Short Interest in 3 E Network Technology Group Ltd (NASDAQ:MASK) Declines By 39.5%

3 E Network Technology Group Ltd (NASDAQ:MASK) saw a large drop in short interest in the month of August. As of August 14th, there was short interest totaling 85,602 shares, a drop of 39.5% from the July 30th total of 141,570 shares. Based on an average daily volume of 158,874 shares, the days-to-cover ratio is currently 0.5 days. Currently, 9.7% of the shares of the stock are sold short.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on MASK shares. Weiss Ratings lowered 3 E Network Technology Group from a “sell (d)” rating to a “sell (d-)” rating in a report on Tuesday, June 2nd. Wall Street Zen lowered 3 E Network Technology Group from a “hold” rating to a “sell” rating in a report on Saturday, May 30th. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the stock has a consensus rating of “Sell”.

Hedge Funds Weigh In On 3 E Network Technology Group

A hedge fund recently bought a new stake in 3 E Network Technology Group stock. L1 Global Manager Pty Ltd bought a new position in shares of 3 E Network Technology Group Ltd (NASDAQ:MASK) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 1,248,611 shares of the company’s stock, valued at approximately $300,000. L1 Global Manager Pty Ltd owned 5.38% of 3 E Network Technology Group as of its most recent SEC filing.

3 E Network Technology Group Stock Up 1.6%

Shares of NASDAQ MASK traded up $0.02 during midday trading on Monday, reaching $1.41. The company’s stock had a trading volume of 23,364 shares, compared to its average volume of 3,155,990. 3 E Network Technology Group has a one year low of $1.19 and a one year high of $22.25. The company has a 50 day moving average price of $1.66 and a 200 day moving average price of $2.37.

3 E Network Technology Group (NASDAQ:MASK) last issued its earnings results on Wednesday, May 27th. The company reported ($0.19) earnings per share for the quarter. The company had revenue of $1.86 million for the quarter.

About 3 E Network Technology Group

3 E Network Technology Group Ltd. operates as a holding company, which engages in the provision of business-to-business information technology business solutions. It offers business solutions to a variety of industries and sectors, including food establishments, real estate, exhibition and conferencing, and clean energy utilities. The company was founded on October 6, 2021 and is headquartered in Guangzhou, China.