Hongli Group Inc. (NASDAQ:HLP) Sees Significant Drop in Short Interest

Hongli Group Inc. (NASDAQ:HLP) was the recipient of a significant drop in short interest in June. As of June 30th, there was short interest totaling 188,468 shares, a drop of 73.7% from the June 15th total of 716,162 shares. Based on an average daily trading volume, of 1,110,618 shares, the days-to-cover ratio is presently 0.2 days.

Hongli Group Stock Performance

Shares of Hongli Group stock traded up $0.17 during mid-day trading on Friday, hitting $1.17. The stock had a trading volume of 1,069,688 shares, compared to its average volume of 1,029,177. The firm has a 50-day moving average of $0.66 and a two-hundred day moving average of $0.86. Hongli Group has a 12-month low of $0.34 and a 12-month high of $1.72.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Hongli Group stock. Goldman Sachs Group Inc. bought a new position in shares of Hongli Group Inc. (NASDAQ:HLP) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 26,154 shares of the company’s stock, valued at approximately $27,000.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on HLP. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Hongli Group in a research note on Friday, May 8th. Wall Street Zen raised shares of Hongli Group to a “hold” rating in a research report on Saturday, June 27th. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the stock currently has an average rating of “Sell”.

About Hongli Group

Hongli Group (NASDAQ: HLP) is a China-based manufacturer specializing in high-performance polyethylene separator membranes for lithium-ion batteries. The company develops, produces and distributes microporous membrane products designed to enhance battery safety, efficiency and life span. Its core separators find application in electric vehicles, consumer electronics, energy storage systems and power tools.

Leveraging in-house research and development capabilities, Hongli Group continually refines its production processes and membrane formulations.