Momentus (NASDAQ:MNTS) Trading Down 1.2% – Here’s Why

Momentus Inc. (NASDAQ:MNTS) shares traded down 1.2% during mid-day trading on Thursday . The company traded as low as $4.13 and last traded at $4.15. Approximately 579,031 shares were traded during trading, a decline of 41% from the average session volume of 984,947 shares. The stock had previously closed at $4.20.

Analyst Ratings Changes

Several analysts recently commented on MNTS shares. Weiss Ratings reiterated a “sell (e+)” rating on shares of Momentus in a research report on Friday, July 17th. Alliance Global Partners initiated coverage on shares of Momentus in a research report on Thursday, August 13th. They set a “buy” rating and a $8.00 price objective on the stock. Finally, Wall Street Zen lowered shares of Momentus from a “hold” rating to a “sell” rating in a research note on Saturday, July 4th. One investment analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $8.00.

Momentus Trading Down 1.2%

The company has a 50 day simple moving average of $4.98 and a 200 day simple moving average of $6.20. The stock has a market capitalization of $91.13 million, a PE ratio of -0.19 and a beta of 2.31.

Momentus (NASDAQ:MNTS) last announced its earnings results on Tuesday, August 11th. The company reported ($0.70) earnings per share for the quarter, meeting the consensus estimate of ($0.70). The company had revenue of $0.03 million for the quarter, compared to the consensus estimate of $0.03 million. Momentus had a negative return on equity of 90.19% and a negative net margin of 927.68%.

Hedge Funds Weigh In On Momentus

A hedge fund recently raised its stake in Momentus stock. Armistice Capital LLC raised its position in Momentus Inc. (NASDAQ:MNTS) by 199.7% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 792,000 shares of the company’s stock after buying an additional 527,773 shares during the quarter. Armistice Capital LLC owned about 12.62% of Momentus worth $966,000 as of its most recent filing with the SEC. 9.24% of the stock is owned by hedge funds and other institutional investors.

Momentus Company Profile

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.