Singularity Future Technology Ltd. (NASDAQ:SGLY) Stock Short Interest Rises 1,365.3%

Singularity Future Technology Ltd. (NASDAQ:SGLY) was the recipient of a significant growth in short interest in October. As of October 30th, there was short interest totaling 675,584 shares, a growth of 1,365.3% from the October 15th total of 46,105 shares. Based on an average daily volume of 4,454,127 shares, the short-interest ratio is presently 0.2 days. Currently, 21.5% of the shares of the stock are sold short.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on SGLY. Weiss Ratings reiterated a “sell (e+)” rating on shares of Singularity Future Technology in a research note on Friday, October 30th. Wall Street Zen downgraded Singularity Future Technology from a “hold” rating to a “sell” rating in a report on Saturday, October 31st. One research analyst has rated the stock with a Sell rating. According to data from MarketBeat, the stock has a consensus rating of “Sell”.

Singularity Future Technology Stock Down 4.3%

Shares of SGLY traded down $0.02 on Thursday, hitting $0.56. The company’s stock had a trading volume of 11,974 shares, compared to its average volume of 672,434. The firm has a market capitalization of $1.96 million, a price-to-earnings ratio of -0.02 and a beta of 1.36. Singularity Future Technology has a fifty-two week low of $0.30 and a fifty-two week high of $14.28. The firm’s fifty day moving average price is $0.84 and its 200-day moving average price is $4.17.

Singularity Future Technology (NASDAQ:SGLY) last released its quarterly earnings results on Tuesday, October 13th. The company reported $1.60 earnings per share (EPS) for the quarter, missing the consensus estimate of $7.00 by ($5.40). Singularity Future Technology had a negative net margin of 347.46% and a negative return on equity of 35.44%. The firm had revenue of $0.83 million during the quarter, compared to analyst estimates of $11.30 million.

About Singularity Future Technology

Singularity Future Technology Ltd. (NASDAQ: SGLY) is a technology company focused on blockchain infrastructure and digital asset-related services. Its activities have included the sale and deployment of cryptocurrency mining equipment, mining-machine hosting, and related technical and operational support. The company has also pursued cryptocurrency mining and data-center initiatives, working to provide infrastructure for digital-asset mining operations. Its services may include equipment procurement, hosting arrangements, facility management and other support associated with blockchain computing.