Short Interest in Kaixin Auto Holdings (NASDAQ:KXIN) Drops By 65.7%

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Kaixin Auto Holdings (NASDAQ:KXIN) saw a large decrease in short interest in December. As of December 31st, there was short interest totalling 577,000 shares, a decrease of 65.7% from the December 15th total of 1,680,000 shares. Currently, 1.6% of the company’s stock are short sold. Based on an average daily volume of 12,090,000 shares, the short-interest ratio is presently 0.0 days.

Separately, ValuEngine cut Kaixin Auto from a “sell” rating to a “strong sell” rating in a research report on Tuesday, December 1st.

Shares of KXIN stock traded down $0.03 during mid-day trading on Wednesday, reaching $4.01. 40,091 shares of the stock traded hands, compared to its average volume of 2,004,736. The stock’s fifty day simple moving average is $4.77 and its two-hundred day simple moving average is $2.40. Kaixin Auto has a 1-year low of $0.40 and a 1-year high of $13.40.

In other news, major shareholder Value Fund Shareholder sold 160,000 shares of the stock in a transaction that occurred on Friday, November 13th. The stock was sold at an average price of $3.15, for a total value of $504,000.00. Following the completion of the sale, the insider now owns 9,253,200 shares of the company’s stock, valued at approximately $29,147,580. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 20.78% of the company’s stock.

About Kaixin Auto

Kaixin Auto Holdings operates as a used car dealership in the People's Republic of China. As of December 31, 2019, the company had 14 dealerships. It also provides financing channels to its customers through its partnership with financial institutions; and value-added services to its customers, including insurance, extended warranties, and after-sales services.

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