Elauwit Connection (NASDAQ:ELWT) Cut to Strong Sell at Wall Street Zen

Elauwit Connection (NASDAQ:ELWT) was downgraded by investment analysts at Wall Street Zen from a “hold” rating to a “strong sell” rating in a report released on Saturday.

Separately, Weiss Ratings started coverage on shares of Elauwit Connection in a research report on Monday, February 2nd. They issued a “sell (e-)” rating for the company. One research analyst has rated the stock with a Sell rating, According to MarketBeat, the company has an average rating of “Sell”.

Elauwit Connection Price Performance

Shares of ELWT opened at $6.50 on Friday. The stock’s 50-day simple moving average is $6.31. Elauwit Connection has a 1 year low of $4.11 and a 1 year high of $8.75. The firm has a market capitalization of $43.03 million and a PE ratio of -216.67.

Elauwit Connection (NASDAQ:ELWT) last announced its quarterly earnings data on Tuesday, March 31st. The company reported ($0.69) earnings per share for the quarter. The company had revenue of $4.68 million for the quarter.

Institutional Trading of Elauwit Connection

A number of institutional investors have recently bought and sold shares of ELWT. Bard Associates Inc. purchased a new position in shares of Elauwit Connection in the 4th quarter valued at about $1,249,000. Penn Capital Management Company LLC purchased a new stake in Elauwit Connection during the fourth quarter worth approximately $1,025,000. Alyeska Investment Group L.P. purchased a new stake in Elauwit Connection during the fourth quarter worth approximately $507,000. Finally, HRT Financial LP acquired a new position in Elauwit Connection in the fourth quarter valued at approximately $108,000.

Elauwit Connection Company Profile

We are a provider of broadband Internet networks for the multifamily and student housing property sector. We provide Managed Services and Network-as-a-Service solutions designed to modernize and enhance the Internet connectivity experience for residents while driving significant financial benefits for property owners. We strive to be a leading player in a booming multifamily property conversion trend through service commitment, operational experience and flexibility. Key highlights of our business and market opportunity include: · There is an untapped market to fulfill major demand for network services in multifamily housing units: o According to market estimates from the National Multifamily Housing Council (NMHC), there are approximately 23 million apartment units in the U.S, and we estimate 55% of those units are well-suited for our network services.