Hongli Group Inc. (NASDAQ:HLP) Sees Significant Drop in Short Interest

Hongli Group Inc. (NASDAQ:HLP) was the target of a significant drop in short interest in the month of June. As of June 30th, there was short interest totaling 188,468 shares, a drop of 73.7% from the June 15th total of 716,162 shares. Based on an average daily volume of 1,110,618 shares, the days-to-cover ratio is presently 0.2 days.

Institutional Trading of Hongli Group

A hedge fund recently raised its stake in Hongli Group stock. Renaissance Technologies LLC grew its holdings in Hongli Group Inc. (NASDAQ:HLP) by 35.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 93,925 shares of the company’s stock after purchasing an additional 24,525 shares during the quarter. Renaissance Technologies LLC’s holdings in Hongli Group were worth $83,000 as of its most recent SEC filing.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on HLP shares. Wall Street Zen upgraded Hongli Group to a “hold” rating in a report on Saturday, June 27th. Weiss Ratings reissued a “sell (d+)” rating on shares of Hongli Group in a report on Friday, May 8th. One research analyst has rated the stock with a Sell rating, According to data from MarketBeat, Hongli Group currently has an average rating of “Sell”.

Hongli Group Price Performance

Shares of Hongli Group stock traded up $0.17 during trading hours on Friday, reaching $1.17. 1,069,688 shares of the company’s stock were exchanged, compared to its average volume of 1,029,177. The business has a fifty day moving average of $0.66 and a two-hundred day moving average of $0.86. Hongli Group has a 1 year low of $0.34 and a 1 year high of $1.72.

Hongli Group Company Profile

Hongli Group (NASDAQ: HLP) is a China-based manufacturer specializing in high-performance polyethylene separator membranes for lithium-ion batteries. The company develops, produces and distributes microporous membrane products designed to enhance battery safety, efficiency and life span. Its core separators find application in electric vehicles, consumer electronics, energy storage systems and power tools.

Leveraging in-house research and development capabilities, Hongli Group continually refines its production processes and membrane formulations.