Momentus (NASDAQ:MNTS) Shares Down 2.4% – Here’s What Happened

Momentus Inc. (NASDAQ:MNTS)’s share price dropped 2.4% during trading on Tuesday . The company traded as low as $0.53 and last traded at $0.55. Approximately 1,502,221 shares changed hands during trading, a decline of 75% from the average daily volume of 6,082,066 shares. The stock had previously closed at $0.57.

Momentus Stock Performance

The business has a 50 day moving average of $0.58 and a 200 day moving average of $0.57.

Momentus (NASDAQ:MNTS) last announced its quarterly earnings results on Tuesday, October 15th. The company reported ($0.66) EPS for the quarter. Momentus had a negative net margin of 1,445.82% and a negative return on equity of 1,945.42%. The company had revenue of $0.51 million during the quarter.

Hedge Funds Weigh In On Momentus

An institutional investor recently raised its position in Momentus stock. Virtu Financial LLC lifted its position in Momentus Inc. (NASDAQ:MNTS) by 142.5% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 78,955 shares of the company’s stock after buying an additional 46,392 shares during the period. Virtu Financial LLC owned about 0.66% of Momentus worth $34,000 as of its most recent SEC filing. 9.24% of the stock is currently owned by hedge funds and other institutional investors.

Momentus Company Profile

Momentus Inc, together with its subsidiaries, operates as a commercial space company. The company focuses on providing in-space infrastructure services, including in-space transportation, hosted payloads, and in-orbit services. Its principal and target customers include satellite operators. The company is headquartered in San Jose, California.