Zentek Ltd. (NASDAQ:ZTEK – Get Rating) was the target of a significant decline in short interest in the month of August. As of August 31st, there was short interest totalling 1,300 shares, a decline of 98.0% from the August 15th total of 63,800 shares. Based on an average trading volume of 23,600 shares, the days-to-cover ratio is presently 0.1 days.
Analyst Ratings Changes
Separately, Lake Street Capital assumed coverage on shares of Zentek in a research note on Thursday, June 30th. They set a "buy" rating and a $3.50 price target on the stock.
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Hedge Funds Weigh In On Zentek
Institutional investors and hedge funds have recently bought and sold shares of the stock. Scotia Capital Inc. boosted its stake in Zentek by 1.8% during the 2nd quarter. Scotia Capital Inc. now owns 483,735 shares of the company's stock valued at $872,000 after acquiring an additional 8,654 shares during the last quarter. Royal Bank of Canada acquired a new position in shares of Zentek in the 1st quarter worth approximately $247,000. Bank of Montreal Can acquired a new position in shares of Zentek in the 1st quarter worth approximately $199,000. National Bank of Canada FI acquired a new position in shares of Zentek in the first quarter worth about $63,000. Finally, Cutter & CO Brokerage Inc. acquired a new position in shares of Zentek in the second quarter worth about $27,000. Institutional investors and hedge funds own 0.79% of the company's stock.
Zentek Trading Down 4.0 %
Shares of Zentek stock opened at $1.93 on Wednesday. The firm has a market capitalization of $191.77 million, a price-to-earnings ratio of -14.85 and a beta of 0.97. Zentek has a 52-week low of $1.51 and a 52-week high of $5.95. The business's 50-day moving average price is $2.09.
Zentek (NASDAQ:ZTEK – Get Rating) last announced its quarterly earnings results on Wednesday, June 29th. The company reported ($0.04) earnings per share (EPS) for the quarter. Zentek had a negative net margin of 1,617.24% and a negative return on equity of 405.71%. The business had revenue of $0.13 million during the quarter.
About Zentek
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Zentek Ltd. engages in the research and development of graphene and related nanomaterials in Canada. It owns 100% interest in the Albany Graphite project located in Northern Ontario, Canada. The company develops graphene-based antimicrobial coating under the ZenGUARD brand, surgical masks, HVAC filters, personal protective equipment, rapid detection point of care diagnostics tests, and pharmaceutical products based on graphene-based compound.
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