Short Interest in Embark Technology, Inc. (NASDAQ:EMBK) Declines By 15.9%

Embark Technology, Inc. (NASDAQ:EMBKGet Rating) was the target of a large drop in short interest in May. As of May 31st, there was short interest totalling 5,350,000 shares, a drop of 15.9% from the May 15th total of 6,360,000 shares. Based on an average daily volume of 2,390,000 shares, the short-interest ratio is currently 2.2 days. Approximately 2.5% of the company’s stock are short sold.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Advisor Group Holdings Inc. acquired a new position in shares of Embark Technology in the 4th quarter valued at about $69,000. Penserra Capital Management LLC bought a new stake in Embark Technology in the 4th quarter valued at about $78,000. Steward Partners Investment Advisory LLC bought a new stake in Embark Technology in the 1st quarter valued at about $59,000. Prelude Capital Management LLC bought a new stake in Embark Technology in the 1st quarter valued at about $61,000. Finally, National Bank of Canada FI bought a new stake in Embark Technology in the 4th quarter valued at about $90,000. 53.69% of the stock is owned by institutional investors and hedge funds.

A number of equities research analysts recently weighed in on the stock. Vertical Research assumed coverage on shares of Embark Technology in a report on Tuesday, April 26th. They set a “buy” rating and a $20.00 price target for the company. Citigroup decreased their price objective on shares of Embark Technology from $11.00 to $6.00 in a report on Wednesday, May 11th. Finally, Robert W. Baird decreased their price objective on shares of Embark Technology from $12.00 to $9.00 in a report on Friday, March 18th.

NASDAQ EMBK opened at $0.56 on Friday. Embark Technology has a one year low of $0.51 and a one year high of $10.49. The company has a 50-day simple moving average of $3.05 and a 200-day simple moving average of $4.89.

Embark Technology (NASDAQ:EMBKGet Rating) last posted its quarterly earnings results on Tuesday, May 10th. The company reported ($0.09) EPS for the quarter, beating the consensus estimate of ($0.11) by $0.02. Equities analysts forecast that Embark Technology will post -0.5 EPS for the current year.

Embark Technology Company Profile (Get Rating)

Embark Technology, Inc develops self-driving software solutions for the trucking industry in the United States. Its solutions include Embark Driver, an autonomous trucking software; Embark Universal Interface, an interoperable self-driving stack that works across truck OEM platforms; and Embark Guardian, a cloud-based autonomous fleet management solution that gives carriers control over air updates, remote vehicle monitoring, remote vehicle assist, dispatching and access to real time data, such as weather and construction.

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