Elauwit Connection, Inc. (NASDAQ:ELWT) Short Interest Down 41.3% in May

Elauwit Connection, Inc. (NASDAQ:ELWT) was the target of a significant 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. Based on an average trading volume of 27,514 shares, the short-interest ratio is currently 0.9 days. Approximately 0.7% of the shares of the company are sold short.

Institutional Trading of Elauwit Connection

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

Wall Street Analyst Weigh In

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

Elauwit Connection Trading Down 0.2%

ELWT opened at $6.04 on Wednesday. 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 has a 1-year low of $4.11 and a 1-year high of $9.72. The company has a market capitalization of $39.98 million and a P/E ratio of -5.75. The stock has a 50 day simple moving average of $7.11.

Elauwit Connection (NASDAQ:ELWT) last released its quarterly earnings results 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.

About Elauwit Connection

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.