Elauwit Connection (NASDAQ:ELWT) Posts Quarterly Earnings Results

Elauwit Connection (NASDAQ:ELWT) released its quarterly earnings results on Tuesday. The company reported ($0.47) earnings per share for the quarter, Zacks reports.

Elauwit Connection Price Performance

Shares of ELWT opened at $8.66 on Tuesday. The company has a current ratio of 1.30, a quick ratio of 1.14 and a debt-to-equity ratio of 0.39. The firm has a market cap of $57.33 million and a price-to-earnings ratio of -8.25. Elauwit Connection has a 52 week low of $4.11 and a 52 week high of $9.72. The stock has a 50 day moving average of $7.20 and a 200-day moving average of $6.91.

Institutional Investors Weigh In On Elauwit Connection

A hedge fund recently bought a new stake in Elauwit Connection stock. Alyeska Investment Group L.P. purchased a new stake in Elauwit Connection, Inc. (NASDAQ:ELWT) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 100,000 shares of the company’s stock, valued at approximately $507,000. Alyeska Investment Group L.P. owned 1.51% of Elauwit Connection at the end of the most recent quarter.

Wall Street Analysts Forecast Growth

Several research firms recently commented on ELWT. Wall Street Zen upgraded Elauwit Connection from a “strong sell” rating to a “sell” rating in a research note on Saturday, July 4th. Weiss Ratings raised shares of Elauwit Connection from a “sell (e)” rating to a “sell (d-)” rating in a research report on Wednesday, August 12th. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat, the company currently has a consensus rating of “Sell”.

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.