Primech Holdings Ltd. (NASDAQ:PMEC) Sees Large Decrease in Short Interest

Key Points

• Primech Holdings Ltd. (NASDAQ:PMEC) experienced a 34.7% decrease in short interest throughout September, dropping from 98,700 shares to 64,500 shares.
• Institutional investors hold a significant stake in Primech, with 88.06% of the company's stock owned by hedge funds and other institutional entities.
• Analysts maintain a consensus rating of "Sell" for Primech, with Weiss Ratings issuing a "sell (d-)" rating on October 8th.

Primech Holdings Ltd. (NASDAQ:PMEC - Get Free Report) saw a significant decrease in short interest in September. As of September 30th, there was short interest totaling 64,500 shares, a decrease of 34.7% from the September 15th total of 98,700 shares. Currently, 1.0% of the shares of the company are sold short. Based on an average trading volume of 98,700 shares, the short-interest ratio is currently 0.7 days. Based on an average trading volume of 98,700 shares, the short-interest ratio is currently 0.7 days. Currently, 1.0% of the shares of the company are sold short.

Institutional Investors Weigh In On Primech

A hedge fund recently raised its stake in Primech stock. XTX Topco Ltd lifted its stake in Primech Holdings Ltd. (NASDAQ:PMEC - Free Report) by 123.8% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 39,960 shares of the company's stock after acquiring an additional 22,104 shares during the period. XTX Topco Ltd owned approximately 0.10% of Primech worth $31,000 at the end of the most recent reporting period. Hedge funds and other institutional investors own 88.06% of the company's stock.

Analyst Ratings Changes

Separately, Weiss Ratings reissued a "sell (d-)" rating on shares of Primech in a research report on Wednesday, October 8th. One analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the company currently has a consensus rating of "Sell".

Primech Trading Down 1.4%

Shares of NASDAQ PMEC traded down $0.03 during midday trading on Wednesday, hitting $2.18. The company's stock had a trading volume of 106,114 shares, compared to its average volume of 262,442. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.39 and a current ratio of 1.39. The stock has a fifty day moving average price of $1.77 and a 200 day moving average price of $1.41. Primech has a one year low of $0.54 and a one year high of $2.44.

Primech Company Profile

Primech Holdings Ltd. provides facilities and stewarding services in the public and private sectors in Singapore. Its facilities services include educational institutions cleaning, airport cleaning, and conservancy areas cleaning services, as well as offers cleaning of hotels, public spaces, roads, condominium, office, industrial, and retail stores.

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