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

ARB IOT Group Limited (NASDAQ:ARBB) was the target of a large drop in short interest during the month of June. As of June 30th, there was short interest totaling 11,088 shares, a drop of 41.4% from the June 15th total of 18,925 shares. Based on an average trading volume of 3,909 shares, the days-to-cover ratio is presently 2.8 days. Approximately 0.6% of the company’s shares are sold short.

Analysts Set New Price Targets

Several brokerages have commented on ARBB. Maxim Group downgraded shares of ARB IOT Group from a “buy” rating to a “hold” rating in a research note on Tuesday, June 16th. Zacks Research raised ARB IOT Group to a “hold” rating in a research note on Wednesday, June 17th. Finally, Weiss Ratings raised ARB IOT Group from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Wednesday, July 8th. Two investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Reduce”.

ARB IOT Group Price Performance

ARB IOT Group stock traded down $0.01 during mid-day trading on Friday, reaching $4.39. 1,821 shares of the company were exchanged, compared to its average volume of 2,610. The company has a fifty day simple moving average of $4.87 and a 200-day simple moving average of $4.98. ARB IOT Group has a 12 month low of $3.71 and a 12 month high of $13.89.

ARB IOT Group (NASDAQ:ARBB) last released its quarterly earnings data on Friday, May 8th. The company reported ($1.02) earnings per share for the quarter. The company had revenue of $18.53 million during the quarter.

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.