Short Interest in Mega Fortune Company Limited (NASDAQ:MGRT) Decreases By 16.1%

Key Points

• Short interest in Mega Fortune (NASDAQ:MGRT) fell 16.1% to 36,543 shares as of March 31, equal to 0.3% of shares short and a days-to-cover ratio of 2.7.
• Shares surged 10.4% to $116.16 on Friday with volume of 72,287, while the 12-month range is $1.50–$170 and the 50-day/200-day moving averages are $18.32 and $10.34, respectively.
• The consensus analyst rating remains Sell despite a Wall Street Zen upgrade to "Hold," and the company reported $0.04 EPS in its most recent quarter.

Mega Fortune Company Limited (NASDAQ:MGRT - Get Free Report) was the target of a large decrease in short interest in March. As of March 31st, there was short interest totaling 36,543 shares, a decrease of 16.1% from the March 15th total of 43,567 shares. Currently, 0.3% of the company's shares are short sold. Based on an average trading volume of 13,485 shares, the days-to-cover ratio is currently 2.7 days.

Mega Fortune Stock Up 10.4%

Shares of NASDAQ:MGRT traded up $10.90 during mid-day trading on Friday, hitting $116.16. The stock had a trading volume of 72,287 shares, compared to its average volume of 183,182. Mega Fortune has a 12-month low of $1.50 and a 12-month high of $170.00. The company's 50 day moving average is $18.32 and its 200-day moving average is $10.34.

Mega Fortune (NASDAQ:MGRT - Get Free Report) last issued its quarterly earnings results on Tuesday, February 3rd. The company reported $0.04 EPS for the quarter.

Analyst Ratings Changes

Separately, Wall Street Zen upgraded shares of Mega Fortune to a "hold" rating in a research report on Saturday, December 27th. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat.com, the company currently has an average rating of "Sell".

Mega Fortune Company Profile

We are a holding company incorporated as an exempted company with limited liability in the Cayman Islands. Our ordinary shares offered in this prospectus are shares of our Cayman Islands holding company. As a holding company with no material operations of our own, we conduct our business through our operating subsidiary in Hong Kong. We own 100% equity interest of all our subsidiaries and do not have a variable interest entity, or VIE, structure. We are an Internet of Things (“IoT”) solution provider in Hong Kong.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.