Mega Fortune Company Limited’s Lock-Up Period Will Expire on January 12th (NASDAQ:MGRT)

Mega Fortune’s (NASDAQ:MGRT) lock-up period is set to end on Monday, January 12th. Mega Fortune had issued 3,750,000 shares in its IPO on July 16th. The total size of the offering was $15,000,000 based on an initial share price of $4.00. Shares of the company owned by major shareholders and company insiders will be eligible for trade following the end of the lock-up period.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Wall Street Zen upgraded Mega Fortune to a “hold” rating in a research note on Saturday, December 27th. Weiss Ratings initiated coverage on Mega Fortune in a research report on Thursday, October 9th. They issued a “sell (e-)” rating on the stock. One research analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the stock has a consensus rating of “Sell”.

Mega Fortune Price Performance

Mega Fortune stock opened at $6.60 on Friday. Mega Fortune has a 12 month low of $1.50 and a 12 month high of $14.50. The stock has a fifty day simple moving average of $6.70.

About Mega Fortune

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.