KeyCorp Analysts Reduce Earnings Estimates for Embark Technology, Inc. (NASDAQ:EMBK)

Embark Technology, Inc. (NASDAQ:EMBKGet Rating) – Research analysts at KeyCorp dropped their FY2022 EPS estimates for shares of Embark Technology in a research report issued on Tuesday, November 8th. KeyCorp analyst T. Fowler now expects that the company will post earnings per share of ($6.60) for the year, down from their prior forecast of ($6.00). The consensus estimate for Embark Technology’s current full-year earnings is ($6.60) per share. KeyCorp also issued estimates for Embark Technology’s Q4 2022 earnings at ($1.61) EPS and FY2023 earnings at ($7.00) EPS.

Embark Technology (NASDAQ:EMBKGet Rating) last posted its quarterly earnings data on Thursday, August 11th. The company reported ($1.60) earnings per share for the quarter, beating analysts’ consensus estimates of ($2.60) by $1.00.

Embark Technology Stock Performance

NASDAQ:EMBK opened at $5.31 on Friday. Embark Technology has a 1-year low of $4.15 and a 1-year high of $209.80. The company has a debt-to-equity ratio of 0.01, a current ratio of 16.63 and a quick ratio of 16.63. The firm’s fifty day moving average price is $7.35 and its 200 day moving average price is $19.75. The firm has a market cap of $122.29 million, a price-to-earnings ratio of -0.69 and a beta of 1.66.

Institutional Investors Weigh In On Embark Technology

Hedge funds and other institutional investors have recently bought and sold shares of the business. State Street Corp raised its stake in shares of Embark Technology by 141.7% during the 2nd quarter. State Street Corp now owns 2,468,621 shares of the company’s stock worth $1,247,000 after buying an additional 1,447,156 shares during the last quarter. Renaissance Technologies LLC acquired a new position in shares of Embark Technology during the 2nd quarter worth $565,000. Cubist Systematic Strategies LLC acquired a new position in shares of Embark Technology during the 2nd quarter worth $498,000. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. acquired a new position in shares of Embark Technology during the 2nd quarter worth $479,000. Finally, Millennium Management LLC raised its stake in shares of Embark Technology by 71.8% during the 2nd quarter. Millennium Management LLC now owns 1,654,254 shares of the company’s stock worth $836,000 after buying an additional 691,172 shares during the last quarter.

Insider Buying and Selling at Embark Technology

In other Embark Technology news, major shareholder Collective Iv L.P. Data bought 10,000 shares of Embark Technology stock in a transaction on Thursday, August 18th. The stock was bought at an average price of $11.64 per share, with a total value of $116,400.00. Following the completion of the acquisition, the insider now owns 3,202,107 shares in the company, valued at $37,272,525.48. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 31.57% of the stock is owned by corporate insiders.

About Embark Technology

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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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