Eco Wave Power Global AB (publ) (NASDAQ:WAVE) Shares Up 12.4% – Here’s What Happened

Eco Wave Power Global AB (publ) Unsponsored ADR (NASDAQ:WAVE) shares shot up 12.4% during trading on Tuesday . The company 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 Analyst Weigh In

Separately, Weiss Ratings restated a “sell (d-)” rating on shares of Eco Wave Power Global AB (publ) in a report on Monday, April 20th. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat.com, the stock presently has an average rating of “Sell”.

Eco Wave Power Global AB (publ) Stock Down 3.2%

The firm has a market capitalization of $53.22 million, a price-to-earnings ratio of -14.10 and a beta of -0.38. The company’s 50 day moving average is $7.48 and its 200 day moving average is $6.44.

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

Institutional Inflows and Outflows

An institutional investor recently bought a new position in Eco Wave Power Global AB (publ) stock. SmartHarvest Portfolios LLC acquired a new position in shares of Eco Wave Power Global AB (publ) Unsponsored ADR (NASDAQ:WAVE) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 13,361 shares of the company’s stock, valued at approximately $78,000. SmartHarvest Portfolios LLC owned 0.24% of Eco Wave Power Global AB (publ) as of its most recent SEC filing. 0.57% of the stock is currently owned by hedge funds and other institutional investors.

About Eco Wave Power Global AB (publ)

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.