DevvStream Corp. has reported a significant increase in short interest as of December 15, 2023. The company, listed on NASDAQ under the ticker symbol DEVS, recorded a total short interest of 106,344 shares, reflecting a substantial rise of 26.8% from the previous month’s total of 83,899 shares. Currently, 2.9% of the company’s outstanding stock is sold short.
This surge in short interest translates to a short-interest ratio of 0.2 days, based on an average daily trading volume of 607,593 shares. This metric indicates that it would take just over half a day for all short positions to be covered at the current trading volume.
Analysts Adjust Ratings
Recent evaluations from Wall Street analysts have cast a shadow over the stock’s outlook. On October 18, 2023, Wall Street Zen downgraded DevvStream from a “hold” rating to a “sell” rating. Similarly, Weiss Ratings reaffirmed a “sell (e+)” rating on the shares in a report dated October 8, 2023. According to data compiled by MarketBeat, the consensus rating for DevvStream currently stands at “sell,” with one analyst specifically highlighting concerns regarding the company’s performance.
Quarterly Earnings Show Loss
In conjunction with the rise in short interest, DevvStream released its quarterly earnings results on December 16, 2023. The firm posted an earnings per share (EPS) loss of ($0.14) for the quarter, raising further questions about its financial health amidst changing market conditions.
DevvStream Holdings Inc., formerly known as Focus Impact Acquisition Corp., is based in New York and specializes in the co-development and generation of carbon credit projects through technology-driven solutions. The company’s recent performance reflects broader trends in the market, and investors are closely monitoring developments as they unfold.
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As the situation evolves, stakeholders will undoubtedly keep a close eye on both the company’s stock performance and the broader implications of such fluctuations in investor sentiment.
