Magic Empire Global (NASDAQ:MEGL) Stock Price Down 4.1% – Time to Sell?

Magic Empire Global Limited (NASDAQ:MEGL) shares dropped 4.1% during mid-day trading on Friday . The stock traded as low as $1.08 and last traded at $1.18. Approximately 23,439 shares traded hands during trading, a decline of 94% from the average daily volume of 424,916 shares. The stock had previously closed at $1.23.

Magic Empire Global Stock Performance

The stock’s 50 day moving average is $1.56 and its 200-day moving average is $1.96.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in Magic Empire Global stock. Renaissance Technologies LLC grew its stake in Magic Empire Global Limited (NASDAQ:MEGL) by 139.0% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 57,828 shares of the company’s stock after purchasing an additional 33,628 shares during the period. Renaissance Technologies LLC owned approximately 0.29% of Magic Empire Global worth $31,000 at the end of the most recent reporting period. 0.51% of the stock is currently owned by institutional investors and hedge funds.

Magic Empire Global Company Profile

Magic Empire Global Limited engages in the provision of corporate finance advisory services and underwriting services in Hong Kong. The company provides initial public offering sponsorship, financial and independent financial advisory, post-listing compliance advisory, and underwriting services by acting as global coordinator, bookrunner, lead manager, or underwriter.