Eco Wave Power Global AB (publ) (NASDAQ:WAVE) Stock Price Up 12.4% – Should You Buy?

Eco Wave Power Global AB (publ) Unsponsored ADR (NASDAQ:WAVE) shares shot up 12.4% on Tuesday . The stock traded as high as $9.91 and last traded at $9.91. 35,134 shares traded hands during mid-day trading, an increase of 13% from the average session volume of 31,103 shares. The stock had previously closed at $8.82.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reiterated a “sell (d-)” rating on shares of Eco Wave Power Global AB (publ) in a research report on Monday, April 20th. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, Eco Wave Power Global AB (publ) currently has a consensus rating of “Sell”.

Eco Wave Power Global AB (publ) Trading Up 12.4%

The company has a 50 day moving average price of $7.35 and a 200 day moving average price of $6.41. The company has a market capitalization of $55.00 million, a price-to-earnings ratio of -14.57 and a beta of -0.38.

Eco Wave Power Global AB (publ) (NASDAQ:WAVE) last announced its quarterly earnings data on Thursday, May 7th. The company reported ($0.12) EPS for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.02.

Hedge Funds Weigh In On Eco Wave Power Global AB (publ)

A hedge fund recently raised its stake in Eco Wave Power Global AB (publ) stock. SmartHarvest Portfolios LLC raised its holdings in Eco Wave Power Global AB (publ) Unsponsored ADR (NASDAQ:WAVE) by 60.1% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 21,396 shares of the company’s stock after acquiring an additional 8,035 shares during the quarter. SmartHarvest Portfolios LLC owned about 0.37% of Eco Wave Power Global AB (publ) worth $135,000 as of its most recent SEC filing. Institutional investors and hedge funds own 0.57% of the company’s stock.

Eco Wave Power Global AB (publ) Company Profile

Eco Wave Power Global AB (publ) develops and commercializes technology that harnesses the energy of ocean and sea waves to generate electricity. The company’s modular, floating wave energy converters attach to existing maritime structures such as breakwaters and piers, converting vertical wave motion into electrical power through hydraulic systems and generators. This approach is designed to minimize environmental impact while delivering a predictable renewable energy source.

Founded in 2011 by CEO Inna Braverman, Eco Wave Power has secured patent protection for its core wave energy technology and completed its first grid-connected installation in Gibraltar in 2016.