Short Interest in Mingteng International Corporation Inc. (NASDAQ:MTEN) Increases By 24.6%
by Kim Johansen · The Markets DailyMingteng International Corporation Inc. (NASDAQ:MTEN – Get Free Report) was the target of a significant increase in short interest in the month of March. As of March 13th, there was short interest totaling 109,453 shares, an increase of 24.6% from the February 26th total of 87,830 shares. Currently, 9.0% of the shares of the stock are sold short. Based on an average trading volume of 599,044 shares, the short-interest ratio is presently 0.2 days.
Mingteng International Price Performance
NASDAQ MTEN traded down $0.03 on Monday, hitting $1.24. The company had a trading volume of 22,695 shares, compared to its average volume of 459,855. The company’s fifty day moving average price is $2.06 and its 200-day moving average price is $446.65. Mingteng International has a 12-month low of $1.20 and a 12-month high of $5,206.00.
Wall Street Analysts Forecast Growth
A number of research firms have recently commented on MTEN. Weiss Ratings restated a “sell (d-)” rating on shares of Mingteng International in a research report on Friday. Wall Street Zen cut Mingteng International from a “hold” rating to a “sell” rating in a report on Saturday, February 28th. One analyst has rated the stock with a Sell rating, According to data from MarketBeat, the stock presently has a consensus rating of “Sell”.
View Our Latest Report on Mingteng International
About Mingteng International
Mingteng International Group Limited is a special-purpose acquisition company incorporated in the Cayman Islands with a focus on business combinations in the Greater China region. Sponsored by Guangdong Mingteng Investment Holdings Group Co, Ltd., the company completed its initial public offering on the NASDAQ under the ticker MTEN in early 2023. Its primary objective is to leverage sponsor expertise and industry relationships to identify and merge with businesses in high-growth sectors.
The company targets acquisitions across advanced manufacturing, new energy, healthcare, technology and related industries that exhibit strong growth potential.