Elauwit Connection, Inc.’s (NASDAQ:ELWT) Lock-Up Period Set To End on May 4th

Elauwit Connection’s (NASDAQ:ELWT) lock-up period will end on Monday, May 4th. Elauwit Connection had issued 1,667,000 shares in its IPO on November 5th. The total size of the offering was $15,003,000 based on an initial share price of $9.00. After the expiration of the company’s lock-up period, major shareholders and company insiders will be able to sell their shares of the company.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on ELWT shares. Weiss Ratings started coverage on Elauwit Connection in a report on Monday, February 2nd. They issued a “sell (e-)” rating for the company. Wall Street Zen downgraded Elauwit Connection from a “hold” rating to a “strong sell” rating in a report on Saturday, April 4th. One analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the stock has an average rating of “Sell”.

Elauwit Connection Price Performance

Shares of NASDAQ ELWT opened at $6.57 on Monday. The stock’s 50 day simple moving average is $6.66. The firm has a market capitalization of $43.49 million and a P/E ratio of -9.13. The company has a current ratio of 1.66, a quick ratio of 1.50 and a debt-to-equity ratio of 0.23. Elauwit Connection has a twelve month low of $4.11 and a twelve month high of $8.75.

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

Institutional Investors Weigh In On Elauwit Connection

Hedge funds have recently added to or reduced their stakes in the business. Alyeska Investment Group L.P. acquired a new stake in Elauwit Connection during the 4th quarter valued at $507,000. HRT Financial LP acquired a new stake in Elauwit Connection during the 4th quarter valued at $108,000. Bard Associates Inc. acquired a new stake in Elauwit Connection during the 4th quarter valued at $1,249,000. Finally, Penn Capital Management Company LLC acquired a new stake in Elauwit Connection during the 4th quarter valued at $1,025,000.

About Elauwit Connection

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.