Mingteng International Corporation Inc. (NASDAQ:MTEN) Short Interest Update

Mingteng International Corporation Inc. (NASDAQ:MTEN) was the target of a large decrease in short interest in the month of June. As of June 30th, there was short interest totaling 90,861 shares, a decrease of 73.7% from the June 15th total of 345,070 shares. Based on an average daily volume of 1,475,391 shares, the days-to-cover ratio is presently 0.1 days. Approximately 7.4% of the shares of the stock are sold short.

Mingteng International Stock Up 1.7%

Shares of NASDAQ:MTEN traded up $0.02 during mid-day trading on Friday, reaching $1.17. The stock had a trading volume of 974,357 shares, compared to its average volume of 2,686,960. The business’s 50 day moving average price is $1.46 and its 200 day moving average price is $16.56. Mingteng International has a 1 year low of $0.80 and a 1 year high of $5,206.00. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.19 and a quick ratio of 1.00.

Mingteng International (NASDAQ:MTEN) last released its quarterly earnings results on Thursday, April 30th. The company reported $0.33 earnings per share for the quarter. The firm had revenue of $3.20 million for the quarter.

Insiders Place Their Bets

In related news, CEO Yingkai Xu acquired 1,520,000 shares of the business’s stock in a transaction on Monday, April 13th. The stock was acquired at an average cost of $0.25 per share, with a total value of $380,000.00. Following the acquisition, the chief executive officer directly owned 1,520,000 shares in the company, valued at $380,000. This represents a ∞ increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Analysts Set New Price Targets

Separately, Weiss Ratings restated a “sell (d-)” rating on shares of Mingteng International in a research report on Wednesday, June 24th. One research analyst has rated the stock with a Sell rating, According to MarketBeat, the stock currently has a consensus rating of “Sell”.

About Mingteng International

Mingteng International Group Limited is a special-purpose acquisition company incorporated in the Cayman Islands with a focus on business combinations in the Greater China region. Sponsored by Guangdong Mingteng Investment Holdings Group Co, Ltd., the company completed its initial public offering on the NASDAQ under the ticker MTEN in early 2023. Its primary objective is to leverage sponsor expertise and industry relationships to identify and merge with businesses in high-growth sectors.

The company targets acquisitions across advanced manufacturing, new energy, healthcare, technology and related industries that exhibit strong growth potential.