Elevai Labs, Inc. (NASDAQ:ELAB) Sees Large Increase in Short Interest

Elevai Labs, Inc. (NASDAQ:ELAB) saw a large increase in short interest in October. As of October 31st, there was short interest totalling 9,420,000 shares, an increase of 403.7% from the October 15th total of 1,870,000 shares. Based on an average trading volume of 57,660,000 shares, the days-to-cover ratio is presently 0.2 days. Approximately 56.8% of the company’s shares are sold short.

Institutional Investors Weigh In On 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 shares of Elevai Labs, Inc. (NASDAQ:ELAB) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 80,666 shares of the company’s stock, valued at approximately $47,000. Whittier Trust Co. of Nevada Inc. owned 0.43% of Elevai Labs as of its most recent filing with the Securities & Exchange Commission. 22.22% of the stock is owned by institutional investors.

Elevai Labs Stock Performance

NASDAQ:ELAB remained flat at $0.03 during midday trading on Thursday. The company had a trading volume of 1,747,904,567 shares, compared to its average volume of 28,727,143. Elevai Labs has a 52-week low of $0.02 and a 52-week high of $4.24. The firm has a market cap of $545,222.00 and a price-to-earnings ratio of -0.08. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.05 and a quick ratio of 0.54. The business’s 50-day simple moving average is $0.13 and its two-hundred day simple moving average is $0.38.

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

About Elevai Labs

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.