MGN (NASDAQ:MGN) Shares Shorted: Short Interest Down 55.2% in October

MGN (NASDAQ:MGN) was the target of a large drop in short interest in October. As of October 15th, there was short interest totaling 14,781 shares, a drop of 55.2% from the September 30th total of 32,996 shares. Approximately 1.4% of the company’s stock are short sold. Based on an average trading volume of 152,141 shares, the days-to-cover ratio is currently 0.1 days.

MGN Trading Up 3.0%

Shares of MGN stock traded up $0.12 during trading hours on Friday, hitting $4.12. 39,391 shares of the company were exchanged, compared to its average volume of 614,281. The firm has a fifty day moving average of $138.68 and a 200 day moving average of $11,503.03. MGN has a 1 year low of $1.67 and a 1 year high of $155.40.

MGN (NASDAQ:MGN) last announced its quarterly earnings results on Friday, August 14th. The company reported ($21.08) earnings per share for the quarter. The company had revenue of $1.56 million for the quarter.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. Weiss Ratings raised shares of MGN from a “sell (d-)” rating to a “sell (d)” rating in a report on Friday, October 2nd. Wall Street Zen downgraded MGN from a “sell” rating to a “strong sell” rating in a report on Sunday, October 4th. One investment analyst has rated the stock with a Sell rating. Based on data from MarketBeat, the company presently has a consensus rating of “Sell”.

MGN Company Profile

Megan Holdings is a company principally engaged in the development, construction and maintenance of aquaculture farms and related works. Megan Holdings is based in Malaysia.