Singularity Future Technology Ltd. (NASDAQ:SGLY) Stock Short Interest Rises 249.0%

Singularity Future Technology Ltd. (NASDAQ:SGLY) was the target of a large increase in short interest in the month of October. As of October 15th, there was short interest totaling 46,105 shares, an increase of 249.0% from the September 30th total of 13,211 shares. Based on an average daily volume of 824,833 shares, the short-interest ratio is currently 0.1 days. Currently, 1.5% of the shares of the company are short sold.

Analysts Set New Price Targets

A number of analysts have issued reports on SGLY shares. Weiss Ratings reiterated a “sell (e+)” rating on shares of Singularity Future Technology in a report on Monday, August 3rd. Wall Street Zen raised Singularity Future Technology from a “sell” rating to a “hold” rating in a research report on Sunday, October 11th. One investment analyst has rated the stock with a Sell rating. According to data from MarketBeat.com, the company has a consensus rating of “Sell”.

Singularity Future Technology Price Performance

NASDAQ SGLY traded up $0.14 on Thursday, hitting $0.50. The company had a trading volume of 4,955,159 shares, compared to its average volume of 534,696. The company has a market capitalization of $1.74 million, a PE ratio of -0.02 and a beta of 1.45. The company’s fifty day moving average price is $1.17 and its 200-day moving average price is $4.67. Singularity Future Technology has a 12-month low of $0.30 and a 12-month high of $14.28.

Singularity Future Technology (NASDAQ:SGLY) last issued its quarterly earnings results on Tuesday, October 13th. The company reported $1.60 EPS for the quarter, missing the consensus estimate of $7.00 by ($5.40). Singularity Future Technology had a negative return on equity of 35.44% and a negative net margin of 347.46%. The firm had revenue of $0.83 million for the quarter, compared to analysts’ expectations of $11.30 million.

About Singularity Future Technology

Singularity Future Technology Ltd. (NASDAQ: SGLY) is a technology company focused on blockchain infrastructure and digital asset-related services. Its activities have included the sale and deployment of cryptocurrency mining equipment, mining-machine hosting, and related technical and operational support.

The company has also pursued cryptocurrency mining and data-center initiatives, working to provide infrastructure for digital-asset mining operations. Its services may include equipment procurement, hosting arrangements, facility management and other support associated with blockchain computing.

Singularity Future Technology was formerly known as Sino-Global Shipping America Ltd., a company that provided shipping agency and logistics services.