Prestige Wealth Inc. (NASDAQ:AURE) Sees Large Decline in Short Interest

Key Points

• Short interest in Prestige Wealth fell sharply in June, dropping 49.3% to 13,823 shares as of June 30 from 27,277 shares on June 15. The stock’s short-interest ratio is now 0.8 days.
• Institutional ownership saw a notable increase after Yorkville Advisors Global LP disclosed a new position of 27,777,778 shares valued at about $6.94 million. Institutional investors now own 7.68% of the company.
• Analysts remain cautious, with Weiss Ratings upgrading the stock only from “sell (d-)” to “sell (d)” and MarketBeat showing a consensus rating of “Sell.”

Prestige Wealth Inc. (NASDAQ:AURE - Get Free Report) was the recipient of a large decline in short interest in the month of June. As of June 30th, there was short interest totaling 13,823 shares, a decline of 49.3% from the June 15th total of 27,277 shares. Currently, 0.0% of the shares of the company are sold short. Based on an average daily volume of 17,338 shares, the short-interest ratio is currently 0.8 days.

Institutional Inflows and Outflows

A hedge fund recently bought a new position in Prestige Wealth stock. Yorkville Advisors Global LP acquired a new stake in shares of Prestige Wealth Inc. (NASDAQ:AURE - Free Report) during the 4th quarter, according to its most recent 13F filing with the SEC. The firm acquired 27,777,778 shares of the company's stock, valued at approximately $6,939,000. Prestige Wealth makes up 4.4% of Yorkville Advisors Global LP's portfolio, making the stock its 4th largest position. Yorkville Advisors Global LP owned about 7.54% of Prestige Wealth as of its most recent SEC filing. 7.68% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Separately, Weiss Ratings upgraded shares of Prestige Wealth from a "sell (d-)" rating to a "sell (d)" rating in a research report on Wednesday, July 1st. One analyst has rated the stock with a Sell rating, According to data from MarketBeat, the company currently has a consensus rating of "Sell".

Prestige Wealth Trading Up 5.2%

Shares of Prestige Wealth stock opened at $1.74 on Wednesday. The company has a quick ratio of 59.95, a current ratio of 59.95 and a debt-to-equity ratio of 0.36. Prestige Wealth has a 1 year low of $1.25 and a 1 year high of $14.60. The firm's 50 day moving average is $2.28. The company has a market cap of $60.03 million, a price-to-earnings ratio of -1.93 and a beta of 2.38.

Prestige Wealth Company Profile

Through our subsidiaries, we are a wealth management and asset management services provider based in Hong Kong, with the majority of our subsidiaries' operations in Hong Kong. Our subsidiaries assist their clients in identifying and purchasing well matched wealth management products and global asset management products. Our subsidiaries' clients for both wealth management and asset management services are primarily high net worth and ultra-high net worth individuals in Asia, and a majority of our subsidiaries' clients reside in mainland China or Hong Kong.

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