Short Interest in MGN (NASDAQ:MGN) Drops By 82.4%

MGN (NASDAQ:MGN) was the recipient of a large decline in short interest during the month of August. As of August 14th, there was short interest totaling 237,476 shares, a decline of 82.4% from the July 30th total of 1,346,789 shares. Currently, 0.6% of the company’s shares are short sold. Based on an average daily volume of 107,148,347 shares, the days-to-cover ratio is presently 0.0 days.

MGN Stock Performance

Shares of MGN stock traded up $0.00 on Thursday, hitting $0.11. 803,541 shares of the company’s stock traded hands, compared to its average volume of 64,776,960. The firm has a 50-day moving average price of $4.29. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.05 and a current ratio of 2.05. MGN has a one year low of $0.06 and a one year high of $8.63.

MGN’s stock is scheduled to reverse split on Tuesday, September 8th. The 1-40 reverse split was recently announced. The number of shares owned by shareholders will be adjusted after the closing bell on Monday, September 7th.

Wall Street Analyst Weigh In

Separately, Weiss Ratings raised shares of MGN from a “sell (e)” rating to a “sell (d-)” rating in a research note on Monday, June 1st. One investment analyst has rated the stock with a Sell rating, According to MarketBeat.com, MGN presently has a consensus rating of “Sell”.

About MGN

Megan Holdings is a company principally engaged in the development, construction and maintenance of aquaculture farms and related works. Megan Holdings is based in Malaysia.