Singularity Future Technology Ltd. (NASDAQ:SGLY) Stock Short Interest Jumps 1,365.3%

Singularity Future Technology Ltd. (NASDAQ:SGLY) saw a significant growth in short interest in the month of October. As of October 30th, there was short interest totaling 675,584 shares, a growth of 1,365.3% from the October 15th total of 46,105 shares. Based on an average daily volume of 4,454,127 shares, the days-to-cover ratio is currently 0.2 days. Approximately 21.5% of the company’s stock are short sold.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. Wall Street Zen lowered shares of Singularity Future Technology from a “hold” rating to a “sell” rating in a research note on Saturday, October 31st. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Singularity Future Technology in a research note on Friday, October 30th. One equities research analyst has rated the stock with a Sell rating. According to data from MarketBeat, the stock currently has a consensus rating of “Sell”.

Singularity Future Technology Stock Performance

SGLY traded up $0.12 during midday trading on Tuesday, reaching $0.58. 633,747 shares of the company were exchanged, compared to its average volume of 2,545,070. The company’s fifty day moving average price is $0.85 and its 200 day moving average price is $4.22. Singularity Future Technology has a one year low of $0.30 and a one year high of $14.28.

Singularity Future Technology (NASDAQ:SGLY) last posted its earnings results on Tuesday, October 13th. The company reported $1.60 earnings per share for the quarter, missing analysts’ consensus estimates of $7.00 by ($5.40). The company had revenue of $0.83 million during the quarter, compared to the consensus estimate of $11.30 million. Singularity Future Technology had a negative net margin of 347.46% and a negative return on equity of 35.44%.

About Singularity Future Technology

Singularity Future Technology Ltd. (NASDAQ: SGLY) is a technology company focused on blockchain infrastructure and digital asset-related services. Its activities have included the sale and deployment of cryptocurrency mining equipment, mining-machine hosting, and related technical and operational support. The company has also pursued cryptocurrency mining and data-center initiatives, working to provide infrastructure for digital-asset mining operations. Its services may include equipment procurement, hosting arrangements, facility management and other support associated with blockchain computing.