Greenwave Technology Solutions (NASDAQ:GWAV) Shares Down 4.5% – Here’s Why

Greenwave Technology Solutions, Inc. (NASDAQ:GWAV) dropped 4.5% on Thursday . The company traded as low as $3.20 and last traded at $3.22. Approximately 4,779 shares changed hands during mid-day trading, a decline of 77% from the average session volume of 20,582 shares. The stock had previously closed at $3.37.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Greenwave Technology Solutions in a research report on Tuesday, April 21st. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat, Greenwave Technology Solutions currently has an average rating of “Sell”.

Greenwave Technology Solutions Stock Performance

The company has a quick ratio of 0.11, a current ratio of 0.21 and a debt-to-equity ratio of 0.23. The company has a 50 day moving average of $3.61 and a 200 day moving average of $4.22. The firm has a market cap of $2.67 million, a price-to-earnings ratio of -0.08 and a beta of 0.23.

Greenwave Technology Solutions (NASDAQ:GWAV) last issued its quarterly earnings data on Friday, June 12th. The company reported ($7.16) earnings per share for the quarter. Greenwave Technology Solutions had a negative net margin of 46.33% and a negative return on equity of 62.56%. The business had revenue of $15.61 million for the quarter.

Institutional Trading of Greenwave Technology Solutions

An institutional investor recently bought a new position in Greenwave Technology Solutions stock. XTX Topco Ltd purchased a new stake in Greenwave Technology Solutions, Inc. (NASDAQ:GWAV) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 147,373 shares of the company’s stock, valued at approximately $28,000. XTX Topco Ltd owned approximately 0.24% of Greenwave Technology Solutions at the end of the most recent reporting period. 15.64% of the stock is currently owned by hedge funds and other institutional investors.

About Greenwave Technology Solutions

Greenwave Technology Solutions, Inc (NASDAQ: GWAV) is a developer of Internet of Things (IoT) connectivity management solutions. The company’s cloud-native platform enables enterprises and service providers to orchestrate, monitor and secure cellular data connections across a variety of devices and network operators, offering features such as remote provisioning, subscription management and real-time analytics.

Its core offerings include eSIM management, multi-operator roaming orchestration and automated compliance tools designed to simplify the deployment and lifecycle management of large-scale IoT and machine-to-machine (M2M) connectivity projects.