Einride (NASDAQ:ENRD) Stock Short Interest Climbs 82.1%

Key Points

• Einride’s short interest surged 82.1% to 298,924 shares as of October 15, representing approximately 0.3% of shares outstanding and 2.1 days of average trading volume.
• Analyst views are mixed: Wall Street Zen and Weiss Ratings issued sell opinions, while Canaccord Genuity initiated coverage with a buy rating and an $8 price target. The overall consensus rating is Hold.
• Einride shares recently traded at $2.16, well below the 12-month high of $34.00, with a market capitalization of about $307 million.

Einride (NASDAQ:ENRD - Get Free Report) was the target of a large growth in short interest in the month of October. As of October 15th, there was short interest totaling 298,924 shares, a growth of 82.1% from the September 30th total of 164,115 shares. Approximately 0.3% of the company's shares are sold short. Based on an average daily trading volume, of 141,263 shares, the short-interest ratio is presently 2.1 days.

Wall Street Analyst Weigh In

Several research firms have weighed in on ENRD. Wall Street Zen cut Einride from a "hold" rating to a "sell" rating in a report on Sunday, October 18th. Canaccord Genuity Group assumed coverage on shares of Einride in a report on Tuesday, September 15th. They issued a "buy" rating and a $8.00 target price for the company. Finally, Weiss Ratings began coverage on Einride in a report on Monday, September 14th. They issued a "sell (e-)" rating for the company. One research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $8.00.

Einride Stock Performance

Einride stock traded down $0.06 during mid-day trading on Friday, reaching $2.16. 25,929 shares of the stock traded hands, compared to its average volume of 124,546. Einride has a 12-month low of $1.84 and a 12-month high of $34.00. The stock has a market cap of $307.15 million, a PE ratio of 7.20 and a beta of 0.36.

About Einride

Einride is a Swedish freight-technology company that develops electric and autonomous transportation solutions for commercial and industrial customers. Its offerings are designed to help companies plan, manage and decarbonize the movement of goods, combining electric heavy-duty vehicles, autonomous trucking technology and digital logistics services.

The company's platform includes Einride Saga, a digital freight operating system that supports the planning, monitoring and optimization of transportation operations.

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