Short Interest in Magic Empire Global Limited (NASDAQ:MEGL) Declines By 14.0%

Magic Empire Global Limited (NASDAQ:MEGL) was the target of a significant drop in short interest in February. As of February 27th, there was short interest totaling 57,716 shares, a drop of 14.0% from the February 12th total of 67,098 shares. Based on an average daily trading volume, of 7,327 shares, the days-to-cover ratio is presently 7.9 days. Currently, 3.8% of the company’s stock are sold short. Currently, 3.8% of the company’s stock are sold short. Based on an average daily trading volume, of 7,327 shares, the days-to-cover ratio is presently 7.9 days.

Magic Empire Global Stock Performance

Magic Empire Global stock traded down $0.01 during midday trading on Wednesday, hitting $1.07. 572 shares of the company were exchanged, compared to its average volume of 24,469. The company’s fifty day moving average price is $1.08 and its 200-day moving average price is $1.28. Magic Empire Global has a fifty-two week low of $0.87 and a fifty-two week high of $2.62.

Institutional Trading of Magic Empire Global

An institutional investor recently bought a new position in Magic Empire Global stock. Citadel Advisors LLC purchased a new stake in shares of Magic Empire Global Limited (NASDAQ:MEGL) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 26,900 shares of the company’s stock, valued at approximately $41,000. Citadel Advisors LLC owned approximately 0.66% of Magic Empire Global at the end of the most recent quarter. 0.51% of the stock is currently owned by institutional investors.

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.