Short Interest in Elauwit Connection, Inc. (NASDAQ:ELWT) Declines By 41.3%

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

Elauwit Connection Stock Performance

Shares of Elauwit Connection stock traded down $0.15 during trading hours on Monday, reaching $6.05. The company’s stock had a trading volume of 17,327 shares, compared to its average volume of 48,333. Elauwit Connection has a one year low of $4.11 and a one year high of $9.72. The stock has a market cap of $40.05 million and a P/E ratio of -5.76. The business has a fifty day simple moving average of $7.13. The company has a quick ratio of 1.14, a current ratio of 1.30 and a debt-to-equity ratio of 0.39.

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

Analyst Ratings Changes

ELWT has been the subject of several recent analyst reports. Wall Street Zen raised shares of Elauwit Connection from a “strong sell” rating to a “sell” rating in a research report on Saturday. Weiss Ratings upgraded shares of Elauwit Connection from a “sell (e-)” rating to a “sell (e)” rating in a research note on Friday, May 1st. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat.com, the company has a consensus rating of “Sell”.

Hedge Funds Weigh In On Elauwit Connection

Several large investors have recently bought and sold shares of ELWT. Bard Associates Inc. bought a new position in Elauwit Connection during the 4th quarter valued at $1,249,000. Penn Capital Management Company LLC bought a new position in Elauwit Connection during the 4th quarter valued at $1,025,000. Alyeska Investment Group L.P. bought a new position in Elauwit Connection during the 4th quarter valued at $507,000. HRT Financial LP bought a new position in Elauwit Connection during the 4th quarter valued at $108,000. Finally, Renaissance Technologies LLC bought a new position in Elauwit Connection during the 1st quarter valued at $66,000.

Elauwit Connection Company Profile

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.