Connexa Sports Technologies Inc. (NASDAQ:YYAI) Sees Significant Growth in Short Interest

Key Points

• Connexa Sports Technologies Inc. (NASDAQ:YYAI) saw a significant increase in short interest, rising by 487.7% in July, with 925,600 shares sold short as of July 31st, representing 19.5% of the company's shares.
• Several institutional investors have recently adjusted their holdings, with Geode Capital Management increasing its stake by 7.2%, bringing their total ownership to 90,581 shares.
• The stock is currently trading at $4.11, reflecting a 5.3% decrease, and has a market capitalization of approximately $59.84 million.

Connexa Sports Technologies Inc. (NASDAQ:YYAI - Get Free Report) was the recipient of a significant growth in short interest during the month of July. As of July 31st, there was short interest totaling 925,600 shares, agrowthof487.7% from the July 15th total of 157,500 shares. Currently,19.5% of the shares of the stock are sold short. Based on an average daily trading volume, of 916,400 shares, the days-to-cover ratio is presently 1.0 days. Based on an average daily trading volume, of 916,400 shares, the days-to-cover ratio is presently 1.0 days. Currently,19.5% of the shares of the stock are sold short.

Wall Street Analyst Weigh In

Separately, Wall Street Zen upgraded shares of Connexa Sports Technologies to a "hold" rating in a research report on Saturday.

Hedge Funds Weigh In On Connexa Sports Technologies

A number of large investors have recently modified their holdings of the stock. XTX Topco Ltd lifted its position in shares of Connexa Sports Technologies by 12.5% during the second quarter. XTX Topco Ltd now owns 50,761 shares of the company's stock worth $45,000 after purchasing an additional 5,630 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Connexa Sports Technologies by 7.2% during the second quarter. Geode Capital Management LLC now owns 90,581 shares of the company's stock worth $81,000 after purchasing an additional 6,116 shares in the last quarter. Finally, Private Advisor Group LLC acquired a new position in shares of Connexa Sports Technologies during the first quarter worth approximately $32,000. 4.03% of the stock is currently owned by institutional investors and hedge funds.

Connexa Sports Technologies Price Performance

Shares of YYAI stock traded up $0.12 during trading hours on Friday, reaching $4.23. 56,229 shares of the company were exchanged, compared to its average volume of 2,523,438. Connexa Sports Technologies has a fifty-two week low of $0.35 and a fifty-two week high of $10.30. The stock's fifty day moving average is $1.98 and its two-hundred day moving average is $1.17.

Connexa Sports Technologies Company Profile

Connexa Sports Technologies Inc engages in the sports equipment and technology business in the United States. The company offers Slinger Launcher, a portable padel tennis ball launcher and pickleball launcher; and Slinger Bag Launcher, a ball launcher built into transport wheeled trolley bag. It also provides Gameface, AI technology and performance analytics for sports.