Meituan (OTCMKTS:MPNGF) Sees Significant Growth in Short Interest

Meituan (OTCMKTS:MPNGF) was the target of a large growth in short interest during the month of August. As of August 31st, there was short interest totaling 13,349,698 shares, a growth of 2,898.9% from the August 15th total of 445,157 shares. Based on an average trading volume of 25,355 shares, the days-to-cover ratio is currently 526.5 days.

Meituan Trading Up 1.1%

Shares of MPNGF opened at $9.47 on Friday. The business’s 50-day moving average is $10.54 and its 200-day moving average is $10.29. Meituan has a fifty-two week low of $8.20 and a fifty-two week high of $14.20.

Wall Street Analyst Weigh In

Separately, Citigroup upgraded Meituan to a “buy” rating in a research report on Tuesday, June 2nd. One research analyst has rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy”.

About Meituan

Meituan is a leading Chinese technology-driven platform that facilitates on-demand delivery and local services through its mobile application and website. The company offers a wide range of services, including food delivery, in-store dining, grocery and fresh produce delivery, ride sharing, and hotel and travel bookings. Leveraging an extensive network of local merchants and service providers, Meituan connects millions of users with convenient, real-time access to everyday services and experiences across urban and suburban communities in Mainland China.

Founded in June 2010 by serial internet entrepreneur Wang Xing, Meituan originally launched as a group-buying platform before expanding its offerings to encompass multiple verticals in the online-to-offline (O2O) economy.