Momentus Inc. (NASDAQ:MNTS) Sees Large Decline in Short Interest

Momentus Inc. (NASDAQ:MNTS) was the target of a large decline in short interest in the month of May. As of May 15th, there was short interest totaling 597,365 shares, a decline of 47.9% from the April 30th total of 1,147,263 shares. Based on an average daily trading volume, of 2,571,028 shares, the short-interest ratio is currently 0.2 days. Currently, 6.0% of the shares of the company are sold short.

Hedge Funds Weigh In On Momentus

A hedge fund recently raised its stake in Momentus stock. Armistice Capital LLC lifted its holdings in Momentus Inc. (NASDAQ:MNTS) by 199.7% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 792,000 shares of the company’s stock after purchasing an additional 527,773 shares during the period. Armistice Capital LLC owned about 12.62% of Momentus worth $966,000 at the end of the most recent reporting period. Institutional investors own 9.24% of the company’s stock.

Momentus Stock Performance

Shares of MNTS stock traded up $0.08 during midday trading on Monday, reaching $16.93. 4,956,226 shares of the company were exchanged, compared to its average volume of 4,407,441. Momentus has a 12 month low of $3.11 and a 12 month high of $43.55. The company has a market cap of $178.60 million, a P/E ratio of -0.39 and a beta of 2.19. The company’s 50 day moving average price is $6.09 and its two-hundred day moving average price is $7.62.

Momentus (NASDAQ:MNTS) last released its quarterly earnings results on Wednesday, May 13th. The company reported ($2.15) EPS for the quarter. The company had revenue of $3.22 million for the quarter. Momentus had a negative return on equity of 401.62% and a negative net margin of 843.77%.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on MNTS shares. Weiss Ratings reiterated a “sell (e+)” rating on shares of Momentus in a research report on Tuesday, April 21st. Wall Street Zen upgraded shares of Momentus from a “sell” rating to a “hold” rating in a research report on Saturday. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the company has a consensus rating of “Sell”.

About Momentus

Momentus Inc is a space logistics and in-space transportation company that develops and operates orbital transfer vehicles (OTVs) to move satellites and other payloads between orbits. Its core offering, the Vigoride platform, uses a proprietary water plasma propulsion system to provide sustainable, high-efficiency thrust for a range of orbital maneuvers. The company’s solutions are designed to enable flexible deployment and repositioning of satellites after launch, assisting satellite operators in optimizing mission lifespans and orbital slots.

Founded in 2017 and headquartered in Santa Clara, California, Momentus has pursued a path of technology demonstration and commercialization.