NextPlat Corp. (NASDAQ:NXPL) experienced a notable decline in short interest during December 2023. As of December 15, short interest totaled 199,110 shares, reflecting a substantial decrease of 32.5% from the previous month’s total of 294,871 shares. This reduction indicates that only 1.4% of the company’s shares are currently sold short.
The current days-to-cover ratio stands at 0.9 days, based on an average daily trading volume of 217,370 shares. This metric suggests that it would take less than a day to cover all short positions, indicating a relatively low level of bearish sentiment among investors.
Institutional Activity and Stock Performance
In a recent development, institutional investment in NextPlat has seen activity. According to filings with the Securities and Exchange Commission, Simplicity Wealth LLC acquired a new stake in NextPlat during the third quarter. The hedge fund purchased 600,000 shares valued at approximately $497,000, representing around 2.31% of the company. Overall, institutional investors and hedge funds now hold 1.30% of the company’s stock.
On December 19, shares of NXPL traded up 1.5%, reaching a price of $0.56. During the day, approximately 153,637 shares changed hands, which is lower than the company’s average trading volume of 327,963 shares. NextPlat’s market capitalization currently sits at $14.77 million, with a price-to-earnings ratio of -1.87 and a beta of 1.16. Over the past year, the stock has seen a low of $0.43 and a high of $2.30. Financial ratios indicate a solid position, with a debt-to-equity ratio of 0.04, a quick ratio of 2.80, and a current ratio of 3.56.
Analyst Ratings and Future Outlook
In terms of analyst perspectives, on December 22, Weiss Ratings reissued a “sell (D-)” rating for NextPlat stock. Presently, one equities research analyst has rated the stock as a sell, contributing to a consensus rating of “sell” according to data from MarketBeat.
NextPlat Corp. operates as a healthcare and e-commerce company across various regions, including Europe, North America, South America, Asia and the Pacific, and Africa. The company provides a range of services, including full-service retail specialty pharmacies, prescription pharmaceuticals, tele-pharmacy services, and health practice risk management for healthcare organizations.
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