Momentus Inc. (NASDAQ:MNTS) Short Interest Down 36.0% in June

Key Points

• Short interest in Momentus fell sharply in June, dropping 36% to 1.08 million shares by June 30. That leaves about 5.8% of the float sold short.
• Institutional ownership got a boost as Armistice Capital increased its stake by 199.7% in the second quarter, ending with 792,000 shares. Institutional investors and hedge funds now own 9.24% of the stock.
• Analyst sentiment remains negative, with Wall Street Zen recently downgrading Momentus to “sell” and the stock carrying an overall average rating of “Sell.” The company also reported a quarterly loss of $2.15 per share on $3.21 million in revenue.

Momentus Inc. (NASDAQ:MNTS - Get Free Report) saw a significant decrease in short interest during the month of June. As of June 30th, there was short interest totaling 1,082,222 shares, a decrease of 36.0% from the June 15th total of 1,691,283 shares. Approximately 5.8% of the shares of the stock are sold short. Based on an average daily volume of 3,200,313 shares, the short-interest ratio is presently 0.3 days.

Institutional Inflows and Outflows

An institutional investor recently raised its stake in Momentus stock. Armistice Capital LLC grew its position in shares of Momentus Inc. (NASDAQ:MNTS - Free Report) by 199.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). 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 and hedge funds.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. Wall Street Zen downgraded Momentus from a "hold" rating to a "sell" rating in a research note on Saturday, July 4th. Weiss Ratings reissued a "sell (e+)" rating on shares of Momentus in a research note on Tuesday, April 21st. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat, the company currently has an average rating of "Sell".

Momentus Price Performance

Momentus stock traded up $0.36 during mid-day trading on Friday, hitting $5.23. 714,481 shares of the company were exchanged, compared to its average volume of 4,350,660. Momentus has a 12-month low of $3.11 and a 12-month high of $43.55. The company has a market capitalization of $98.53 million, a P/E ratio of -0.12 and a beta of 2.26. The business's 50 day simple moving average is $9.17 and its two-hundred day simple moving average is $6.99.

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

Momentus Company Profile

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.

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