ARB IOT Group Limited (NASDAQ:ARBB) Sees Large Drop in Short Interest

ARB IOT Group Limited (NASDAQ:ARBB) was the target of a significant drop in short interest in the month of May. As of May 31st, there was short interest totalling 5,800 shares, a drop of 96.8% from the May 15th total of 179,600 shares. Currently, 0.6% of the company’s stock are short sold. Based on an average daily volume of 125,800 shares, the days-to-cover ratio is presently 0.0 days.

ARB IOT Group Stock Performance

ARBB stock opened at $7.25 on Friday. The firm has a 50 day simple moving average of $9.22 and a 200 day simple moving average of $8.69. ARB IOT Group has a 52 week low of $3.22 and a 52 week high of $18.60.

Institutional Trading of ARB IOT Group

Several institutional investors have recently made changes to their positions in ARBB. Renaissance Technologies LLC acquired a new stake in shares of ARB IOT Group during the fourth quarter worth approximately $28,000. Virtu Financial LLC acquired a new stake in shares of ARB IOT Group during the first quarter worth approximately $31,000. Finally, Citadel Advisors LLC boosted its holdings in shares of ARB IOT Group by 120.1% during the fourth quarter. Citadel Advisors LLC now owns 72,831 shares of the company’s stock worth $36,000 after purchasing an additional 39,744 shares during the period. 14.79% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Separately, Maxim Group upgraded shares of ARB IOT Group to a “strong-buy” rating and set a $20.00 price target for the company in a report on Monday.

About ARB IOT Group

ARB IOT Group Limited, through its subsidiaries, provides Internet of Things (IoT) system solutions, and system integration and support services in Malaysia. It offers IoT smart home and building solutions, such as design, procurement, and provision of smart home products and devices; integration services; and electrical wire installation and home data network setup for homeowners, as well as provides smart building solutions, including design, procurement, installation, testing, pre-commissioning and commissioning of various IoT systems, solutions, and devices; and integration of automated systems for smart buildings, including installation of wire and wireless, and mechatronic works for property developers and contractors.