Short Interest in Elevai Labs, Inc. (NASDAQ:ELAB) Grows By 859.9%

Elevai Labs, Inc. (NASDAQ:ELAB) was the recipient of a large growth in short interest in August. As of August 31st, there was short interest totalling 868,700 shares, a growth of 859.9% from the August 15th total of 90,500 shares. Based on an average daily trading volume, of 2,120,000 shares, the days-to-cover ratio is currently 0.4 days. Approximately 11.4% of the company’s stock are short sold.

Institutional Trading of Elevai Labs

An institutional investor recently bought a new position in Elevai Labs stock. Whittier Trust Co. of Nevada Inc. acquired a new stake in Elevai Labs, Inc. (NASDAQ:ELAB) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 80,666 shares of the company’s stock, valued at approximately $47,000. Whittier Trust Co. of Nevada Inc. owned about 0.43% of Elevai Labs at the end of the most recent reporting period. Hedge funds and other institutional investors own 22.22% of the company’s stock.

Elevai Labs Stock Performance

Elevai Labs stock traded up $0.01 during trading hours on Thursday, hitting $0.31. The company had a trading volume of 459,050 shares, compared to its average volume of 1,376,301. The firm has a market cap of $5.86 million and a PE ratio of -0.81. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.05 and a quick ratio of 0.54. Elevai Labs has a one year low of $0.22 and a one year high of $4.24. The firm has a 50-day moving average of $0.39 and a 200 day moving average of $0.57.

Elevai Labs (NASDAQ:ELAB) last announced its earnings results on Wednesday, August 14th. The company reported ($0.08) earnings per share (EPS) for the quarter. Elevai Labs had a negative return on equity of 216.19% and a negative net margin of 191.96%. The business had revenue of $0.61 million for the quarter.

Elevai Labs Company Profile

Elevai Labs, Inc, a skincare development company, designs, manufactures, and markets skincare products. Its products include Empower and Enfinity post-skincare procedure care serums for the face, neck, and upper chest regions. The company was formerly known as Reactive Medical Labs Inc and changed its name to Elevai Labs, Inc in December 2021.