BGM Group (NASDAQ:BGM) Shares Gap Down – Here’s Why

BGM Group Ltd. (NASDAQ:BGM) gapped down before the market opened on Wednesday . The stock had previously closed at $9.57, but opened at $9.02. BGM Group shares last traded at $9.49, with a volume of 1,261 shares.

Analysts Set New Price Targets

Separately, Weiss Ratings restated a “sell (d)” rating on shares of BGM Group in a research report on Wednesday, October 8th. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat.com, the company has a consensus rating of “Sell”.

BGM Group Stock Down 1.0%

The stock’s 50 day moving average price is $9.26 and its two-hundred day moving average price is $10.23.

Hedge Funds Weigh In On BGM Group

A hedge fund recently bought a new stake in BGM Group stock. Marshall Wace LLP purchased a new position in shares of BGM Group Ltd. (NASDAQ:BGM) in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 20,632 shares of the company’s stock, valued at approximately $218,000.

About BGM Group

Qilian International Holding Group Limited manufactures and distributes active pharmaceutical ingredients (APIs), traditional Chinese medicine derivatives (TCMD), and other by-products in China. The company provides licorice products, including Gan Di Xin, an antitussive and expectorant medicine; Qilian Shan Licorice Extract, an ingredient for pharmaceutical companies to manufacture traditional licorice tablets; and Qilian Shan licorice liquid extract, a primary ingredient for medical preparation companies to produce compound licorice oral solutions.