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In a challenging year for Greenwave Tech Solutions (OTC:TSCC), the company’s stock has hit a 52-week low, trading at $0.22. With a market capitalization of just $13.73 million and revenue of $33.92 million, this price level underscores a tumultuous period for the firm, which has seen its stock value plummet by an alarming 98.99% over the past year. Investors have witnessed a stark erosion in market confidence, as the company grapples with the factors that have led to this significant downturn. Trading at just 0.24 times book value with a current ratio of 1.52, the 52-week low serves as a stark indicator of the hurdles Greenwave Tech Solutions faces as it seeks to stabilize and eventually recover its market position. InvestingPro analysis suggests the stock may be undervalued at current levels, with 14 additional key insights available to subscribers.
In other recent news, Greenwave Technology Solutions, Inc. has announced an updated revenue forecast for fiscal year 2025, now projected to be between $47 million and $50 million. This revision comes in response to new tariffs on imported metals, which have bolstered the domestic metal recycling sector. Additionally, Greenwave has entered into agreements for a $7 million direct offering and private placement, with proceeds intended for debt reduction and working capital. The company will issue 21.1 million shares of common stock, along with warrants, as part of this financial strategy.
Greenwave has also integrated GreenSpark’s AI-driven platform to enhance operational efficiency, with plans to roll out the technology across its facilities by March 2025. In another strategic move, Greenwave is expanding its Scrap App platform into 27 new markets, backed by a major junk car buyer, to strengthen its presence in the auto recycling industry. Meanwhile, the company reported the resignation of Director Henry Sicignano III, with no successor announced yet. These developments reflect Greenwave’s ongoing efforts to leverage technology and market changes to drive growth.
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