Elauwit Connection (NASDAQ:ELWT) Releases Quarterly Earnings Results

Elauwit Connection (NASDAQ:ELWT) released its quarterly earnings data on Tuesday. The company reported ($0.69) earnings per share for the quarter, Zacks reports. The firm had revenue of $4.68 million for the quarter.

Elauwit Connection Price Performance

NASDAQ ELWT traded up $0.36 during trading hours on Wednesday, hitting $6.29. The company’s stock had a trading volume of 30,941 shares, compared to its average volume of 60,913. The stock has a market capitalization of $41.66 million and a P/E ratio of -208.17. Elauwit Connection has a 52 week low of $4.11 and a 52 week high of $8.75. The company’s 50-day moving average price is $6.30.

Analyst Ratings Changes

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

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Elauwit Connection stock. Alyeska Investment Group L.P. bought a new stake in shares of Elauwit Connection, Inc. (NASDAQ:ELWT) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 100,000 shares of the company’s stock, valued at approximately $507,000. Alyeska Investment Group L.P. owned about 1.51% of Elauwit Connection as of its most recent SEC filing.

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.