Nuvve Holding Corp. (NASDAQ:NVVE) Sees Large Growth in Short Interest

Nuvve Holding Corp. (NASDAQ:NVVE) saw a large growth in short interest in the month of June. As of June 15th, there was short interest totaling 439,090 shares, a growth of 78.5% from the May 31st total of 246,015 shares. Currently, 7.2% of the company’s shares are short sold. Based on an average trading volume of 265,419 shares, the days-to-cover ratio is presently 1.7 days.

Institutional Inflows and Outflows

An institutional investor recently bought a new stake in Nuvve stock. Citadel Advisors LLC bought a new position in Nuvve Holding Corp. (NASDAQ:NVVE) in the third quarter, according to the company in its most recent disclosure with the SEC. The fund bought 121,849 shares of the company’s stock, valued at approximately $29,000. Citadel Advisors LLC owned 0.60% of Nuvve at the end of the most recent quarter. 19.01% of the stock is owned by hedge funds and other institutional investors.

Nuvve Stock Performance

Shares of NASDAQ:NVVE opened at $0.32 on Friday. Nuvve has a 52-week low of $0.23 and a 52-week high of $45.20. The firm has a market capitalization of $1.97 million, a P/E ratio of -0.00 and a beta of 1.49. The stock has a 50 day moving average price of $0.36 and a 200-day moving average price of $1.26.

Shares of Nuvve are set to reverse split on the morning of Monday, July 6th. The 1-18 reverse split was announced on Tuesday, June 30th. The number of shares owned by shareholders will be adjusted after the closing bell on Thursday, July 2nd.

Nuvve (NASDAQ:NVVE) last posted its quarterly earnings results on Tuesday, March 31st. The company reported ($2.74) earnings per share for the quarter, topping the consensus estimate of ($1,920.00) by $1,917.26. The company had revenue of $1.95 million during the quarter, compared to analysts’ expectations of $1.90 million.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the company. Wall Street Zen raised Nuvve from a “sell” rating to a “hold” rating in a research note on Saturday, April 11th. Weiss Ratings reissued a “sell (e+)” rating on shares of Nuvve in a research note on Tuesday, April 21st. One analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, Nuvve currently has a consensus rating of “Sell”.

Nuvve Company Profile

Nuvve Corporation is a clean energy technology company specializing in vehicle-to-grid (V2G) solutions that enable electric vehicles to serve as distributed energy resources. Through its proprietary Grid Integrated Vehicle (GIVe) software platform, Nuvve aggregates electric vehicle batteries into a virtual power plant to provide grid services such as frequency regulation, peak shaving and demand response. The company’s technology supports bidirectional charging hardware and integrates with public charging networks, fleet vehicles and stationary energy storage systems.

Founded in 2010 and headquartered in Newark, California, Nuvve began as the Nevada Electric Vehicle Accelerator before rebranding to reflect its expanded global mission.