Mangoceuticals, Inc. (NASDAQ:MGRX) Sees Significant Decline in Short Interest

Mangoceuticals, Inc. (NASDAQ:MGRX) was the recipient of a significant decline in short interest during the month of March. As of March 13th, there was short interest totaling 1,222,450 shares, a decline of 29.6% from the February 26th total of 1,737,241 shares. Based on an average daily volume of 3,780,079 shares, the short-interest ratio is currently 0.3 days. Currently, 8.9% of the shares of the company are sold short.

Analysts Set New Price Targets

Separately, Weiss Ratings restated a “sell (e+)” rating on shares of Mangoceuticals in a report on Monday, December 29th. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the company has a consensus rating of “Sell”.

Institutional Trading of Mangoceuticals

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Geode Capital Management LLC raised its position in Mangoceuticals by 35.4% in the second quarter. Geode Capital Management LLC now owns 26,498 shares of the company’s stock worth $40,000 after acquiring an additional 6,928 shares during the period. Jane Street Group LLC purchased a new position in shares of Mangoceuticals during the 4th quarter worth $35,000. Armistice Capital LLC bought a new stake in shares of Mangoceuticals during the 4th quarter valued at $1,137,000. Boothbay Fund Management LLC purchased a new stake in shares of Mangoceuticals in the 4th quarter worth $28,000. Finally, Ikarian Capital LLC purchased a new stake in shares of Mangoceuticals in the 4th quarter worth $102,000. 56.72% of the stock is owned by hedge funds and other institutional investors.

Mangoceuticals Stock Performance

Shares of NASDAQ MGRX traded up $0.12 during midday trading on Friday, hitting $0.49. 6,719,848 shares of the company’s stock traded hands, compared to its average volume of 18,693,282. The firm has a fifty day moving average of $0.42 and a 200 day moving average of $1.18. Mangoceuticals has a 1 year low of $0.16 and a 1 year high of $2.88. The stock has a market capitalization of $7.94 million, a price-to-earnings ratio of -0.14 and a beta of 2.33.

About Mangoceuticals

Mangoceuticals, Inc develops, markets, and sells various men's wellness products and services through a telemedicine platform in the United States. It offers erectile dysfunction (ED) products under the Mango brand and hair loss products under the Grow brand name. The company markets and sells these branded ED and hair loss products online through its website at MangoRx.com. Mangoceuticals, Inc has a marketing agreement with Marius Pharmaceuticals, LLC to market and sell KYZATREX, an oral testosterone replacement therapy product under the PRIME program.