Magic Empire Global (NASDAQ:MEGL) Trading 1.8% Higher – What’s Next?

Magic Empire Global Limited (NASDAQ:MEGL) rose 1.8% on Friday . The stock traded as high as $1.24 and last traded at $1.2316. Approximately 5,414 shares were traded during mid-day trading, a decline of 64% from the average daily volume of 15,064 shares. The stock had previously closed at $1.21.

Analysts Set New Price Targets

Separately, Weiss Ratings restated a “sell (e+)” rating on shares of Magic Empire Global in a research report on Wednesday, October 8th. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the company currently has an average rating of “Sell”.

Magic Empire Global Stock Performance

The firm’s 50-day simple moving average is $1.27 and its 200 day simple moving average is $1.42.

Magic Empire Global (NASDAQ:MEGL) last issued its quarterly earnings results on Friday, October 17th. The company reported ($0.45) earnings per share (EPS) for the quarter. The firm had revenue of $0.33 million during the quarter.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in Magic Empire Global stock. Citadel Advisors LLC acquired a new position in shares of Magic Empire Global Limited (NASDAQ:MEGL) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 26,900 shares of the company’s stock, valued at approximately $41,000. Citadel Advisors LLC owned about 0.66% of Magic Empire Global as of its most recent SEC filing. 0.51% of the stock is currently owned by institutional investors and hedge funds.

Magic Empire Global Company Profile

Magic Empire Global Ltd (NASDAQ: MEGL) is a technology-driven company that specializes in the design, manufacturing and distribution of smart hardware and entertainment solutions. Its core offerings include virtual reality (VR) and augmented reality (AR) gaming systems tailored for theme parks, family entertainment centers, museums and esports venues. The company also develops high-end ergonomic computer desks and chairs equipped with integrated connectivity features, targeting both home users and business customers.

Through its vertically integrated model, Magic Empire Global oversees product design, in-house manufacturing and global logistics from its facilities in Guangdong province.