Elevai Labs, Inc. (NASDAQ:ELAB) Sees Significant Growth in Short Interest

Elevai Labs, Inc. (NASDAQ:ELAB) saw a large increase in short interest during the month of 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 daily volume of 57,660,000 shares, the days-to-cover ratio is currently 0.2 days. Currently, 56.8% of the company’s shares are sold short.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Elevai Labs stock. Whittier Trust Co. of Nevada Inc. bought a new stake in Elevai Labs, Inc. (NASDAQ:ELAB) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 80,666 shares of the company’s stock, valued at approximately $47,000. Whittier Trust Co. of Nevada Inc. owned approximately 0.43% of Elevai Labs as of its most recent filing with the Securities & Exchange Commission. Hedge funds and other institutional investors own 22.22% of the company’s stock.

Elevai Labs Stock Performance

Shares of Elevai Labs stock remained flat at $0.03 during trading hours on Thursday. The stock had a trading volume of 1,747,904,567 shares, compared to its average volume of 28,727,143. The firm has a market capitalization of $545,222.00 and a price-to-earnings ratio of -0.08. Elevai Labs has a 52 week low of $0.02 and a 52 week high of $4.24. 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 200 day simple moving average is $0.38.

Elevai Labs (NASDAQ:ELAB) last posted its earnings results on Wednesday, August 14th. The company reported ($0.08) earnings per share 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 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.