Short Interest in Elong Power Holding Limited (NASDAQ:ELPW) Declines By 96.3%

Elong Power Holding Limited (NASDAQ:ELPW) was the target of a significant drop in short interest in August. As of August 14th, there was short interest totaling 38,048 shares, a drop of 96.3% from the July 30th total of 1,036,463 shares. Based on an average daily trading volume, of 2,149,143 shares, the days-to-cover ratio is currently 0.0 days. Currently, 32.8% of the shares of the stock are sold short.

Elong Power Price Performance

NASDAQ:ELPW traded up $0.22 on Tuesday, reaching $4.10. The stock had a trading volume of 128,790 shares, compared to its average volume of 268,658. Elong Power has a 12-month low of $3.48 and a 12-month high of $54,972.00. The firm’s fifty day moving average is $20.01 and its two-hundred day moving average is $402.19.

Institutional Trading of Elong Power

An institutional investor recently bought a new stake in Elong Power stock. Invesco Ltd. bought a new position in Elong Power Holding Limited (NASDAQ:ELPW) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 34,808 shares of the company’s stock, valued at approximately $31,000. Invesco Ltd. owned 0.07% of Elong Power as of its most recent filing with the Securities and Exchange Commission. 88.31% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

ELPW has been the topic of a number of research reports. Wall Street Zen raised shares of Elong Power to a “hold” rating in a research note on Saturday, August 15th. Weiss Ratings restated a “sell (e+)” rating on shares of Elong Power in a research report on Tuesday, July 21st. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the stock presently has an average rating of “Sell”.

Elong Power Company Profile

Elong Power (NASDAQ: ELPW) is a China-based designer, manufacturer and distributor of high- and medium-voltage electrical equipment used in power transmission and distribution networks. The company’s product portfolio includes gas-insulated switchgear (GIS), metal-enclosed switchgear, load break switches, ring main units (RMUs) and power distribution cabinets, as well as related control and protection systems. Elong Power’s equipment is engineered to facilitate safe and efficient delivery of electricity across urban and rural networks.

In addition to core switchgear products, Elong Power provides turnkey solutions that encompass system design, installation, commissioning and after-sales maintenance.