Nauticus Robotics (NASDAQ:KITT) Shares Down 2% – Here’s Why

Nauticus Robotics, Inc. (NASDAQ:KITT) dropped 2% during mid-day trading on Wednesday . The company traded as low as $1.47 and last traded at $1.48. Approximately 132,799 shares were traded during trading, a decline of 64% from the average daily volume of 373,694 shares. The stock had previously closed at $1.51.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings restated a “sell (e+)” rating on shares of Nauticus Robotics in a research report on Tuesday, April 21st. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat, Nauticus Robotics presently has an average rating of “Sell”.

Nauticus Robotics Stock Down 2.0%

The company has a fifty day moving average of $2.61 and a two-hundred day moving average of $5.47. The stock has a market capitalization of $7.40 million, a price-to-earnings ratio of -0.02 and a beta of -0.26.

Nauticus Robotics (NASDAQ:KITT) last issued its quarterly earnings results on Thursday, May 14th. The company reported ($2.46) earnings per share for the quarter. Nauticus Robotics had a negative return on equity of 9,200.82% and a negative net margin of 1,292.09%.The company had revenue of $0.16 million for the quarter.

Institutional Trading of Nauticus Robotics

Several hedge funds have recently made changes to their positions in KITT. Engineers Gate Manager LP acquired a new stake in shares of Nauticus Robotics in the 4th quarter worth $35,000. Osaic Holdings Inc. lifted its stake in shares of Nauticus Robotics by 164.1% in the 2nd quarter. Osaic Holdings Inc. now owns 90,190 shares of the company’s stock worth $81,000 after acquiring an additional 56,035 shares during the period. Jane Street Group LLC acquired a new stake in shares of Nauticus Robotics in the 4th quarter worth $90,000. Finally, Geode Capital Management LLC lifted its stake in shares of Nauticus Robotics by 428.8% in the 4th quarter. Geode Capital Management LLC now owns 214,689 shares of the company’s stock worth $165,000 after acquiring an additional 174,086 shares during the period. Institutional investors and hedge funds own 20.50% of the company’s stock.

Nauticus Robotics Company Profile

Nauticus Robotics, Inc (NASDAQ: KITT) is a maritime robotics company focused on developing and deploying uncrewed surface and subsea vessels for inspection, survey and maintenance applications. The company’s solutions combine purpose-built hardware with advanced autonomy software and sensor integration, allowing operators to conduct offshore and in-shore missions without personnel aboard. By digitizing routine vessel operations, Nauticus Robotics aims to reduce the time, cost and risk associated with traditional crewed marine services.

The company’s product portfolio includes modular uncrewed surface vessels (USVs) and remotely operated vehicles (ROVs) equipped with high-resolution sonar, cameras and other environmental sensors.