Short Interest in Meituan (OTCMKTS:MPNGF) Drops By 67.5%

Meituan (OTCMKTS:MPNGF) saw a large drop in short interest in the month of July. As of July 15th, there was short interest totaling 1,063,608 shares, a drop of 67.5% from the June 30th total of 3,270,279 shares. Based on an average daily volume of 2,457 shares, the days-to-cover ratio is currently 432.9 days.

Meituan Trading Down 3.6%

Shares of Meituan stock opened at $10.60 on Friday. The firm’s 50-day moving average is $9.68 and its two-hundred day moving average is $10.60. Meituan has a 1 year low of $8.20 and a 1 year high of $17.60.

Analyst Upgrades and Downgrades

Separately, Citigroup upgraded Meituan to a “buy” rating in a report on Tuesday, June 2nd. One analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Meituan presently has an average rating of “Hold” and a consensus price target of $10.00.

Meituan Company Profile

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.