Short Interest in Momentus Inc. (NASDAQ:MNTS) Declines By 36.0%

Momentus Inc. (NASDAQ:MNTS) saw a large decline in short interest in the month of June. As of June 30th, there was short interest totaling 1,082,222 shares, a decline of 36.0% from the June 15th total of 1,691,283 shares. Based on an average daily volume of 3,200,313 shares, the days-to-cover ratio is presently 0.3 days. Currently, 5.8% of the shares of the company are sold short.

Momentus Trading Up 1.8%

NASDAQ:MNTS opened at $4.96 on Friday. The stock has a market capitalization of $93.45 million, a P/E ratio of -0.11 and a beta of 2.26. The firm has a 50 day moving average of $9.16 and a 200-day moving average of $6.97. Momentus has a 1 year low of $3.11 and a 1 year high of $43.55.

Momentus (NASDAQ:MNTS) last posted its quarterly earnings data on Wednesday, May 13th. The company reported ($2.15) earnings per share for the quarter. Momentus had a negative net margin of 843.77% and a negative return on equity of 401.62%. The company had revenue of $3.21 million during the quarter.

Analysts Set New Price Targets

A number of analysts have commented on MNTS shares. Weiss Ratings reiterated a “sell (e+)” rating on shares of Momentus in a research report on Tuesday, April 21st. Wall Street Zen cut Momentus from a “hold” rating to a “sell” rating in a research report on Saturday, July 4th. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the company presently has an average rating of “Sell”.

Hedge Funds Weigh In On Momentus

A hedge fund recently raised its position in Momentus stock. Armistice Capital LLC lifted its stake in Momentus Inc. (NASDAQ:MNTS) by 199.7% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 792,000 shares of the company’s stock after purchasing an additional 527,773 shares during the period. Armistice Capital LLC owned 12.62% of Momentus worth $966,000 at the end of the most recent quarter. 9.24% of the stock is owned by institutional investors.

About Momentus

Momentus Inc is a space logistics and in-space transportation company that develops and operates orbital transfer vehicles (OTVs) to move satellites and other payloads between orbits. Its core offering, the Vigoride platform, uses a proprietary water plasma propulsion system to provide sustainable, high-efficiency thrust for a range of orbital maneuvers. The company’s solutions are designed to enable flexible deployment and repositioning of satellites after launch, assisting satellite operators in optimizing mission lifespans and orbital slots.

Founded in 2017 and headquartered in Santa Clara, California, Momentus has pursued a path of technology demonstration and commercialization.