MGN (NASDAQ:MGN) Sees Large Growth in Short Interest

MGN (NASDAQ:MGN) saw a large growth in short interest in July. As of July 31st, there was short interest totaling 1,346,789 shares, a growth of 776.8% from the July 15th total of 153,599 shares. Currently, 3.6% of the shares of the company are sold short. Based on an average daily volume of 8,532,838 shares, the short-interest ratio is currently 0.2 days.

MGN Stock Down 0.2%

Shares of MGN stock traded down $0.00 during mid-day trading on Thursday, reaching $0.10. The stock had a trading volume of 473,945 shares, compared to its average volume of 17,356,576. MGN has a 1-year low of $0.06 and a 1-year high of $8.63. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.05 and a current ratio of 2.05. The business has a fifty day moving average of $0.13.

Shares of MGN are going to reverse split on the morning of Friday, August 21st. The 1-40 reverse split was recently announced. The number of shares owned by shareholders will be adjusted after the closing bell on Thursday, August 20th.

MGN (NASDAQ:MGN) last issued its earnings results on Friday, May 15th. The company reported ($0.01) EPS for the quarter. The company had revenue of $8.68 million during the quarter.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings upgraded shares of MGN from a “sell (e)” rating to a “sell (d-)” rating in a research note on Monday, June 1st. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, MGN presently has a consensus rating of “Sell”.

About MGN

Megan Holdings is a company principally engaged in the development, construction and maintenance of aquaculture farms and related works. Megan Holdings is based in Malaysia.