Movano Inc. (NASDAQ:MOVE) Sees Large Decrease in Short Interest

Movano Inc. (NASDAQ:MOVE) was the target of a significant drop in short interest during the month of October. As of October 15th, there was short interest totalling 387,600 shares, a drop of 25.9% from the September 30th total of 523,300 shares. Approximately 0.5% of the company’s shares are sold short. Based on an average trading volume of 179,600 shares, the short-interest ratio is currently 2.2 days.

Institutional Investors Weigh In On Movano

Several hedge funds have recently modified their holdings of MOVE. Quantum Private Wealth LLC boosted its holdings in Movano by 113.8% in the 2nd quarter. Quantum Private Wealth LLC now owns 89,139 shares of the technology company’s stock worth $25,000 after acquiring an additional 47,441 shares during the period. Mirador Capital Partners LP lifted its position in shares of Movano by 9.6% during the first quarter. Mirador Capital Partners LP now owns 413,204 shares of the technology company’s stock worth $170,000 after purchasing an additional 36,230 shares in the last quarter. Finally, Dorsey & Whitney Trust CO LLC boosted its stake in shares of Movano by 50.0% in the second quarter. Dorsey & Whitney Trust CO LLC now owns 5,630,084 shares of the technology company’s stock valued at $1,548,000 after purchasing an additional 1,876,000 shares during the period. 16.64% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Separately, Benchmark reaffirmed a “speculative buy” rating and set a $2.00 price target on shares of Movano in a research report on Wednesday, September 4th.

Movano Stock Performance

Shares of MOVE traded down $0.03 during trading hours on Friday, hitting $0.26. The stock had a trading volume of 1,163,561 shares, compared to its average volume of 191,592. Movano has a 12-month low of $0.24 and a 12-month high of $1.06. The firm has a market cap of $26.04 million, a P/E ratio of -0.58 and a beta of 0.12. The company’s fifty day simple moving average is $0.33 and its 200 day simple moving average is $0.38.

Movano shares are going to reverse split before the market opens on Tuesday, October 29th. The 1-15 reverse split was announced on Friday, October 25th. The number of shares owned by shareholders will be adjusted after the market closes on Monday, October 28th.

Movano (NASDAQ:MOVE) last posted its earnings results on Wednesday, August 14th. The technology company reported ($0.06) earnings per share for the quarter.

Movano 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.