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Embark Technology, Inc. (NASDAQ:EMBK) Short Selling Rate Up 22.5% in July

Embark Technology, Inc. (NASDAQ:EMBK – Get Rating) was the target of a significant rise in short interest in July. As of July 31, there were a total of 3,700,000 shares shorted, a 22.5% increase from the July 15 total of 3,020,000 shares. About 1.7% of the company’s shares have been sold short. Based on an average daily trading volume of 5,880,000 shares, the current short-term interest rate is 0.6 days.

Hedge funds jump into technology

Many hedge funds and other institutional investors are buying and selling stocks these days. Sage Rhino Capital LLC purchased a new stake in his Embark Technology worth approximately $25,000 in the second quarter. Tuttle Capital Management LLC raised his 244.0% stake in Embark Technology in the second quarter. Tuttle Capital Management LLC now owns 50,963 shares worth $26,000 after he purchased an additional 36,148 shares last quarter. Resolute Advisors LLC purchased new shares in his Embark Technology worth approximately $51,000 in the second quarter. Credit Suisse AG bought a new stake in his Embark Technology in the second quarter for about $54,000. Finally, Steward Partners Investment Advisory LLC purchased a new stake in his Embark Technology worth approximately $59,000 in the first quarter. Currently 53.69% of the shares are owned by institutional investors and hedge funds.

Embark Technology stock performance

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EMBK shares climbed $0.49 to reach $1.07 in midday trading on Friday. The company’s trading volume was 167,309,514 shares, with an average trading volume of his 5,823,096 shares. His 50-day moving average price for this stock is $0.56 and its 200-day moving average price is $2.95. Embark Technology’s 52-week low is $0.35 and its 52-week high is $10.49.

Embark Technology (NASDAQ:EMBK – Get Rating) last reported its financial results on Tuesday, May 10th. The company reported his EPS of ($0.09) for the quarter, beating analyst consensus expectations ($0.11) by $0.02. As a group, analysts expect Embark Technology to see his EPS of -0.55 this year.

Analyst upgrades and downgrades

A number of equity analysts have recently commented on the EMBK stock. Citigroup lowered Embark Technology’s target price to $6.00 from his $11.00 in a research note on Wednesday, May 11. Vertical Research began covering Embark Technology in a research note on Tuesday, April 26th. They issued a “buy” rating and a company target price of $20.00.

About Embark Technology

(get rating)

Embark Technology, Inc develops self-driving software solutions for the US trucking industry. That solution includes his Embark Driver, self-driving truck software. Embark on the Universal Interface, an interoperable autonomous driving stack that works across truck OEM platforms. Embark Guardian is a cloud-based autonomous fleet management solution that enables airlines to control access to real-time data such as aviation updates, remote vehicle monitoring, remote vehicle assistance, dispatch, weather and construction.

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