XG Technology Inc. (NASDAQ:XGTI) saw a large increase in short interest during the month of September. As of September 15th, there was short interest totalling 1,389,952 shares, an increase of 56.1% from the August 31st total of 890,246 shares. Approximately 8.5% of the company’s shares are short sold. Based on an average trading volume of 1,466,358 shares, the short-interest ratio is currently 0.9 days.
XG Technology (NASDAQ:XGTI) opened at 0.3689 on Friday. The firm’s 50-day moving average price is $0.41 and its 200-day moving average price is $0.97. XG Technology has a 52-week low of $0.25 and a 52-week high of $9.60. The company’s market cap is $3.05 million.
XG Technology (NASDAQ:XGTI) last posted its quarterly earnings results on Thursday, August 18th. The company reported ($0.98) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.48) by $0.50. The firm had revenue of $1.66 million for the quarter, compared to analysts’ expectations of $2.50 million. On average, equities analysts anticipate that XG Technology will post ($2.99) EPS for the current year.
XGTI has been the subject of a number of recent research reports. Zacks Investment Research raised XG Technology from a “hold” rating to a “buy” rating and set a $0.25 target price for the company in a research note on Wednesday, June 15th. Roth Capital reissued a “neutral” rating on shares of XG Technology in a research note on Monday, September 12th.
In other news, President Ross James Woodyatt sold 80,702 shares of the business’s stock in a transaction dated Monday, October 3rd. The stock was sold at an average price of $0.59, for a total value of $47,614.18. Following the completion of the sale, the president now owns 469 shares of the company’s stock, valued at approximately $276.71. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 3.69% of the stock is owned by insiders.
About XG Technology
xG Technology, Inc develops a portfolio of intellectual property, which is embedded in its software algorithms that offer cognitive interference mitigation and spectrum access solutions for a range of applications using commercial off the shelf devices. The Company’s products include xMax, CN5100 Mobile Hotspot, CN3100 Vehicle Modem, CN3200 Dual-Band Routing Modem, CN1100 Access Point, CN7000 Mobile Control Center and xMonitor/xDrive.
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