Singularity Future Technology Ltd. (NASDAQ:SGLY) Shares Shorted: Short Interest Up 1,365.3% in October

Singularity Future Technology Ltd. (NASDAQ:SGLY) saw a large increase in short interest during the month of October. As of October 30th, there was short interest totaling 675,584 shares, an increase of 1,365.3% from the October 15th total of 46,105 shares. Based on an average trading volume of 4,454,127 shares, the days-to-cover ratio is presently 0.2 days. Currently, 21.5% of the company’s shares are short sold.

Analyst Ratings Changes

Several research firms recently issued reports on SGLY. Wall Street Zen cut shares of Singularity Future Technology from a “hold” rating to a “sell” rating in a report on Saturday, October 31st. Weiss Ratings restated a “sell (e+)” rating on shares of Singularity Future Technology in a report on Friday, October 30th. One investment analyst has rated the stock with a Sell rating. According to MarketBeat, the company currently has an average rating of “Sell”.

Singularity Future Technology Trading Down 6.3%

Shares of SGLY stock opened at $0.54 on Wednesday. Singularity Future Technology has a 1 year low of $0.30 and a 1 year high of $14.28. The firm has a market capitalization of $1.90 million, a P/E ratio of -0.02 and a beta of 1.36. The firm’s fifty day simple moving average is $0.85 and its 200 day simple moving average is $4.22.

Singularity Future Technology (NASDAQ:SGLY) last posted its earnings results on Tuesday, October 13th. The company reported $1.60 earnings per share for the quarter, missing analysts’ consensus estimates of $7.00 by ($5.40). The business had revenue of $0.83 million during the quarter, compared to the consensus estimate of $11.30 million. Singularity Future Technology had a negative net margin of 347.46% and a negative return on equity of 35.44%.

Singularity Future Technology Company Profile

Singularity Future Technology Ltd. (NASDAQ: SGLY) is a technology company focused on blockchain infrastructure and digital asset-related services. Its activities have included the sale and deployment of cryptocurrency mining equipment, mining-machine hosting, and related technical and operational support. The company has also pursued cryptocurrency mining and data-center initiatives, working to provide infrastructure for digital-asset mining operations. Its services may include equipment procurement, hosting arrangements, facility management and other support associated with blockchain computing.