MGN (NASDAQ:MGN) Short Interest Down 69.9% in June

MGN (NASDAQ:MGN) was the recipient of a large decline in short interest during the month of June. As of June 30th, there was short interest totaling 175,377 shares, a decline of 69.9% from the June 15th total of 582,395 shares. Currently, 0.6% of the company’s stock are short sold. Based on an average daily volume of 55,906,654 shares, the days-to-cover ratio is currently 0.0 days.

MGN Stock Down 12.2%

Shares of MGN traded down $0.02 during mid-day trading on Friday, hitting $0.12. 704,392 shares of the company’s stock were exchanged, compared to its average volume of 28,599,238. MGN has a 52 week low of $0.11 and a 52 week high of $8.63. The stock has a 50-day moving average of $0.15. 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 (NASDAQ:MGN) last issued its quarterly earnings results on Friday, May 15th. The company reported ($0.01) EPS for the quarter. The company had revenue of $8.68 million during the quarter.

Analyst Ratings Changes

Separately, Weiss Ratings upgraded shares of MGN from a “sell (e)” rating to a “sell (d-)” rating in a research note on Monday, June 1st. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, MGN presently has an average rating of “Sell”.

Key MGN News

Here are the key news stories impacting MGN this week:

• Positive Sentiment: No clearly positive company-specific catalysts were reported in the latest news flow for MGN.
• Neutral Sentiment: One item referenced a broader congressional portfolio update that included other stocks such as AAPL, NVDA, and MSFT, but it did not provide a direct catalyst for Megan Holdings Limited (MGN).
• Negative Sentiment: Multiple law firms, including Robbins LLP, Pomerantz LLP, Wolf Haldenstein, Levi & Korsinsky, Bronstein Gewirtz & Grossman, Portnoy, Faruqi & Faruqi, and Bernstein Liebhard, issued class action notices tied to alleged securities-law violations, increasing legal overhang and investor uncertainty for MGN. Article Title
• Negative Sentiment: One lawsuit summary described a sharp collapse in the stock after a prior surge, reinforcing concerns about potential pump-and-dump allegations and reputational damage. Article Title

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.