Corvex, Inc. (NASDAQ:MOVE) Sees Significant Increase in Short Interest

Key Points

• Short interest surged 80.4% to 492,331 shares as of September 30, representing about 2.0% of outstanding shares and a days-to-cover ratio of 2.0.
• Analyst sentiment is mixed: one analyst rates the stock Buy, one Hold, and one Sell. The consensus rating is Hold with a price target of $18.75.
• Shares fell to $7.17, well below their 50-day and 200-day moving averages, after the company reported a quarterly EPS loss of $5.12 and revenue of $3.8 million, missing expectations on both measures.

Corvex, Inc. (NASDAQ:MOVE - Get Free Report) saw a significant growth in short interest in the month of September. As of September 30th, there was short interest totaling 492,331 shares, a growth of 80.4% from the September 15th total of 272,855 shares. Approximately 2.0% of the shares of the company are sold short. Based on an average daily volume of 241,917 shares, the days-to-cover ratio is currently 2.0 days.

Wall Street Analyst Weigh In

MOVE has been the subject of several analyst reports. Weiss Ratings cut shares of Corvex from a "sell (d)" rating to a "sell (e)" rating in a research note on Thursday, October 8th. Zacks Research upgraded shares of Corvex to a "hold" rating in a research report on Friday, September 18th. Finally, Chardan Capital set a $18.75 target price on shares of Corvex and gave the stock a "buy" rating in a research report on Wednesday, September 16th. One analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Corvex presently has an average rating of "Hold" and a consensus price target of $18.75.

Corvex Price Performance

Shares of NASDAQ MOVE traded down $1.72 during mid-day trading on Thursday, hitting $7.17. 36,464 shares of the stock traded hands, compared to its average volume of 562,311. The company has a market cap of $226.26 million, a PE ratio of -0.38 and a beta of 0.87. Corvex has a twelve month low of $3.44 and a twelve month high of $26.72. The company has a debt-to-equity ratio of 4.28, a current ratio of 1.80 and a quick ratio of 1.80. The firm has a 50 day simple moving average of $11.22 and a two-hundred day simple moving average of $14.89.

Corvex (NASDAQ:MOVE - Get Free Report) last announced its quarterly earnings results on Friday, August 14th. The AI infrastructure company reported ($5.12) earnings per share (EPS) for the quarter, missing the consensus estimate of ($3.17) by ($1.95). The business had revenue of $3.80 million for the quarter, compared to analysts' expectations of $6.71 million. As a group, equities research analysts forecast that Corvex will post -0.53 EPS for the current fiscal year.

Corvex Company Profile

Movano Inc engages in developing a platform to deliver healthcare solutions at the intersection of medical and consumer devices. The company is involved in the development of Evie Ring, which is a wearable designed specifically for women that combines health and wellness metrics comprises resting heart rate, heart rate variability (HRV), blood oxygen saturation (SpO2), respiration rate, skin temperature variability, period and ovulation tracking, and menstrual symptom tracking, as well as activity profile, including steps, active minutes and calories burned, sleep stages and duration, and mood tracking.

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