Magic Empire Global (NASDAQ:MEGL) Trading Down 0.8% – What’s Next?

Magic Empire Global Limited (NASDAQ:MEGL)’s stock price fell 0.8% during mid-day trading on Friday . The stock traded as low as $1.17 and last traded at $1.19. 15,145 shares were traded during trading, a decline of 42% from the average session volume of 26,301 shares. The stock had previously closed at $1.20.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings restated a “sell (e+)” rating on shares of Magic Empire Global in a report on Wednesday, October 8th. One analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, Magic Empire Global has a consensus rating of “Sell”.

Magic Empire Global Stock Performance

The business’s 50 day simple moving average is $1.34 and its 200-day simple moving average is $1.46.

Magic Empire Global (NASDAQ:MEGL) last announced its quarterly earnings results on Friday, October 17th. The company reported ($0.45) earnings per share (EPS) for the quarter. The firm had revenue of $0.33 million during the quarter.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in Magic Empire Global stock. Citadel Advisors LLC purchased a new stake in Magic Empire Global Limited (NASDAQ:MEGL) during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 26,900 shares of the company’s stock, valued at approximately $41,000. Citadel Advisors LLC owned about 0.66% of Magic Empire Global as of its most recent filing with the Securities & Exchange Commission. 0.51% of the stock is currently owned by institutional investors and hedge funds.

Magic Empire Global Company Profile

Magic Empire Global Ltd (NASDAQ: MEGL) is a technology-driven company that specializes in the design, manufacturing and distribution of smart hardware and entertainment solutions. Its core offerings include virtual reality (VR) and augmented reality (AR) gaming systems tailored for theme parks, family entertainment centers, museums and esports venues. The company also develops high-end ergonomic computer desks and chairs equipped with integrated connectivity features, targeting both home users and business customers.

Through its vertically integrated model, Magic Empire Global oversees product design, in-house manufacturing and global logistics from its facilities in Guangdong province.