Eco Wave Power Global AB (publ) stock. GAMMA Investing LLC bought a new position in Eco Wave Power Global AB (publ) Unsponsored ADR (NASDAQ:WAVE) during the third quarter, according to its most recent Form 13F filing with the SEC. The firm bought 7,067 shares of the company’s stock, valued at approximately $42,000. GAMMA Investing LLC owned approximately 0.13% of Eco Wave Power Global AB (publ) at the end of the most recent reporting period. Institutional investors own 0.57% of the company’s stock.

About Eco Wave Power Global AB (publ)

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.