Rain Enhancement Technologies Holdco (NASDAQ:RAIN) Stock Price Up 10.6% – Still a Buy?

Rain Enhancement Technologies Holdco, Inc. (NASDAQ:RAIN) shot up 10.6% during trading on Wednesday . The company traded as high as $1.82 and last traded at $1.77. 12,379 shares traded hands during trading, a decline of 65% from the average daily volume of 35,624 shares. The stock had previously closed at $1.60.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings raised shares of Rain Enhancement Technologies Holdco from a “sell (e)” rating to a “sell (e+)” rating in a report on Friday, May 22nd. One analyst has rated the stock with a Sell rating, According to MarketBeat, the company currently has an average rating of “Sell”.

Rain Enhancement Technologies Holdco Stock Down 2.0%

The company has a market capitalization of $11.96 million, a price-to-earnings ratio of -1.17 and a beta of -0.25. The stock has a 50 day simple moving average of $2.01 and a 200 day simple moving average of $2.46.

Rain Enhancement Technologies Holdco (NASDAQ:RAIN) last announced its quarterly earnings results on Friday, May 15th. The company reported ($0.24) earnings per share for the quarter. The firm had revenue of $0.01 million during the quarter.

Institutional Investors Weigh In On Rain Enhancement Technologies Holdco

Large investors have recently added to or reduced their stakes in the stock. Bank of America Corp DE lifted its stake in Rain Enhancement Technologies Holdco by 38,985.0% in the third quarter. Bank of America Corp DE now owns 7,817 shares of the company’s stock valued at $43,000 after buying an additional 7,797 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Rain Enhancement Technologies Holdco by 29.2% during the fourth quarter. Geode Capital Management LLC now owns 21,682 shares of the company’s stock worth $127,000 after acquiring an additional 4,896 shares during the last quarter. Quarry LP bought a new position in shares of Rain Enhancement Technologies Holdco during the fourth quarter worth about $88,000. Finally, Knott David M Jr acquired a new stake in shares of Rain Enhancement Technologies Holdco in the 1st quarter worth about $258,000. 25.79% of the stock is owned by institutional investors and hedge funds.

About Rain Enhancement Technologies Holdco

As of January 26, 2024, operates as a subsidiary of Pathos AI, Inc