ARB IOT Group (NASDAQ:ARBB) Trading Down 1.3% – Here’s What Happened

ARB IOT Group Limited (NASDAQ:ARBB) shares were down 1.3% on Thursday . The company traded as low as $4.19 and last traded at $4.2360. Approximately 1,461 shares were traded during mid-day trading, a decline of 35% from the average daily volume of 2,242 shares. The stock had previously closed at $4.29.

Analysts Set New Price Targets

A number of brokerages recently weighed in on ARBB. Weiss Ratings lowered shares of ARB IOT Group from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Thursday, July 23rd. Zacks Research raised ARB IOT Group to a “hold” rating in a research note on Wednesday, June 17th. Finally, Maxim Group lowered ARB IOT Group from a “buy” rating to a “hold” rating in a report on Tuesday, June 16th. Two analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, ARB IOT Group currently has an average rating of “Reduce”.

ARB IOT Group Stock Down 3.0%

The company’s 50 day moving average is $4.70 and its 200-day moving average is $4.80.

ARB IOT Group (NASDAQ:ARBB) last released its quarterly earnings data on Friday, May 8th. The company reported ($1.02) EPS for the quarter. The business had revenue of $18.53 million for the quarter.

About ARB IOT Group

ARB IOT Group Limited, through its subsidiaries, provides Internet of Things (IoT) system solutions, and system integration and support services in Malaysia. It offers IoT smart home and building solutions, such as design, procurement, and provision of smart home products and devices; integration services; and electrical wire installation and home data network setup for homeowners, as well as provides smart building solutions, including design, procurement, installation, testing, pre-commissioning and commissioning of various IoT systems, solutions, and devices; and integration of automated systems for smart buildings, including installation of wire and wireless, and mechatronic works for property developers and contractors.