Nuvve Holding Corp. (NASDAQ:NVVE) Sees Large Decrease in Short Interest

Nuvve Holding Corp. (NASDAQ:NVVE) was the recipient of a significant drop in short interest in the month of March. As of March 31st, there was short interest totaling 79,713 shares, a drop of 57.6% from the March 15th total of 187,911 shares. Based on an average daily volume of 221,201 shares, the short-interest ratio is presently 0.4 days. Approximately 8.7% of the shares of the stock are sold short.

Nuvve Stock Up 8.3%

Shares of NASDAQ NVVE traded up $0.05 during midday trading on Tuesday, hitting $0.65. The company had a trading volume of 1,357,022 shares, compared to its average volume of 808,800. Nuvve has a twelve month low of $0.51 and a twelve month high of $142.00. The business has a 50-day simple moving average of $0.97 and a two-hundred day simple moving average of $4.60.

Nuvve (NASDAQ:NVVE) last announced its quarterly earnings data on Tuesday, March 31st. The company reported ($2.74) EPS for the quarter, beating the consensus estimate of ($1,920.00) by $1,917.26. The company had revenue of $1.95 million during the quarter, compared to analyst estimates of $1.90 million.

Hedge Funds Weigh In On Nuvve

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. PFG Investments LLC acquired a new position in Nuvve during the third quarter worth about $41,000. Citadel Advisors LLC acquired a new position in Nuvve during the third quarter worth about $29,000. Finally, Geode Capital Management LLC raised its position in Nuvve by 69.0% during the fourth quarter. Geode Capital Management LLC now owns 37,234 shares of the company’s stock worth $95,000 after acquiring an additional 15,208 shares during the last quarter. Institutional investors and hedge funds own 19.01% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. Weiss Ratings reiterated a “sell (e+)” rating on shares of Nuvve in a research note on Thursday, January 22nd. Wall Street Zen upgraded shares of Nuvve from a “sell” rating to a “hold” rating in a research note on Saturday. One investment analyst has rated the stock with a Sell rating, According to MarketBeat.com, the company currently has a consensus rating of “Sell”.

Nuvve Company Profile

Nuvve Corporation is a clean energy technology company specializing in vehicle-to-grid (V2G) solutions that enable electric vehicles to serve as distributed energy resources. Through its proprietary Grid Integrated Vehicle (GIVe) software platform, Nuvve aggregates electric vehicle batteries into a virtual power plant to provide grid services such as frequency regulation, peak shaving and demand response. The company’s technology supports bidirectional charging hardware and integrates with public charging networks, fleet vehicles and stationary energy storage systems.

Founded in 2010 and headquartered in Newark, California, Nuvve began as the Nevada Electric Vehicle Accelerator before rebranding to reflect its expanded global mission.