Elauwit Connection (NASDAQ:ELWT) Announces Quarterly Earnings Results

Elauwit Connection (NASDAQ:ELWT) issued its earnings results on Thursday. The company reported ($0.33) earnings per share for the quarter, Zacks reports. The company had revenue of $4.43 million for the quarter.

Elauwit Connection Stock Up 0.6%

Elauwit Connection stock traded up $0.05 during midday trading on Friday, reaching $8.54. The stock had a trading volume of 47,995 shares, compared to its average volume of 38,332. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.50 and a current ratio of 1.66. Elauwit Connection has a 52-week low of $4.11 and a 52-week high of $9.72. The company has a market capitalization of $56.53 million and a price-to-earnings ratio of -11.86. The stock has a fifty day simple moving average of $6.96.

Institutional Trading of Elauwit Connection

An institutional investor recently bought a new position in Elauwit Connection stock. Alyeska Investment Group L.P. bought a new position in shares of Elauwit Connection, Inc. (NASDAQ:ELWT) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 100,000 shares of the company’s stock, valued at approximately $507,000. Alyeska Investment Group L.P. owned 1.51% of Elauwit Connection as of its most recent filing with the Securities and Exchange Commission (SEC).

Analyst Ratings Changes

Several research analysts have commented on ELWT shares. Weiss Ratings raised shares of Elauwit Connection from a “sell (e-)” rating to a “sell (e)” rating in a report on Friday, May 1st. Wall Street Zen downgraded shares of Elauwit Connection from a “hold” rating to a “strong sell” rating in a report on Saturday, April 4th. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the company presently has an average rating of “Sell”.

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.