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

Key Points

• Primech Holdings Ltd. experienced a significant increase in short interest of 386.5% in August, rising to 169,800 shares compared to 34,900 shares earlier in the month.
• The company's stock price saw a drop of 3.2%, currently trading at $1.81, with a 1-year low of $0.54 and a 1-year high of $1.89.
• XTX Topco Ltd. increased its stake in Primech Holdings by 123.8%, owning approximately 0.10% of the company valued at $31,000 after purchasing additional shares.

Primech Holdings Ltd. (NASDAQ:PMEC - ) was the recipient of a significant growth in short interest during the month of August. As of August 31st, there was short interest totaling 169,800 shares, a growth of 386.5% from the August 15th total of 34,900 shares. Based on an average daily volume of 108,200 shares, the days-to-cover ratio is currently 1.6 days. Currently, 2.5% of the company's stock are short sold. Currently, 2.5% of the company's stock are short sold. Based on an average daily volume of 108,200 shares, the days-to-cover ratio is currently 1.6 days.

Primech Stock Down 3.2%

NASDAQ PMEC opened at $1.81 on Friday. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.39 and a quick ratio of 1.39. Primech has a 1-year low of $0.54 and a 1-year high of $1.89. The business's fifty day moving average price is $1.57 and its 200-day moving average price is $1.20.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in Primech stock. XTX Topco Ltd boosted its holdings in shares of Primech Holdings Ltd. (NASDAQ:PMEC - Free Report) by 123.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 39,960 shares of the company's stock after buying an additional 22,104 shares during the quarter. XTX Topco Ltd owned approximately 0.10% of Primech worth $31,000 at the end of the most recent quarter. Hedge funds and other institutional investors own 88.06% of the company's stock.

About Primech

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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