NextPlat Corp. (NASDAQ:NXPL) experienced a significant decrease in short interest during December 2023. As of December 15, the total short interest fell to 199,110 shares, marking a 32.5% reduction from the November 30 total of 294,871 shares. This decline indicates that currently, only 1.4% of the company’s shares are sold short. Given the average daily trading volume of 217,370 shares, the days-to-cover ratio stands at 0.9 days, suggesting a manageable short position relative to trading activity.
Institutional Investment Activity
In a notable development, Simplicity Wealth LLC acquired a new stake in NextPlat during the third quarter of 2023. According to its filing with the Securities and Exchange Commission, the hedge fund purchased 600,000 shares valued at approximately $497,000. Following this transaction, Simplicity Wealth owned about 2.31% of NextPlat’s total shares. Overall, institutional investors and hedge funds collectively hold 1.30% of the company’s stock, reflecting a cautious investment landscape.
Stock Performance Overview
On Tuesday, shares of NXPL increased by 1.5%, closing at $0.56. The trading volume reached 153,637 shares, which is below the average volume of 327,963. NextPlat’s market capitalization is currently $14.77 million, with a price-to-earnings ratio of -1.87 and a beta of 1.16. The company’s fifty-day simple moving average is noted at $0.69, while the 200-day simple moving average is $0.73. Over the past year, the stock has fluctuated significantly, with a low of $0.43 and a high of $2.30.
NextPlat’s financial health appears stable, characterized by a debt-to-equity ratio of 0.04, a quick ratio of 2.80, and a current ratio of 3.56. These figures indicate a strong liquidity position, allowing the company to meet its short-term obligations effectively.
Analyst Insights and Future Outlook
Despite the recent movements in stock performance, analysts continue to express caution regarding NextPlat. On December 22, Weiss Ratings reaffirmed a “sell (D-)” rating for the company’s shares in a research note. In total, one equities research analyst has rated the stock with a Sell recommendation. According to data from MarketBeat, the consensus rating for NextPlat remains a “Sell,” reflecting a general skepticism about the company’s future performance.
NextPlat Corp. operates as a healthcare and e-commerce firm across various regions, including Europe, North America, South America, the Asia-Pacific, and Africa. The company provides a range of services through its full-service retail specialty pharmacies, which include prescription pharmaceuticals, third-party administration, risk management services, compounded medications, tele-pharmacy services, and more.
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