Short Interest in MGN (NASDAQ:MGN) Rises By 776.8%

MGN (NASDAQ:MGN) was the recipient of a large growth in short interest in July. As of July 31st, there was short interest totaling 1,346,789 shares, a growth of 776.8% from the July 15th total of 153,599 shares. Approximately 3.6% of the shares of the stock are sold short. Based on an average daily trading volume, of 8,532,838 shares, the days-to-cover ratio is presently 0.2 days.

Analysts Set New Price Targets

Separately, Weiss Ratings upgraded shares of MGN from a “sell (e)” rating to a “sell (d-)” rating in a report on Monday, June 1st. One analyst has rated the stock with a Sell rating, According to MarketBeat, the company currently has a consensus rating of “Sell”.

MGN Price Performance

Shares of MGN stock traded down $0.02 during trading hours on Tuesday, hitting $0.11. The stock had a trading volume of 1,309,357 shares, compared to its average volume of 59,116,888. The company has a current ratio of 2.05, a quick ratio of 2.05 and a debt-to-equity ratio of 0.01. MGN has a twelve month low of $0.06 and a twelve month high of $8.63. The stock has a 50 day moving average price of $0.13.

MGN (NASDAQ:MGN) last announced its quarterly earnings data on Friday, May 15th. The company reported ($0.01) EPS for the quarter. The business had revenue of $8.68 million for the quarter.

MGN Company Profile

Megan Holdings is a company principally engaged in the development, construction and maintenance of aquaculture farms and related works. Megan Holdings is based in Malaysia.