Zentek (NASDAQ:ZTEK) Shares Down 2.8% – Here’s Why

Zentek Ltd. (NASDAQ:ZTEK) shares were down 2.8% during mid-day trading on Monday . The company traded as low as $1.52 and last traded at $1.54. Approximately 41,009 shares were traded during trading, a decline of 5% from the average daily volume of 43,323 shares. The stock had previously closed at $1.59.

Zentek Trading Down 2.8%

The company has a debt-to-equity ratio of 0.01, a current ratio of 1.83 and a quick ratio of 1.48. The firm has a market capitalization of $161.21 million, a PE ratio of -22.00 and a beta of 0.73. The business’s 50-day moving average price is $1.32 and its 200-day moving average price is $1.14.

Hedge Funds Weigh In On Zentek

A number of hedge funds have recently modified their holdings of ZTEK. Scotia Capital Inc. grew its position in shares of Zentek by 5.7% during the fourth quarter. Scotia Capital Inc. now owns 958,771 shares of the company’s stock worth $867,000 after acquiring an additional 51,744 shares during the last quarter. Two Sigma Securities LLC purchased a new position in shares of Zentek during the fourth quarter worth approximately $31,000. Finally, Anson Funds Management LP purchased a new position in shares of Zentek during the fourth quarter worth approximately $145,000. 0.77% of the stock is currently owned by hedge funds and other institutional investors.

About Zentek

Zentek Ltd., together with its subsidiaries, engages in the research and development of graphene and related nanomaterials in Canada. The company develops graphene-based antimicrobial coating under the ZenGUARD brand, surgical masks, HVAC filters, personal protective equipment, rapid detection point of care diagnostics tests, and pharmaceutical products based on graphene-based compounds.