Metalpha Technology (NASDAQ:MATH) Shares Up 2.4% – Here’s Why

Shares of Metalpha Technology Holding Limited (NASDAQ:MATH) shot up 2.4% during trading on Friday . The stock traded as high as $1.08 and last traded at $1.01. 79,107 shares changed hands during mid-day trading, a decline of 60% from the average daily volume of 196,902 shares. The stock had previously closed at $0.9861.

Wall Street Analyst Weigh In

Separately, Weiss Ratings downgraded shares of Metalpha Technology from a “sell (d+)” rating to a “sell (d)” rating in a research report on Thursday, August 27th. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat, the company has an average rating of “Sell”.

Metalpha Technology Stock Performance

The firm has a 50 day moving average of $0.89 and a 200 day moving average of $1.01.

Metalpha Technology (NASDAQ:MATH) last issued its quarterly earnings results on Thursday, August 6th. The company reported $0.05 earnings per share (EPS) for the quarter. The business had revenue of $12.56 million during the quarter.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in Metalpha Technology stock. Renaissance Technologies LLC bought a new position in shares of Metalpha Technology Holding Limited (NASDAQ:MATH) during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 46,100 shares of the company’s stock, valued at approximately $53,000. Renaissance Technologies LLC owned approximately 0.12% of Metalpha Technology as of its most recent SEC filing. 30.53% of the stock is currently owned by hedge funds and other institutional investors.

About Metalpha Technology

Metalpha Technology Holding Limited is a digital asset technology and wealth management company focused on serving institutional clients. The company develops and provides financial products and services related to digital assets, including structured products and other solutions designed to help institutions manage cryptocurrency exposure.

Metalpha has been associated with the development of digital asset investment and risk-management products, with its operations centered primarily on the cryptocurrency and blockchain sectors.