Singularity Future Technology Ltd. (NASDAQ:SGLY) Sees Significant Decrease in Short Interest

Singularity Future Technology Ltd. (NASDAQ:SGLY) was the recipient of a significant decline in short interest during the month of December. As of December 15th, there was short interest totaling 119,141 shares, a decline of 34.4% from the November 30th total of 181,604 shares. Approximately 3.2% of the shares of the company are sold short. Based on an average daily trading volume, of 33,853 shares, the days-to-cover ratio is presently 3.5 days. Based on an average daily trading volume, of 33,853 shares, the days-to-cover ratio is presently 3.5 days. Approximately 3.2% of the shares of the company are sold short.

Singularity Future Technology Stock Performance

NASDAQ:SGLY traded down $0.01 during mid-day trading on Monday, hitting $0.51. 46,660 shares of the stock were exchanged, compared to its average volume of 622,196. The firm’s 50-day simple moving average is $0.62 and its 200 day simple moving average is $0.89. The stock has a market capitalization of $2.15 million, a price-to-earnings ratio of -0.17 and a beta of 1.16. Singularity Future Technology has a fifty-two week low of $0.45 and a fifty-two week high of $5.49.

Analysts Set New Price Targets

Separately, Weiss Ratings reiterated a “sell (e+)” rating on shares of Singularity Future Technology in a research note on Monday, December 22nd. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the company currently has an average rating of “Sell”.

About Singularity Future Technology

Singularity Future Technology Corp. is a blank check company incorporated in Delaware in March 2021. The company completed its initial public offering that same month and its units began trading on the Nasdaq under the ticker symbol SGLY. It was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or other business combination with one or more businesses or entities.

Through its acquisition strategy, Singularity Future Technology seeks to identify high-growth targets in emerging technology sectors such as artificial intelligence, blockchain applications, digital infrastructure and other related fields.