MGN (NASDAQ:MGN) Sees Large Increase in Short Interest

MGN (NASDAQ:MGN) was the recipient of a large increase in short interest during the month of August. As of August 31st, there was short interest totaling 669,792 shares, an increase of 182.0% from the August 15th total of 237,476 shares. Based on an average daily trading volume, of 14,563,290 shares, the short-interest ratio is currently 0.0 days. Approximately 2.2% of the shares of the company are sold short.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings restated a “sell (d-)” rating on shares of MGN in a research report on Thursday, August 27th. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the company presently has a consensus rating of “Sell”.

MGN Trading Down 12.9%

NASDAQ MGN opened at $0.17 on Friday. The stock’s 50 day simple moving average is $116.70. MGN has a 12-month low of $0.15 and a 12-month high of $345.20. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.05 and a current ratio of 2.05.

MGN shares are going to reverse split before the market opens on Thursday, September 17th. The 1-30 reverse split was recently announced. The number of shares owned by shareholders will be adjusted after the market closes on Wednesday, September 16th.

About MGN

Megan Holdings is a company principally engaged in the development, construction and maintenance of aquaculture farms and related works. Megan Holdings is based in Malaysia.