Welsbach Technology Metals Acquisition Corp. (NASDAQ:EMAT) Sees Large Increase in Short Interest

Welsbach Technology Metals Acquisition Corp. (NASDAQ:EMAT) was the recipient of a significant increase in short interest during the month of October. As of October 15th, there was short interest totaling 3,918,564 shares, an increase of 83.0% from the September 30th total of 2,141,802 shares. Currently, 731.1% of the company’s shares are short sold. Based on an average daily volume of 1,953,967 shares, the short-interest ratio is currently 2.0 days.

Welsbach Technology Metals Acquisition Trading Down 7.3%

Shares of Welsbach Technology Metals Acquisition stock traded down $0.12 during trading on Monday, hitting $1.53. 986,582 shares of the stock traded hands, compared to its average volume of 497,579. The firm has a market cap of $3.81 million and a P/E ratio of -38.25. Welsbach Technology Metals Acquisition has a 52-week low of $1.28 and a 52-week high of $24.09. The stock’s fifty day simple moving average is $2.63 and its 200 day simple moving average is $5.86.

Welsbach Technology Metals Acquisition (NASDAQ:EMAT) last released its quarterly earnings data on Monday, August 17th. The company reported ($0.02) earnings per share for the quarter, beating the consensus estimate of ($0.03) by $0.01. The firm had revenue of $1.64 million during the quarter, compared to the consensus estimate of $2.10 million. As a group, equities analysts expect that Welsbach Technology Metals Acquisition will post -0.78 EPS for the current year.

Wall Street Analyst Weigh In

Several research analysts recently commented on EMAT shares. Wall Street Zen downgraded shares of Welsbach Technology Metals Acquisition from a “hold” rating to a “sell” rating in a research note on Saturday, September 26th. Weiss Ratings cut shares of Welsbach Technology Metals Acquisition from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Friday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Welsbach Technology Metals Acquisition has a consensus rating of “Moderate Buy” and a consensus price target of $12.00.

Institutional Investors Weigh In On Welsbach Technology Metals Acquisition

A hedge fund recently bought a new stake in Welsbach Technology Metals Acquisition stock. Robertson Stephens Wealth Management LLC purchased a new position in Welsbach Technology Metals Acquisition Corp. (NASDAQ:EMAT) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 2,933,443 shares of the company’s stock, valued at approximately $7,480,000. Robertson Stephens Wealth Management LLC owned 117.81% of Welsbach Technology Metals Acquisition as of its most recent filing with the Securities and Exchange Commission. Institutional investors and hedge funds own 48.61% of the company’s stock.

Welsbach Technology Metals Acquisition Company Profile

Welsbach Technology Metals Acquisition Corp. is a special purpose acquisition company (SPAC) formed to identify and complete a business combination with a company operating in the technology metals sector. Its focus is on businesses involved in the exploration, mining, processing, refining, recycling or development of metals that support advanced industrial and technology applications.

Unlike an operating mining or materials company, Welsbach Technology Metals Acquisition Corp. does not appear to have established commercial products, mining properties or operating revenue of its own.