Kaixin Holdings (NASDAQ:KXIN) Shares Shorted: Short Interest Down 76.1% in September

Kaixin Holdings (NASDAQ:KXIN) was the target of a large drop in short interest in September. As of September 15th, there was short interest totaling 93,502 shares, a drop of 76.1% from the August 31st total of 391,562 shares. Based on an average daily trading volume, of 126,638 shares, the short-interest ratio is currently 0.7 days. Currently, 7.5% of the shares of the stock are short sold.

Kaixin Price Performance

Shares of Kaixin stock traded down $0.09 during trading on Friday, hitting $1.42. The stock had a trading volume of 123,436 shares, compared to its average volume of 5,368,366. The firm’s fifty day simple moving average is $3.57 and its 200-day simple moving average is $4.75. Kaixin has a 12 month low of $0.54 and a 12 month high of $832.50.

Kaixin (NASDAQ:KXIN) last issued its quarterly earnings results on Wednesday, September 16th. The company reported ($0.10) EPS for the quarter. The company had revenue of $0.33 million for the quarter.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on KXIN shares. Wall Street Zen upgraded shares of Kaixin from a “strong sell” rating to a “hold” rating in a research report on Saturday. Weiss Ratings reissued a “sell (e+)” rating on shares of Kaixin in a research note on Friday, July 17th. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the stock presently has a consensus rating of “Sell”.

About Kaixin

Kaixin (NASDAQ: KXIN), formerly known as Kaixin Auto Holdings, is an automotive company based in China. Historically, its business focused on the retail and distribution of used automobiles, supported by related services such as vehicle financing, insurance facilitation and after-sales services.

The company has also pursued opportunities in the new-energy vehicle sector, including the development and commercialization of electric-vehicle products and related technologies. Its business activities have primarily targeted the Chinese automotive market, although its strategic initiatives have included partnerships and potential expansion beyond China.

Kaixin has undergone changes in its business strategy and corporate structure over time as it has sought to transition from a used-car retailer toward a broader automotive and new-energy vehicle company.