Highway Holdings Limited (NASDAQ:HIHO) Sees Large Decrease in Short Interest

Highway Holdings Limited (NASDAQ:HIHO) was the recipient of a significant drop in short interest in the month of August. As of August 14th, there was short interest totaling 13,346 shares, a drop of 90.8% from the July 30th total of 144,772 shares. Based on an average daily volume of 151,412 shares, the days-to-cover ratio is currently 0.1 days. Approximately 0.4% of the shares of the company are short sold.

Highway Stock Performance

Shares of Highway stock traded down $0.00 on Tuesday, reaching $0.90. 40,074 shares of the stock were exchanged, compared to its average volume of 129,866. The firm has a market capitalization of $4.18 million, a PE ratio of -2.82 and a beta of 0.49. Highway has a 1-year low of $0.60 and a 1-year high of $2.21. The business has a fifty day moving average price of $0.94 and a two-hundred day moving average price of $0.87. The company has a current ratio of 2.42, a quick ratio of 1.84 and a debt-to-equity ratio of 0.07.

Highway Announces Dividend

The firm also recently disclosed a special dividend, which will be paid on Tuesday, September 22nd. Shareholders of record on Monday, August 10th will be issued a $0.05 dividend. The ex-dividend date of this dividend is Monday, August 10th. Highway’s payout ratio is currently -15.62%.

Hedge Funds Weigh In On Highway

An institutional investor recently bought a new position in Highway stock. Jane Street Group LLC bought a new position in shares of Highway Holdings Limited (NASDAQ:HIHO) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 24,122 shares of the industrial products company’s stock, valued at approximately $38,000. Jane Street Group LLC owned approximately 0.52% of Highway at the end of the most recent quarter. 13.19% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Separately, Weiss Ratings upgraded shares of Highway from a “sell (d-)” rating to a “sell (d)” rating in a research report on Thursday, July 2nd. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, Highway presently has a consensus rating of “Sell”.

About Highway

Highway 33 Acquisition Corp. (NASDAQ: HIHO) is a special purpose acquisition company formed to raise capital through an initial public offering for the purpose of effecting a merger, stock exchange, asset acquisition, stock purchase or similar business combination with one or more businesses. As a blank‐check vehicle, the company does not have commercial operations of its own but instead seeks to partner with an established private company to bring it public through a business combination.

Since completing its initial public offering in 2021, the company has focused on identifying target businesses in growth‐oriented industries, including technology, consumer products and specialty manufacturing.